Oil and Gas

Energy firm strengthens Appalachian operations

Posted in: Working Capital, Oil and Gas
January 5, 2009
Energy companies are finding ways to succeed despite the current economy.
Energy firm Capital City has completed the acquisition of oilfield services company Hotwell in a move designed to firm up its position within the Appalachian Basin.

Capital City, an Ohio-based enterprise, bought Hotwell for $5 million through the issuance of nearly 2.8 million shares.

This move is intended to establish Capital City as a leading provider of horizontal logging and well completion services in the Marcellus Shale, with its significant reserves of natural gas.

Oil company reports offshore progress

Posted in: Oil and Gas
January 2, 2009
Energy companies continue to do business in a severely restricted credit climate.
Oil company VAALCO reports good progress in the development of two new wells off the shore of west Africa.

The Houston-based firm expects oil production from the first well - in the Ebouri field off Gabon - to commence this month.

The company also found 21 feet of oil column after drilling began in an appraisal well, approximately 1.5 miles north east of the Ebouri platform.

Oil services firm in acquisition move

Posted in: Financial News, Oil and Gas
December 31, 2008
Oil and gas companies can still make strategic moves if they have the right financing.
Oil services company Allis-Chalmers is buying up remaining shares in BCH, a Canadian oilfield enterprise with operations in Brazil.

Houston-based Allis said ensuring cash flow stability was an essential driver of the decision to acquire the firm outright at a cost of $5million.

BCH is responsible for contract drilling operations in the South American country, operating seven drilling rigs and one workover rig.

Gas projects 'suffering' from restricted capital

Posted in: Lines of Credit, Oil and Gas
December 30, 2008
The credit crunch is taking a toll on energy projects everywhere.
Restricted access to lines of credit is jeopardizing the development of gas pipelines.

That's according to a report in the Wall Street Journal, which says oil and gas companies such as El Paso and Kinder Morgan are struggling to secure the necessary working capital to construct new conduits.

Oil firm blames credit in bankruptcy filing

Posted in: Working Capital, Oil and Gas
December 24, 2008
The credit crunch continues to claim businesses in all sectors.
Retail fuel distributor Flying J yesterday filed for Chapter 11 bankruptcy in a further sign of the increasing pressure on oil and gas services companies, both large and small.

The Utah-based firm - which employs 16,000 staff nationwide - cited liquidity pressures aggravated by the recent sharp drop in oil prices and the closure of traditional lines of credit.

Independent gas stations hit by falling gas prices

Posted in: Cash Flow, Oil and Gas
December 17, 2008
The credit crunch and oil markets have been tough on independent gas station owners.
Consumers may be getting a break from falling gas prices, but for owners of small oil and gas businesses, the recent price cuts are making a tough business even more difficult.

This week, the Associated Press spoke with several independent gas station owners, including Scott Royer of Pennsylvania. Royer can take up to three weeks to sell out an 8,500 gallon shipment, which works against him badly in an era of rapidly falling gas prices and ever-present large-scale competition.

Credit crunch takes toll on U.S. oil companies

Posted in: Lines of Credit, Oil and Gas
December 15, 2008
Declining credit has contributed to a drop in active U.S. oil rigs.
The credit crunch continues to ensure tougher times for small companies engaged in oil and gas exploration.

According to the latest weekly survey of nationwide oil rig activity from Baker Hughes, there were 62 fewer active rigs in the U.S. last week than the previous week, marking a total of 1,790.

Credit difficulties contribute to energy problems

Posted in: Lines of Credit, Oil and Gas
December 10, 2008
Oil and gas companies need access to credit in order to help meet tomorrow's energy needs.
The Energy Information Administration is warning in its latest report that credit difficulties for oil and gas companies could add strain to the world's oil supply.

In the Short Term Energy Outlook report that came out this week, the EIA predicts that the ongoing recession will continue to hold back world oil and gas prices.

Credit crunch hits energy projects hard

Posted in: Cash Flow, Lines of Credit, Oil and Gas
December 8, 2008
Energy projects of all kinds are suffering in the current economy.
Entrepreneurs involved in any segment of the energy industry are having an increasingly tough time securing access to new lines of credit.

The credit crunch has been especially tough on new projects involving renewable fuel sources, such as solar and wind energy. Part of this is due to the falling price of oil, but the reluctance of traditional lenders to finance new operations in the current climate also weighs heavily.

Energy entrepreneurs concerned about credit access

Posted in: Oil and Gas, Cash Flow
December 3, 2008
The credit crunch may be making its way into the energy industry.
Oil and gas entrepreneurs are increasingly concerned that the coming year will be one of growing credit problems.
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