Rosetta Resources Raises 2013 Capital Expenditure Guidance

Rosetta Resources Inc. raised its 2013 capital guidance to $840 million to $900 million, from $640 million to $700 million.

The 2013 capital program is based on a five to six-rig program in South Texas and a Delaware Basin program with three rigs increasing to six rigs during the year.

Rosetta said about $600 million will be spent for development activities primarily located in the liquids-rich window of the Eagle Ford shale in South Texas, including about $55 million allocated to facilities projects. About $175 million will be allocated to operated and non-operated development activity in the oil-rich Delaware Basin, including about $7 million for facilities projects.

Last month Rosetta agreed to buy all of Comstock Resources Inc.'s oil and gas properties in the Reeves and Gaines counties of West Texas for $768 million, giving Rosetta exposure to the Permian Basin and a complement to its Eagle Ford properties.

On Monday, the company noted the guidance range now includes about $25 million of capitalized interest related to the pending acquisition. The remainder of the capital plan includes allocations for new ventures activity and other corporate capital.

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Rosetta Resources Raises 2013 Capital Expenditure Guidance

Rosetta Resources Inc. raised its 2013 capital guidance to $840 million to $900 million, from $640 million to $700 million.

The 2013 capital program is based on a five to six-rig program in South Texas and a Delaware Basin program with three rigs increasing to six rigs during the year.

Rosetta said about $600 million will be spent for development activities primarily located in the liquids-rich window of the Eagle Ford shale in South Texas, including about $55 million allocated to facilities projects. About $175 million will be allocated to operated and non-operated development activity in the oil-rich Delaware Basin, including about $7 million for facilities projects.

Last month Rosetta agreed to buy all of Comstock Resources Inc.'s oil and gas properties in the Reeves and Gaines counties of West Texas for $768 million, giving Rosetta exposure to the Permian Basin and a complement to its Eagle Ford properties.

On Monday, the company noted the guidance range now includes about $25 million of capitalized interest related to the pending acquisition. The remainder of the capital plan includes allocations for new ventures activity and other corporate capital.

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

MMEER, CBI Capital Enter JV for Dalian Order

Mike Mullen Energy Equipment Resource, Inc. (MMEER) and CBI Capital LLC have joint ventured in the Accommodation space by placing an order with Dalian Shipbuilding Industry Offshore Inc. (DSIC Offshore) to build a Gusto MSC designed AJ-46-360-C Accommodation Construction Support Jackup. The unit will be rated for 350' water depth with initial bed capacity of 354 people on board and 900 person life boat capacity. This enables expansion up to 450 beds via modules. With three cranes and ample deck space for work in process, construction support features include a 55-foot cantilever with a mounted 200 Ton Pedestal Crane, and two 50 Ton Auxiliary Cranes. The unit will be harsh environment operable upon expected delivery in the first quarter of 2015. Pareto Offshore advised Dalian on this transaction.

"The high quality workmanship of Dalian Shipbuilding will make this High-Spec Jackup a construction and accommodation workhorse for the offshore industry. MMEER is pleased to joint venture with CBI Capital LLC through our newly created entity, CBI-MMEER Accommodations Ltd.," CEO of MMEER Mike Mullen commented.

"We are proud to work with Mike Mullen and DSIC Offshore. Financing this new build rig will employ over 1,000 skilled workers over the next two years, and we look forward to providing the offshore industry with the unique capabilities of this dual use construction and accommodation unit," Evan Claar of CBI Capital LLC said.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Anadarko Sets Capital Spending for 2013 at Up to $7.6B

Anadarko Petroleum Corp. unveiled capital spending plans for 2013 at $7.2 billion to $7.6 billion, as the energy producer seeks to put more funds into U.S. onshore and Gulf of Mexico projects.

The spending program is sharply higher than 2012's budget projections of $6.6 billion to $6.9 billion, which were disclosed last March.

"Following our highly successful 2012 exploration program where we nearly doubled our original targeted resources, we plan to be among the most active deepwater explorers in the world again in 2013," Chief Executive Al Walker said. "We expect to drill approximately 25 deepwater exploration and appraisal wells this year, including high-potential prospects in the Gulf of Mexico and three potentially play-opening international opportunities."

Anadarko plans to allocate most of its spending to U.S. onshore projects, accounting for 60% of the total budget, up from the 55% estimated for 2012. The company expects to increase U.S. onshore sales volumes by approximately 10% over last year, increasing sales of higher-margin oil volumes by approximately 30,000 barrels per day.

Gulf of Mexico projects are expected to take up 15% of the budget, up from 10% slated for 2012.

International projects should account for 15% of spending, down from the 25% set for last year.

Midstream and other spending will be 10%, the same level set for 2012.

Anadarko's operations in shale fields such as the Eagle Ford in south Texas and the Wattenburg in northeast Colorado have driven higher production in recent quarters. The company has also had a string of exploration successes off the coast of Mozambique.

The company this month said it swung to a fourth-quarter profit, compared with a prior year hit by charges tied to the 2010 Deepwater Horizon oil spill, though revenue declined as energy prices fell.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Craig businessman trademarks 'Elk Hunting Capital of the World'

Font ResizeThe Denver Postdenverpost.comPosted: 12/16/2012 05:43:55 PM MSTDecember 17, 2012 12:51 AM GMTUpdated: 12/16/2012 05:51:33 PM MST

 Craig is now the "Elk Hunting Capital of World," judged not by the kills or size of the herd but the legal trademark acquired by a local businessman, the Craig Daily Press reported Sunday.

John Ponikvar told the paper he had been promoting the area's hunting for five years, including a logo for his now legal claim. He wanted to make it official, so he started the trademark legal process in March, spending several thousand dollars, he said.

"It's worth it," Ponikvar told the newspaper. "Hopefully it's a source of pride for Craig and Moffat County, giving us some identity, that we are something in the world."

View the Original article