Luthiger, who is also Chairman of the Texas Mining and Reclamation Association (TMRA), testifies both on behalf of enCore and TMRA's Uranium Mining Committee.īill HB 4119 would enhance the administrative procedure for permitting in-situ recovery (ISR) of uranium by clarifying the public's ability to participate in one fulsome and transparent hearing. Bill HB 4120 would allow the Texas Council on Environmental Quality (TCEQ) staff to inspect a proposed well site using aerial or satellite imagery, or other appropriate sources, rather than conducting an on-site visit. Both bills are sponsored by Texas State Representative Ryan Guillen. (" enCore" or the " Company") (NYSE: EU) (TSXV: EU)) today announced that enCore's Chief Operating Officer, Peter Luthiger, testifies today before the Texas State House Committee on Natural Resources regarding two bills of importance to the uranium industry. “Personally, professionally, it’s important to model ourselves after them,” Walter said.CORPUS CHRISTI, Texas, Ap/PRNewswire/ - enCore Energy Corp. Not just for the way they operate but for the dedication to the communities they work in, they said. Walter said he and Hickey use Concho Resources – now part of ConocoPhillips – and Diamondback Energy as models of how they want to build Colgate.
“The acreage has to be better or able to compete with our existing inventory,” said Hickey. Looking ahead, the two said plans are to remain focused on the Delaware Basin and keep an eye out for acquisition opportunities that make the company better, not just bigger.
“We want to find good people and we’ll find a place for them.” “And we’re still hiring, looking for good people,” said Walter. Hickey noted that the company doubled its headcount this year, and Walter agreed, saying there are 62 in the downtown Midland office and another 150 in the field or working as contractors.
The company has been “bigger, more successful than we thought,” said Walter. He said the company has a business model that works well if oil prices are between $40 and $50 a barrel.īoth Hickey and Walter relocated to Midland after Colgate’s founding, saying being based in Midland rather than the Metroplex or Houston was important to the company’s success because the employees are close to the company’s assets.
ENCORE ENERGY MIDLAND TEXAS FREE
“Given where prices are, it was the right business decision to grow our production base while generating free cash flow,” Hickey explained. Recently, the company ramped up its activity level from three rigs to five rigs. “One of our first acquisitions was in New Mexico and we are as equally focused on New Mexico as we are West Texas,” he said. Earlier this month, the company agreed to purchase approximately 22,000 net acres that directly offset its legacy Parkway operating area in Eddy and Lea counties, New Mexico, for $190 million. The company is strictly focused on the Delaware Basin, and that includes the New Mexico portion of the basin, Hickey said. That deal brought to Colgate 22,000 net acres adjacent to its existing position in Reeves and Ward counties with average net daily production of 17,000 barrels of oil equivalent and 5,000 gross acres that support future development. The Occidental deal closely followed an agreement to acquire a majority of the assets owned by Luxe Energy LLC in an all-stock transaction.
The biggest, Hickey said, was an agreement to acquire approximately 25,000 net acres and daily production of 10,000 barrels of oil equivalent in Reeves and Ward counties from Occidental Petroleum for approximately $508 million. James Walter, co-chief executive officer, said the opportunities presented the company this year were too good to pass up and the company was financially healthy enough to complete the deals. Sitting in the company’s conference room at its offices in downtown Midland, Hickey said Colgate had been trying to complete some of the deals for three years and was finally able to bring them to completion.
0 kommentar(er)
