Enrique Tejeda Canobbio’s Post

Double Eagle IV has quietly added to its Midland Basin acreage footprint since the private E&P launched in 2022 with over $1.7 billion in investor commitments.   The latest iteration of Double Eagle is led by co-CEOs Cody Campbell and John Sellers, who in 2021 guided Midland Basin E&P Double Eagle III through a $6.4 billion sale to Pioneer Natural Resources.   After reloading with dry powder from EnCap Investments, Apollo Natural Resources and Magnetar Capital, Double Eagle IV is back to buying and drilling in the core of the Midland Basin.   Analysts say the experienced Double Eagle IV team has quickly developed one of the more attractive inventory portfolios among the shrinking list of private producers still standing in the Permian, and industry experts are keeping a close eye.   Double Eagle, unlike many of its smaller private peers, is drilling some of the most core portions of the Midland Basin, directly adjacent to where major players such as Pioneer, Diamondback Energy, Exxon Mobil Corp and ConocoPhillips.   Their operating arm, DE IV Operating LLC, are operating on leases in Martin, Reagan, Midland, Ector, Glasscock, Upton, Andrews and Howard counties, Texas.   The company’s Permian oil production totaled nearly 1.12 MMbbl this January, or an average 38,700 bbl/d, per the RRC’s most updated figures,   up from 96,000 bbl, roughly 3,100 bbl/d, in January 2023.   But Double Eagle IV’s value isn’t based on just existing oil production; It’s also based on the company’s high-quality portfolio of undrilled land.   It is estimate that they own 300 gross operated drilling locations across the core of the Midland Basin.   The land surrounding Double Eagle IV’s position is awash in a historic deluge of corporate consolidation, with many of the area’s oldest and largest operators getting scooped off the drawing board in a matter of months.   Exxon Mobil’s acquisition of Pioneer Natural Resources for $64.5 billion, including Pioneer’s net debt, will reshape the pecking order in the Midland Basin.   Diamondback Energy’s acquisition of Endeavor Energy Resources for $26 billion, including debt, was the largest takeout of a private oil producer on record, per Enverus data.   Occidental is making a smaller, albeit still massive, $12 billion acquisition of private E&P CrownRock LP for more running room in the Midland Basin.   Other smaller publics Civitas Resources, Ovintiv Inc., Vital Energy and SM Energy have also gotten deeper in the Midland Basin through M&A in the past year.   After well over $100 billion in deal making in the past 12 months, acquisitive operators are left with a much smaller slice of the Midland Basin pie to parse through for potential deals.   That’s why Double Eagle IV stands out so much among the rest of the private equity-backed E&Ps remaining in the Permian.   Experts anticipate Double Eagle IV will eventually approach the market for a sale, like the exit strategies for previous iterations of the company.

Drilling has recommenced at our 100% owned Manna Lithium Project, located 100km east of Kalgoorlie in the Goldfields region, Western Australia. Global Lithium General Manager – Geology Logan Barber commented: “It is great the GL1 exploration team is back on ground at the Manna Lithium Project after a period of data consolidation, interpretation, and target generation. This drill campaign is testing extensional areas under cover with any intersection of spodumene bearing pegmatite potentially leading to significant resource growth. GL1 will use this year’s drilling program to further unlock the exploration upside which still exists across our extensive Manna landholding and expand on the successes we have delivered to date drilling the primary Manna Resource area. "The company expects the initial CY24 drilling program will span approximately two months with results to be announced next quarter. With GL1 also due to release an update to the Manna Mineral Resource Estimate in the current quarter, it is shaping up as an exciting period for the company and its exploration team.” Read more: https://loom.ly/HeolYX4

Forrestania Resources Ltd (ASX:FRS) is poised to kick-off a combined placement and share purchase plan (SPP) for up to $950,000 with proceeds to go to #gold exploration programs, particularly at the Bonnie Vale Project near Coolgardie in Western Australia. The company is seeking $344,000 through a placement of 27.5 million shares and a further $607,000 through a SPP with 48.5 million shares on offer. FRS intends to follow up promising drilling results from the Bonnie Vale Project, which included grades up to 7 metres at 5 g/t gold, 6 metres at 6.5 g/t and 16 metres at 2.6 g/t from between 4 and 24 metres of depth. The project has also historically generated soil samples of up to 49 g/t gold in geochemical drilling, adding another layer of prospectivity. More at #Proactive #ProactiveInvestors #MiningAustralia #GoldMining #GoldStocks http://ow.ly/NjLs105LPv6

🇺🇸 United States Producing Mineral Royalties Purchase Union Jack Oil plc #UJO is pleased to announce details of a further expansion of the Company’s Mineral Royalty portfolio, via the acquisition of three additional packages. Full announcement here 👉 https://bit.ly/4a6D21J The Royalties purchased are located within the Bakken Shale, North Dakota, Permian Basin, Texas and the Eagle Ford Shale, Texas. 🔎 New Royalties Purchased 1️⃣ Top tier, Bakken Shale, Williston Basin, diversified producing 96 well interest package, located in Dunn, McKenzie and Williams Counties, North Dakota (Effective payment date March 2024) - Strong cash-flow generating asset with significant upside - 76 proved, developed and producing wells - eight drilled and uncompleted wells - eight permitted wells - two newly completed wells awaiting pay status - 38 undrilled well locations - 12 areas allocated to drill for and produce oil or natural gas - Quality operators include, Burlington Resources (a subsidiary of Connoco Phillips), Continental Resources, Hess Corporation, Chord Energy, WPX Energy (a subsidiary of Devon Energy), Grayson Mill Operating and Kraken Operating LLC 2️⃣ Permian Basin, eight well producing unit, located in Howard and Borden Counties, Texas. Operated by Vital Energy Inc, a quoted, Permian Basin focused entity, based in Tulsa, Oklahoma (Effective payment date March 2024) 3️⃣ Eagle Ford Shale, nine producing horizontal well package, located in DeWitt County, Texas operated by ROCC Operating LLC (Effective payment date March 2024) The total combined cash consideration for the Royalties was circa US$168,000 (£133,333). The acquisition of the Royalties has been funded from existing cash balances. 📢 David Bramhill, Executive Chairman of Union Jack, commented: “We are pleased to announce three additional Royalties acquisitions, further expanding our cash-generating assets of producing properties in the USA. “To date, Union Jack holds interests in 165 producing wells in three prolific basins in Texas and North Dakota. “We are particularly pleased to have purchased the Bakken Shale package which holds material upside. “The intent of the Company is to continue to build a quality portfolio of remunerative USA assets. The Royalties are held in perpetuity and the expected economic life of these assets is more than 26 years with a current Internal Rate of Return in excess of 20%.” #shale #permian #exploration #UJO

Arizona Gold & Silver inc. (TSXV: AZS)  (OTCQB:AZASF) is happy to announce that the US Bureau of Land Management (BLM) has provided the requisite approval for the Company to proceed with exploration drilling on the Red Hills gold target on the Philadelphia Gold-Silver property, Arizona. The Company had been awaiting a BLM Record of Decision (ROD) and Finding of No Significant Impacts (FONSI). The approval of the proposed exploration plan will allow the Company to upgrade two access roads and build two drill pads and sumps for drilling up to 40 exploration holes to test the continuity of mineralized rock that was intersected on patented claims on the western edge of the Red Hills target. Investors can refer to press releases dated January 24, 2023, and February 7, 2023, available on the Company’s website. https://lnkd.in/gPpykj9V #ArizonaGold #SilverMining #MiningApproval #BLMApproval #ExplorationDrilling #GoldExploration #SilverExploration #MiningPermits #RedHillsTarget #PhiladelphiaProject #MiningNews #ResourceDevelopment #PreciousMetals #MineralExploration #SustainableMining #EnvironmentalApproval #InvestingInMining #TSXV #OTCQB #MineralResources #MiningInvestments

LANTHANEIN RESOURCES LIMITED (ASX:LNR, OTC:FRNRF) has inked a variation deed to extend the timeline for earning a 50% legal and beneficial interest in the Lady Grey Project, on tenement E77/2143 in Western Australia. The extension, agreed upon with Gondwana Resources Ltd and other stakeholders, grants Lanthanein an additional six months in exchange for a payment of A$200,000. This extension tackles delays in approvals from the WA Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) for the grant of programs of work, which are necessary for planned drilling activities. In addition, delays in scheduling heritage surveys for the proposed drilling areas have compounded the timeline challenges. More at #Proactive #ProactiveInvestors #ASX #LNR #Mining #CriticalMinerals http://ow.ly/gPh5105R9Yr

"Denver-based Ovintiv, Inc., whose portfolio extends from Western Canada to the Permian Basin, is boosting its natural gas and oil production guidance to the end of the year after all four operating areas outperformed during the second quarter. "The multi-basin independent, which has developed onshore reserves for years, produces most of its natural gas in the Montney Shale. Most oil output is from the Permian. Operations also extend into the Anadarko and Uinta basins. "Known for pushing the limits of technology with its efficient well designs, the company has 'been seeing the benefits of our culture of innovation showing up in our results for quite some time now,' CEO Brendon McCracken said during the quarterly conference call. 'Innovation is more than simply applying the latest technology to our operations. It is a mindset within our organization. It influences the way we approach challenges and manage complex operational objectives.' "CFO Corey Code said total production came in 'above the high end of guidance, averaging 594,000 boe/d.' That included 1.74 Bcf/d of natural gas. " 'We achieved this while coming in below the midpoint on capital,' Code said. 'Crude and condensate production was strong across all four assets in the quarter. Permian, Uinta, Anadarko crude and condensate levels were all above our internal expectations. And the Montney demonstrated significant outperformance of about 4,000 boe/d ahead of plan.' "Ovintiv has raised full-year production guidance to 570,000-580,000 boe/d. Natural gas should average 1.66-1.69 Bcf/d from initial guidance of 1.55-1.65 Bcf.d. (. . .) "Production in the Permian averaged 203,000 boe/d, with 40 net wells turned to sales. Anadarko production averaged 104,000 but no wells were turned in line. In the Uinta, output averaged 33,000 boe/d and seven net wells were turned to sales. "Well performance 'is higher than our 2023 well results, incorporating all of the improved well productivity we achieved last year,' Givens said. (. . .) To date this year, Ovintiv has completed 'roughly 20% more feet per day than our 2023 program average,” Givens said. “These cycle time improvements mean that we continue to drive our well costs lower…' "Net profits totaled $340 million ($1.27/share) in the second quarter, compared with year-ago earnings of $336 million ($1.35)." (article continued at link) h/t Carolyn Davis for Natural Gas Intelligence. This article is accessible by providing your email address or subscribing, which is certainly worthwhile for NGI's excellent industry news! #energy #energyindustry #oil #oilgas #oilandgas #natgas #naturalgas #hydrocarbons #shale #shaleoil #shalegas #permian #permianbasin #delawarebasin #uintabasin #anadarkobasin #MontneyFormation #fracing #fracking #oilprice #energystrong #commodities https://lnkd.in/gyRdcEtm

BOA Resources (ASX:BOA) ended the June quarter with $2 million in cash and no debt leaving the company well-funded to achieve its planned activities, including four tenement drilling campaigns in 2024 focused on #lithium and #nickel discoveries. In its quarterly, company management said, “During the period, BOA has sold its $306,551 shareholding in Trigg Minerals Ltd. The sale reflects BOA’s strategic decision to divest its holdings in TMG and provides BOA with additional capital to advance its core exploration projects. “The shareholding in TMG was part of the consideration paid by TMG when buying a 90% interest in four Queensland tenements from BOA in Q1. BOA is free carried by TMG for its remaining 10% interest in the four tenements..." More at #Proactive #ProactiveInvestors #LithiumMining #BatteryMetals #CriticalMinerals #NickelMining http://ow.ly/GS3g105CQrT

Delta Resources Inc. (DLTA-V)   Delta receives exploration permits ahead of 2025 drilling at the expanded Delta-1 Property in Thunder Bay, Ontario       Delta Resources Limited, on November 26, 2024, reported that it has received 2 exploration permits to allow for early-stage mineral exploration at the Delta-1 Project in the Thunder Bay District of Ontario. The 100% owned Delta-1 Gold Project is located ~50 km west of Thunder-Bay, Ontario and is well situated along the Trans-Canada Highway. Over 90% of the Delta-1 expanded property is now permitted for early-stage exploration which includes diamond drilling. Recall on October 29, 2024, Delta had announced that it had acquired a 100% interest in the Shabaqua Corners property from Metals Creek Resources Corp (MEK-V), composed of 19 claims (~233 ha) and assuring a strategic land positioning covering potential extensions of the Eureka Gold Zone (https://lnkd.in/gkQVsbjF).   See end of: https://lnkd.in/e_i2vg9z     https://lnkd.in/gxWnJepQ #ontario #gold #exploration

Touchstone Exploration Inc. Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) swung into a sizeable profit in the half year to end June 2024 as its newly developed fields at Cascadura in Trinidad contributed fully. Second-quarter net earnings soared to US$3.33 million against a small loss for the comparable period a year ago, while interim net profits jumped to almost US$7 million. Natural declines from the fields saw second-quarter production of 5,432 barrels daily against 7,015 in the first three months. Lower oil and gas prices also meant revenues dropping to US$14.1 million from US$16.5 million in the first quarter but were still almost double the previous year. More fields are scheduled to come on stream in the second half of the year, but due to the higher-than-expected declines, Touchstone has reduced its mid-point production estimate to 8,000 barrels a day and year-end exit production to 13,500 barrels a day. Touchstone added it... More at #Proactive #ProactiveInvestors http://ow.ly/GIEl105FfAC