niobrara march 11 news

Nice morning. Hoping for good Amex hold as the day closes. :)

Surely there is good oil Wyoming Niobrara. They keep throwing money at it and around it. Have a great day.

HOUSTON (Dow Jones)--Anadarko Petroleum Corp. (APC) said Thursday it expects to close in coming weeks a joint-venture agreement for its Eagle Ford shale acreage in south Texas with an undisclosed partner.

Speaking to analysts in a conference call, Anadarko executives said the company also could, at some point, enter into a joint venture for its Niobrara Shale and other areas, including international regions.

Anadarko said last year that it was planning to announce a joint venture in Eagle Ford, where it's the largest oil producer, by year end and that it would be similar to the $1.4 billion agreement it completed with Japan's Mitsui & Co. (8031.TO, MITSY) in the Marcellus Shale in Pennsylvania.

DENVER, Feb. 28, 2011 /PRNewswire/ -- Synergy Resources Corporation (OTC Bulletin Board: SYRG), a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin, today announced that it has closed on outstanding letters of intent to acquire 80,558 gross lease acres (78,738 net) in the Denver-Julesburg Basin. All leases are a 10 year paid up term. The lease acreage all lies within the Eastern portion of the D-J Basin Niobrara play.

Synergy also acquired 5,724 acres in Larimer, Park and Yuma Counties at the February 17, 2011 Colorado state oil and gas auction. Synergy has a gross acreage position in the D-J Basin of 122,833 gross (113,021 net) acres, making Synergy one of the larger D-J Basin acreage holders.

Ed Holloway, CEO of Synergy, stated, "We are thrilled to announce the closing of these lease acquisitions. The ability to assemble over 80,000 gross acres is quite an accomplishment given the current competitive environment in the D-J Basin where bonuses for leases are going for nearly $2,000 per acre. We are excited about the potential of the leases and look forward to continue leveraging our relationships and expertise in the D-J Basin."

What rising oil prices can do to earnings. Check out PDC Energy. Taken from an article Forbes article

PDC Energy (PETD) is the biggest beneficiary of booming crude prices. It is one of the primary players in Colorado?s hot Niobrara shale play within the legendary Wattenberg field. The Niobrara is an oily shale rather than a gassy one, and PDC has had good success with its early wells there. It?s also drilling in the Permian basin of Texas and the Marcellus shale. According to Credit Suisse, PDC could enjoy an earnings boost of 125% from a sustained $10 jump in oil.

http://blogs.forbes.com/christopherhelman/2011/02/28/these-oil-companies-benefit-the-most-from-soaring-crude/

And finally

Recovery Energy to Expand DJ Basin Holdings to 134,000 Net Acres
Laramie/Goshen Counties, WY and Weld County, CO Acreage Added in Combined $14.2-Million Acquisitions

DENVER--(BUSINESS WIRE)--Recovery Energy, Inc. (OTCBB:RECV), an independent oil and gas exploration and production company with operations and assets in the Denver-Julesburg (DJ) Basin, today announces it has executed a purchase and sale agreement with Wapiti Oil & Gas, LLC to acquire oil and gas leases on 8,060 net acres in the Chugwater area of Laramie County, Wyoming for $12.3 million, payable in a combination of cash and stock. The acquisition will increase Recovery Energy?s Chugwater acreage to approximately 14,400 contiguous gross acres, 12,200 net after accounting for a 2,200-net acre effect to its recently announced joint-venture drilling partnership.

The Company also announces that it has closed on the acquisition of its previously disclosed purchase of oil and gas leases from various private individuals for $1.9 million, paid in a combination of cash and stock, on approximately 1,700 leasehold acres in the Grover Field and surrounding area in Weld County, Colorado, and approximately 6,600 net acres in Goshen County, Wyoming.

The combined acquisitions bring Recovery Energys DJ Basin holdings to 148,000 gross acres, 134,000 net acres.

The Wapiti acreage is a meaningful, complementary in-fill acquisition for Recovery Energy. We now hold a contiguous block in excess of 14,000 acres in the Chugwater area, positioned in the middle of recent Niobrara Shale horizontal drilling activity, said Roger A. Parker, Chairman and CEO of Recovery Energy.

The Wapiti Oil & Gas leasehold is primarily located northwest of the prolific Silo field, in Laramie County, Wyoming. Closing of the transaction is scheduled on or before March 4, 2011. Recovery Energy has filed for four horizontal well drilling permits, and is scheduled to commence its horizontal drilling program targeting the Niobrara oil shale formation on its Chugwater acreage by early second quarter of 2011.

The acquisition in the Grover Field complements our positions throughout the northern half of the DJ Basin giving us significant exposure in what we believe will be both the matrix porosity and naturally fractured areas of the Niobrara Shale, said Parker.
Recovery Energy has participated in the drilling of one vertical J Sand Well in the Grover Field with a 25% non-operated working interest. The Company anticipates there will be additional wells to be proposed and drilled by the operator this year and has designated a $1.0 million capital reserve to fund drilling activities on the acquired acreage to satisfy the terms of a recently completed $8.0 million convertible debenture financing.