Enid Company Adds to Portfolio

Enid-based George E. Failing Co. has created a state-of-the-art drilling rig, small enough to fit on a football field yet tough enough to work in mountainous areas and reach oil and gas deposits three miles inside the earth.
GEFCO vice president of domestic sales Tim Lewis said the first prototype of SpeedStar SS-1100 is due in December with product delivery expected by late spring. The 75-year-old company has earned a reputation for making durable drilling rigs, said Aaron Harmon, GEFCO vice president.
Today, the company’s 185K rig has been successful. What sets the SpeedStar SS-1100 apart is how powerful the top drive rig is despite its size. The SS-1100 sets up in mountainous areas easily due to its smaller size and in half the time. Once on a site, the SS-1100 rig can begin drilling within a few hours. The basic model starts at $3.5 million.
“Developing the SS-1100 rig was a natural step for us to take. We have responded to the needs and requests of our customers to manufacture a rig that would drill faster and deeper,” he said.
The rig can be monitored from a remote location and diagnostics can be used to perform preventive maintenance.
The depth varies for horizontal drilling. Horizontal drilling, the latest drilling trend in the oil and gas industry, allows an operator to follow a formation to produce more out of a zone.
“Besides being able to drill to deeper depths, our goal was to produce a high-tech rig that is user-friendly,” Lewis said. “There has been a void in the industry for a rig that will not only drill deeper, but setup in a smaller footprint and setup quicker. There is not another rig on the market that compares to this.”
Founded in 1931 by George Failing, the company manufactures Failing, SpeedStar and King Oil Tools equipment. The company sells and delivers equipment in nearly 100 countries.
Denver-based Cimarex Energy Co. agree to pay $180 million cash to Chesapeake Energy Corp. to add 38,000 net acres in its Woodford Shale position in the Anadarko Basin of western Oklahoma.
The acreage is in Blaine and Canadian counties, with 88 percent held by production and an average net revenue interest of 84 percent. Cimarex will have 88,000 net Anadarko-Woodford acres once the transaction is complete.
The Federal Energy Regulatory Commission gives Bobcat Gas Storage the green light to place into service pipeline facilities that will connect its salt dome natural gas storage project in St. Landry Parish, La., to the interstate pipeline grid.
The U.S. saw a record-high addition to dry natural gas proved reserves of 46.1 tcf in 2007, more than double the 19.5 tcf of natural gas that was actually produced during the year, according to the Energy Information Administration.
The additional growth was due in part to the contributions of shale gas and coalbed methane resources, the agency said.
Standard & Poor’s, citing the risk of a “prolonged” global economic downturn and the drop in Henry Hub natural gas prices from their highs this summer, slashed its natural gas prices by $2 to $7 per million Btu for 2009 and 2010.
S&P said that in 2011 and beyond, gas prices would average $6.
Questar Corp. (NYSE:STR) today previewed third-quarter and full-year 2008 financial and operating results and described actions the company is taking in response to the turmoil in financial markets.
Questar expects third-quarter and full-year 2008 net income to be significantly above the current First Call mean estimates.
The company estimates that Questar E&P 2008 natural gas and oil-equivalent production will come in at the high end of its previous guidance of 166-169 billion cubic feet equivalent.
Sempra Energy’s Southern California Gas Co., the nation’s largest natural gas distribution utility, confirms that its major underground storage facility northwest of Los Angeles kept operating and escaped unscathed after being overrun by one of the major wildfires scorching the area last week.
While personnel were evacuated from the storage site, the storage operations continued.
EIA Reports Record-High Additions of Gas Reserves in 2007
Reduced cash flows, the credit crunch and the need to remove excess natural gas supply led Raymond James & Associates Inc. analysts to reduce their 2009 rig count forecast for the second time in less than two months. ?′

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