Top Energy Stocks
Energy stocks are lower today with the NYSE Energy Sector Index
slipping about 0.4% and the S&P Energy Index falling about
0.6%. Crude oil for May delivery is down $1.16 to $96.07 per
barrel. May natural gas is down 2 cents to $4 per 1 mln BTU.
In company news, Gastar Exploration (
) is up neraly 14% to $2.01 a share, holding nera the top of its
trading range today after announcing a deal to acquire proven
reserves and undeveloped leasehold interests in central Oklahoma
from Chesapeake Energy (
) for $72.5 mln.
The deal also includes GST buying back 6.8 mln shares of its
stock from CHK for $1.44 apiece, or $9.8 mln overall. The companies
also agreed to settle all pending litigation between them.
The 157,000 net acres being acquired by GST abut its existing
Mid-Continent acreage in Oklahoma and are estimated to contain
proven reserves of around 2.8 million barrels of oil equivalent.
GST will acquire 176 producing wells with an estimated net present
value of about $32.4 mln and daily production of around 177 barrels
of crude oil and 54 barrels of natural gas liquids.
In other sector news,
(+) KWK, (+19.6%) Sells 25% stake in a shale-gas project in
Texas to Tokyo Gas for $485 mln. Proceeds from the deal will be
used to help pay down its $2 bln in debt.
(+) CHK, (+0.5%) Named Chief Operating Officer Steven Dixon as
acting CEO while it continues to search for a permanent replacement
for the retiring Aubrey McClendon, the company said late
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