Energy Update: Purple Land Management opens officesJuly 13, 2013
Purple Land Management LLC of Fort Worth has opened offices in Midland and Bakersfield, Calif.
The Midland location is known as PLM Permian, while the Bakersfield site is known as PLM West.
“California was home for both of us growing up, and we are eager to bring ‘The Purple Way’ to the Golden State,” said president and co-founder Jesse Hejny, referring to CEO and co-founder Bryan Cortney.
“By opening the Bakersfield office, we’re helping to further develop the tremendous natural resources across California,” Hejny said in a news release.
The announcement follows news of a Denver office to help facilitate project expansion into the Bakken, Niobrara, Uinta and Powder River Basin oil and gas development plays.
The Permian office in downtown Midland will serve clients in the Permian Basin, Palo Duro Basin and the Avalon Shale.
The company has relocated a handful of employees to the new offices but plans local hiring, as well. More information is available at www.purplelandmgmt.com.
Saratoga Resources awarded four Gulf of Mexico leases
Saratoga Resources Inc. of Houston has been awarded four leases in shallow waters of the Central Gulf of Mexico by the U.S. Bureau of Ocean Energy Management.
Spanning 19,814 acres on a net and gross basis, the four lease blocks are in water depths of 13 to 77 feet.
The leases contain several drilling prospects, all identified by seismic data. Saratoga plans to seek joint-venture partners for drilling the blocks, with initial drilling expected in 2014.
“We are excited at being awarded these four shallow water blocks in our first foray into the Gulf of Mexico Shelf,” said company President Andy C. Clifford in a news release.
Saratoga Resources Inc. is an independent exploration and production company with offices in Houston and Covington, La. More information is available at www.saratogaresources.com.
Huntsman to acquire Oxid LP
Huntsman Corp. of Houston has signed a definitive agreement to acquire Oxid LP, a privately held manufacturer and marketer of specialty urethane polyols also based in Houston.
Financial terms of the agreement were not disclosed.
Oxid’s polyols (alcohols containing three or more hydroxyl groups) are used in producing polyurethane insulation as well as in residential and commercial construction. Oxid’s polyols are combined with methylene diphenyl diisocyanate to create polyurethane foam insulation for walls, roofs and other applications.
Oxid markets its varied product line of specialty polyols under the trademark Terol and distributes products worldwide from its manufacturing facility in Houston.
The transaction is expected to close in the third quarter.
Oxid LP manufactures specialty chemical products for the urethane industry. Huntsman’s operating companies manufacture products for chemicals, plastics, aviation and several other global industries. It employs about 12,000 and operates multiple locations worldwide.
North America to lead worldwide microgrid market, study says
Microgrid adoption is expected to rise in the next several years, according to a newly released study by Navigant
North America already is the leading market for microgrids, local networks of different power sources offering the potential to integrate distributed renewable generation resources, among other traits.
According to the Navigant report, North America’s total microgrid capacity will reach 5.9 gigawatts by 2020, representing 64 percent of worldwide
Connecticut has stepped forward as the first state with a policy program promoting microgrids. The state suffered massive power outages from Tropical Storm Irene in August 2011 and a blizzard that struck the East Coast in October 2011.
The state has authorized constructing as many as 27 microgrid sites in an effort funded by an initial grant and loan program of $15 million.
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