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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

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Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

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Fort Worth minority business receives nationwide grant

Cuevas Distribution Inc., a minority- and woman-owned business in Fort Worth, is one of 20 small businesses nationwide to receive a $150,000 grant from Chase as part of the Mission Main Street program.

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Energy Update: EDF Renewable to acquire Hereford Wind Project

 

EDF Renewable Energy of San Diego has entered into an agreement with Chicago-based Lincoln Renewable Energy to acquire the first phase of the Hereford Wind Project in the Texas Panhandle. The deal includes an option to acquire the second phase of the project.
Construction is expected to begin on the 200-megawatt first phase later this year, a step necessary to qualify for a production tax credit.
The project spans about 15,000 acres in Deaf Smith County southeast of the town of Hereford. It is expected to take advantage of the Competitive Renewable Energy Zone (CREZ) transmission lines connecting the wind generating capacity of the Panhandle to areas with high demand for electricity in the state.
Acting as adviser to Lincoln Renewable Energy on the transaction was Morgan Stanley.


Texas leads the nation in installed wind capacity. EDF Renewable Energy develops, builds, operates and manages renewable energy projects throughout the nation.
Lincoln Renewable Energy develops utility-scale solar and wind power projects across the United States. www.lincolnrenewableenergy.com.

GreenHunter Resources seeks new CFO after Krueger steps down
GreenHunter Resources Inc. of Grapevine has announced that vice president and CFO David Krueger will retire when the company files its second-quarter financial report.
The company is seeking Krueger’s successor and has contracted with an independent consulting firm specializing in financial advisory and interim staffing.
“David has served tirelessly as GreenHunter’s chief financial officer since 2007 and was valuable during the company’s transition into a water services provider,” said Jonathan Hoopes, interim CEO and company president, in a news release.
GreenHunter Resources Inc. is a diversified renewable energy company focused primarily on water resource management in oil and shale plays. www.greenhunterenergy.com.

Direct Energy to acquire Bounce Energy for $46 million
Direct Energy of Houston has agreed to acquire Bounce Energy, also of Houston, for $46 million in cash plus additional working capital.
“The further expansion of our residential business is an essential component of our North American growth strategy,” said Badar Khan, president and CEO of Direct Energy, in a news release.
Bounce Energy provides electricity to more than 80,000 residential and small business customers in Texas, Pennsylvania and New York. Direct Energy is expected to leverage Bounce’s digital marketing experience to boost its digital sales and service capabilities.
The transaction is expected to close in the third quarter of 2013.
Direct Energy, a subsidiary of Centrica plc, operates in 46 states, Washington, D.C., and the 10 provinces in Canada. www.directenergy.com.
Bounce Energy is a privately owned 
Texas electricity company. www.bounceenergy.com.

Gastar Exploration extends closing of East Texas property sale
Gastar Exploration Ltd. of Houston has agreed to give Dallas-based Cubic Energy Inc. an additional extension on the closing of the sale of Gastar’s East Texas properties. Closing has been extended to July 31 to allow Cubic Energy more time to finalize financing.
As compensation for the extension, both companies have agreed to reduce certain adjustments to the purchase price by an additional $350,000.
Gastar Exploration Ltd. is an independent energy company that develops and produces oil, natural gas, condensate and natural gas liquids nationwide. The company is focused on developing liquids-rich natural gas in the Marcellus Shale in West Virginia. It also has begun exploring and developing the Hunton Limestone horizontal oil play in Oklahoma. www.gastar.com.

Phillips 66 launches IPO
Phillips 66 Partners LP, a limited partnership and subsidiary of Houston-based Phillips 66, has announced an initial public offering of 15 million common units, representing limited partner 
interests.
The units are planned to trade on the New York Stock Exchange under the ticker symbol PSXP.
Underwriters will have a 30-day option to buy up to 2,250,000 more common units from Phillips 66 Partners to cover over-allotments, if any.
The offering represents a 20.9 percent limited partner interest in Phillips 66 Partners, or a 24 percent limited partner interest if underwriters buy additional common units, the company said in a news release.
Phillips 66, through some of its subsidiaries, will own the remaining majority limited partner interest in Phillips 66 Partners, as well as its 2 percent general partner interest.
Acting as book-running managers for the offering are J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities, Citigroup and RBC Capital Markets. Serving as co-managers are RBS, DNB Markets, Mitsubishi UFJ Securities, Mizuho Securities and PNC Capital Markets LLC.
When a prospectus becomes available, free copies may be obtained through the U.S. Securities and Exchange Commission’s website at www.sec.gov.
Phillips 66 Partners owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other assets. www.p66.com.

Forest Oil plans to shed Texas Panhandle assets
Forest Oil Corp. has announced plans to sell its oil and gas assets in the Texas Panhandle after recently receiving unsolicited proposals from third parties.
Assisting Denver-based Forest in its marketing efforts is J.P. Morgan Securities LLC.
President and CEO Patrick R. McDonald in a news release that the sale, if completed, should allow the company to reduce its debt and boost its ability to develop its assets. He said Forest’s remaining asset portfolio would be anchored by its ongoing oil development in the Eagle Ford Shale, where oil production is projected to more than double during 2014.
Forest has about 111,000 net acres in East Texas. The company plans to maintain its exposure to potential natural gas development through its low-decline natural gas properties in Texas, Louisiana and Arkansas.
Forest Oil acquires, develops and produces natural gas and liquids nationwide and in some overseas locations. www.forestoil.com.

Send energy news to A. Lee Graham at lgraham@bizpress.net
 

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