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Ice cancels flights, snarls traffic; snow in North Texas forecast

DALLAS (AP) — More wintry weather was expected across parts of North Texas through Wednesday.

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Berkshire Hathaway company acquires Fort Worth firm

M&M Manufacturing, a producer of sheet metal products for the air distribution and ventilation market based in Fort Worth, has been acquired by MiTek Industries Inc., a subsidiary of Warren Buffett’s Berkshire Hathaway Inc.,

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Plans for Grand Prairie indoor ski resort, Hard Rock Hotel evaporate

Plans for a $215 million indoor ski resort and Hard Rock Hotel in Grand Prairie have been shelved. Sherman Thurston, a member of the development team, sent a

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UPDATE: Six candidates file for two Water Board seats

Six candidates have filed for the two open seats on the Tarrant Regional Water Board, setting up a battle that could potentially shift the balance of power on the board and the priorities of one of the largest water districts in Texas.

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Top area CFOs honored

The Fort Worth Business Press honored 13 area chief financial officers today with a luncheon at the Fort Worth Club.

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Exxon Mobil, LINN Energy strike deal

A. Lee Graham

Reporter

Exxon Mobil Corp. of Irving has executed an agreement to add almost 26,000 acres to its U.S. oil and natural gas portfolio managed by XTO Energy Inc. through a non-monetary exchange with LINN Energy LLC.

In exchange, LINN will receive part of XTO’s interest in the Hugotron gas field in Oklahoma and Kansas.

“This Midland Basin leasehold is in a prolific area where we expect rapid, profitable development of multiple horizons in the Wolfcamp and Spraberry formations,” said Randy Cleveland, president,, XTO Energy, in a news release.

“With this agreement and our previously announced transaction with Endeavor Energy Resources, we will increase our operated position in the Midland Basin Wolfcamp core to roughly 100,000 net acres and our total position in the basin to 300,000 net acres,” Cleveland said.

XTO will receive 25,000 net acres in the northern Midland core area that is considered conducive for horizontal Wolfcamp and Spraberry development, with current production of about 2,000 oil equivalent barrels per day, Exxon Mobil said. XTO also will receive 1,000 net acres in the New Mexico Delaware Basin that augments its existing leasehold and near-term development.

“This brings our leasehold position in the Permian Basin to over 1.5 million acres and in excess of 90,000 net barrels of oil-equivalent daily production,” Cleveland said.

LINN will acquire a portion of XTO’s interests in the low-decline, mature Hugoton gas field, including all non-royalty trust interests in the shallow formations, with current production of about 85 million equivalent cubic feet per day, 80 percent of which is natural gas.

lgraham@bizpress.net

 

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