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Riley Exploration Permian plans IPO

Riley Exploration Permian Inc. has planned an initial public offering expected to raise between $92.5 million and $106 million, the Oklahoma City-based oil and natural gas producer said this week.

The company said it plans to issue 6.6 million shares at a price of between $14 and $16 a share. The stock is expected to trade on the New York Stock Exchange American under the ticker symbol REPX.

Riley’s operations are concentrated in the Permian Basin in west Texas and southeast New Mexico.

Mammoth Energy helps hurricane victims

Mammoth Energy Services Inc. said this week it has sent workers to the U.S. Gulf Coast to help utilities respond to problems caused by Hurricane Michael.

The Oklahoma City-based company said its subsidiary Cobra Energy deployed crews and equipment to Florida’s Panhandle and southern Georgia, where they will work to help keep people safe and to help restore the region’s power grid.

Cobra has been actively working with authorities in Puerto Rico to rebuild its power distribution network after a hurricane hit that region last year

PDC Logic becomes Taurex Drill Bits

NORMAN — A company that builds drilling and completion bits has changed its name and plans to accelerate its growth.

PDC Logic has changed its name to Taurex Drill Bits LLC after undergoing ownership and management changes, the company said. Officials said the company’s focus remains on building, marketing and distributing its bits.

The changes come after Intervale Capital, a private equity firm focused on the oil-field manufacturing and services space, bought a majority stake in the Norman firm.

Taurex has established U.S. service locations in the Permian, Mid-Continent, Eagle Ford, Bakken, and Rocky Mountain basins. The company also recently entered the Appalachian Basin and plans to expand into the Haynesville and Western Canada Sedimentary basins in early 2019, Taurex said.

Samson Resources boosts borrowing base

TULSA — Samson Resources II LLC’s lenders have increased the company’s revolving credit borrowing base to $160 million, up from nearly $107 million previously, the company said.

Samson Resources executives said the increase was granted after a normally scheduled review of its finances, and that no other material changes were made to the finance package’s terms or conditions.

Samson CEO Joseph A. Mills said the increase shows lenders continue to back the company’s ongoing efforts to grow its operations.

“The company will remain financially disciplined while delivering crude oil and liquids-weighted production growth during 2018 of approximately 25 to 30 percent over 2017 exit rates,” he said

Williams to expand Transco pipeline

TULSA — Williams Cos. Inc. has received firm shipping commitments to fill a proposed expansion of its Transco Interstate pipeline system, the company said.

Through its Leidy South project, Williams is expected to boost its natural gas takeaway capacity from the Marcellus and Utica shale fields in the Pennsylvania and Ohio areas. That natural gas will be sent to the Atlantic Seaboard using Williams’ Transco system, which is the country’s largest-volume interstate natural gas pipeline system.

Transco delivers natural gas to customers in markets in 12 Southeast and East Coast states through a 10,000-mile pipeline network. The expansion is expected online by the end of 2021.

Midship Pipeline to donate to schools

Midship Pipeline Co. will donate $160,000 to eight academic institutions along its planned Oklahoma route.

Officials said the donations will be made to the Canadian Valley Technology Center, the Chisholm Trail Technology Center, the Kiamichi Technology Center, the Mid-America Technology Center, Murray State College, the Red River Technology Center, Southern Oklahoma Technology Center and University of Science and Arts of Oklahoma.

The gifts are designed to support science, technology, engineering and math programs, Midship executives said. The donation was praised by Joy Hofmeister, Oklahoma’s state schools superintendent, who noted the role those rural educational institutions play in providing STEM-related instruction to their students.

“A gift of this magnitude will go a long way in supporting our schools as they continue to prepare the next generation’s best and brightest to join Oklahoma’s workforce,” she said.

Empire Petroleum acquires assets

TULSA — Empire Petroleum Corp. has acquired producing oil and natural gas assets in St. Landry and Beauregard parishes in Louisiana.

Company officials said they obtained the assets through Empire Louisiana LLC, a wholly owned subsidiary, from Cardinal Exploration and Production Co. and Exodus Energy Inc. The company also said it had entered into a $5 million revolving loan agreement with a Tulsa bank and had sold common stock and warrants to a Colorado-based land company to help pay for the acquisition.

Officials said Empire’s new wells are producing about 70 barrels of oil equivalent per day.

“These are terrific operated assets that will provide material monthly net cash flow to the company,” Empire President Mike Morrisett said. “Our new operations team drilled and managed many of these wells before joining Empire and are very familiar with their history and cash flow generation.”