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Fidelity Exploration & Production Company, the wholly owned natural gas and oil production subsidiary of MDU Resources Group (NYSE: MDU), announced that it signed a purchase and sale agreement on March 15, to acquire producing natural gas properties located in the Green River Basin in Sweetwater and Carbon counties in southwest Wyoming.
Based on estimates by Fidelity's reservoir engineers, the acquired properties include 63 billion cubic feet equivalent (Bcfe) of proven reserves of which 51 Bcfe is proved developed producing. In addition, the acquisition includes an additional estimated unproven reserve potential of 67 Bcfe to 190 Bcfe based primarily on infill drilling opportunities. Net production as of the effective date of the transaction was approximately 14.5 million cubic feet equivalent per day, 92 percent of which was natural gas. Approximately 63 percent of the daily production will be from wells operated by Fidelity.
A home-grown Bozeman company that is taking advantage of technology, as well as holding fast to old-fashioned customer service, has expanded sales to Billings — and hopefully, next — to the rest of the country.
Fidelity Exploration & Production Company has announced the acquisition of additional leasehold interests in the Bakken area of western North Dakota, and in the emerging oil shale play in the Niobrara formation in southeastern Wyoming and north-central Colorado. Fidelity is a wholly owned natural gas and oil production subsidiary of MDU Resources Group (NYSE: MDU).
The Bakken lease purchase includes approximately 40,000 net acres with the Three Forks play as the primary target. The acquired leases have three to five year primary terms and increase the company's acreage position in the Bakken to approximately 56,000 net acres. In the Niobrara oil shale play, the company has signed an agreement to acquire approximately 27,000 net acres with five-year primary lease terms.
"These lease purchases broaden our position in the Rocky Mountain region and provide long term growth potential in two exciting oil plays," said Terry D. Hildestad, president and chief executive officer of MDU Resources. Hildestad noted that Fidelity continues to look for other development opportunities throughout the Rocky Mountain Region to augment the company's reserves and production.
West Paw Design President and Owner Spencer Williams provided testimony to the United States Senate Committee on Finance during a hearing on small business trade and tax issues. The hearing was part of the National Export Initiative. Based in Bozeman, West Paw Design is a manufacturer of pet bedding, toys and apparel. Exports to 24 countries generated 16.9 percent of the company’s overall sales in 2009. West Paw Design exports more than twice the average amount of Montana manufacturers.
During the hearing Williams shared his first-hand exporting experience with the committee along with suggestions for how services such as the US Commercial Service’s Gold Key Service could become even more effective and affordable for small businesses. Additionally Williams voiced concerns related to intellectual property protection, fair trade, human rights and environmental standards.
Anticipating the continued growth in leisure travel trends, Group Destination Planners, LLC (GDP), a Tour Company with Receptive & Destination Services, has named Jody L. Lamp of Billings, as its Independent Destination Marketing Director for both inbound and outbound 2010 trips.
Even though Stillwater Mining Company, Columbus, reported a loss in 2009, it would have been worse had the company not restructured in 2008. Improving PGM prices in 2009, also, helped improve the company’s bottom line, as did the strengthening of its new recycling business.
The Wall Street Journal proclaimed last week that North Dakota is “at the center of a revolution in the US oil industry.” It proclaimed that “technological improvements in the past two years have taken what was once a small, marginally profitable field and turned it into one of the fastest-growing oil-producing areas in the U.S.” It is referring of course to The Bakken, which sprawls across much of North Dakota and extends into the northeastern portion of Montana.
Even with a possible up-tick in timber sales, prices and housing starts nationally in 2010, Montana’s timber industry is beyond recovery in 2010.
Lumber production in Montana in 2009 was at its lowest level in five decades – 35 percent lower than in 2008, and almost 60 percent lower than in 2006. Production fell to an estimated 415 million board feet in 2009. Montanans timber harvest volume was an estimated 305 million board feet, the lowest harvest on record since 1945.
The Big Sky Business Journal
P.O. Box 3262
Billings, MT 59103