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Jericho Oil expands presence in STACK
TULSA — Jericho Oil Corp. will participate in the drilling of between two and five horizontal wells in Major County as part of a farm-in agreement through its Oklahoma STACK Joint Venture, the company said.
The effort will allow Jericho to grow its STACK acreage position by about 30 percent at a discount to recent STACK transactions, participate in the drilling of multiple horizontal wells targeting the Osage formation, collect well data and effectively grow production, the company said.
“This transaction puts the company in a good position to cost-effectively boost its strategic acreage position in the prolific STACK play, said Ryan Breen, Jericho's director of corporate development.
Cushing-to-Patoka pipeline announced
MPLX LP subsidiaries MPLX Ozark Pipe Line LLC and Marathon Pipe Line LLC have begun an open season on the combined Ozark 22-inch and Woodpat 22-inch pipelines from Cushing to Patoka, Illinois. The open season will run through Feb. 16.
The Ozark is a 433-mile line that transports up to 230,000 barrels of oil daily from Cushing to Wood River, Illinois. The Woodpat is a 55-mile line that carries up to 215,000 barrels per day from Wood River to Patoka, Illinois. An expansion project is expected to increase the capacity of both lines to 345,000 barrels per day.
"We are pleased to announce the Cushing-to-Patoka Expansion Project as Midwest markets desire further access to West Texas Intermediate crude. This expansion will provide additional capacity for shippers while positioning the partnership to grow its distributable cash flow," MPLX President Michael J. Hennigan said.
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