Natural Gas News – August 31, 2018

Natural Gas News – August 31, 2018

New Study Shows Natural Gas Engine Can Dramatically Reduce Smog from Heavy-Duty Trucks

Marketwatch reported: The University of California, Riverside College of Engineering Center for Environmental Research and Technology (CECERT) and Southern California Gas Co. (SoCalGas) today announced the results of a new study on ultra-low emission natural gas heavy-duty engines, showing a new 11.9-liter engine achieved California’s lowest smog-forming emissions standard, and maintained those emission during all types of driving. The study results underscore the ability of the near-zero truck engines to clean the air: most heavy-duty vehicles on roads today are predominantly diesel-powered and represent one of the largest sources of nitrogen oxide (NOx), or smog-forming, emissions and fuel consumption in North America.

PennEnergy Resources to Acquire the Assets of Rex Energy

Oil and Gas 360 reports: PennEnergy Resources, LLC (“PennEnergy” or the “Company”) has agreed to acquire substantially all the assets of Rex Energy Corporation (“Rex”) for a cash purchase price of $600.5 million. The assets acquired include cash accounts of $29.5 million held by Rex used to collateralize firm transportation contracts that will be released to PennEnergy at close. Rex had filed for bankruptcy protection on May 18, 2018. The transaction has been approved by the United States Bankruptcy Court for the Western District of Pennsylvania. Closing is expected to occur on September 28, 2018. On a combined basis, PennEnergy Resources will operate 329 horizontal producing shale wells. The Company will control 203,500 gross leasehold acres, primarily in the Pennsylvania counties of Butler, Beaver and Armstrong, north of Pittsburgh. Independent Petroleum Consultants, Wright & Company, Inc., estimated total combined net proved reserves of 8.5 trillion cubic feet of natural gas equivalents (“TCFE”), of which 1.7 TCFE are proved developed producing.