Crude Energy acquires interest in Texas' Permian basin

DALLAS -- Crude Energy, LLC has acquired a 50% working interest in 3,680 acres located in Sterling County, Texas, in the heart of the Permian basin.

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Operators to recover more than 20 billion bbl of oil from Bakken

HOUSTON and EDINBURGH -- The Bakken and Three Forks plays hold close to $118 billion in remaining value and unlike other key plays, every single Bakken sub-play generates positive returns, according to Wood Mackenzie' s latest key play analysis.

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Canadian Natural acquires assets from Devon Canada

CALGARY, Canada -- Canadian Natural Resources Limited has announced that the agreement relating to the acquisition of Devon Canada’s Canadian conventional assets, excluding Horn River and the heavy oil properties, has been completed.

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Japanese trading house writes down Samson Investment as shale bet sours

TOKYO (Bloomberg) -- Itochu Corp., Japan’s third-largest trading house, said it booked another writedown on its investment in oil and gas producer Samson Investment Co., as its bet on the U.S. shale boom sours. The latest impairment of 29 billion yen ($279 million) follows charges of about 33 billion yen reported by the Tokyo-based company last year. Itochu has now written down most of the 78 billion yen, worth $1.04 billion at the time, it paid in 2011 for a 25% stake in family-owned Samson.

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Drilling Tools International acquires Reamco, Inc.

Hicks Equity Partners (HEP), a private equity firm led by the Thomas O. Hicks family, announced that its portfolio company, Directional Rentals, Inc., has acquired Reamco, Inc., a company based in Lafayette, La., that manufactures, rents and refurbishes downhole drilling tools and related products.

Directional Rentals, an oilfield services company, has also been renamed Drilling Tools International (DTI). According to the company, the new name more accurately reflects its mission of renting, manufacturing and selling drilling tools, used in bottomhole assemblies, to oilfield services companies, independent directional drillers and exploration companies, both onshore and offshore.

Reamco specializes in the manufacture and refurbishment of stabilizers, drill collars, reamers and related products, and also offers grinding and hardfacing capabilities. The firm maintains key certifications from the API, and is ISO certified.

Reamco’s previous owners, Brent Milam and Ashley Lane, have become shareholders in DTI and have joined the company’s management team. Milam founded Reamco in 1985, and has served as the company’s president since that time. Lane was instrumental in Reamco’s founding, and returned to the company as CEO in 2011, after leading Drilling Logistics, Inc., for several years.

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