On Tuesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), surged 7.53% to $9.
Lonestar Resources, Ltd. declared the closing of a $100 million Joint Development Agreement (“JDA”) with IOG Capital, L.P. The Agreement provides incremental non-recourse capital for Lonestar to drill wells in its focus area of the Eagle Ford Shale play.
Lonestar’s agreement with IOG Capital makes accessible a maximum of $100 million in funds to be used in drilling incremental Eagle Ford Shale wells. The Joint Development Agreement, which calls for IOG to take part as a non-operated working interest owner, states that the funds can be deployed towards the drilling and completion of Eagle Ford Shale wells which meet the collective return criteria of Lonestar and IOG. The JDA calls for IOG to contribute up to 90% of the initial capital for wells drilled in the program, with Lonestar contributing the remainder of well costs. After IOG achieves a specified return, Lonestar’s working interest would enhance to 90%.
IOG Capital, L.P. is an energy-focused private investment firm partnered with Fortress Investments and Metalmark Capital, with over $700 million in deployable capital. Founded in 2014 by former Chesapeake Energy Corporation (CHK) Chief Financial Officer, Marc Rowland, the firm seeks to provide funding solutions to development oriented oil and gas projects located onshore in the United States through joint ventures and non-operated asset level investment.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas.
Shares of Southwest Airlines Co. (NYSE:LUV), inclined 2.76% to $36.06, during its last trading session.
Southwest Airlines declared that its Flight Attendants have voted down a tentative agreement that would have ended two years of negotiations. Representatives for Transport Workers Union (TWU) Local 556 say Flight Attendants rejected the deal by 87 percent of those casting ballots. Nearly 89 percent of eligible Flight Attendants voted.
“This agreement ensured that our Flight Attendants would stay atop the industry in pay and benefits,” said Randy Babbitt, Southwest Senior Vice President Labor Relations. “It improved the Company’s competitiveness with certain work-rule changes and supported our evolving network, both domestically and in international markets. So naturally we’re disdesignated that it didn’t pass.”
The deal was slated to run through May 2019 and contained fixed wage enhances, cash bonuses, and quality of life improvements. Southwest says it remains committed to reaching a contract that best serves the interests of both the Company and its Flight Attendants.
Southwest Airlines Co. operates passenger airlines that provide planned air transportation services in the United States and near-international markets. As of December 31, 2014, it operated 665 Boeing 737 aircraft; and had 12 Boeing 717 aircraft.
Finally, EP Energy Corporation (NYSE:EPE), ended its last trade with 1.37% gain, and closed at $8.15.
EP Energy Corporation has planned a webcast at 10:00 a.m. Eastern Time, 9:00 a.m. Central Time, on Thursday, July 30, 2015 to talk about its second quarter 2015 financial and operational results. The company’s second quarter earnings press release is planned to be issued after the New York Stock Exchange closes trading on Wednesday, July 29, 2015.
EP Energy Corporation, an independent exploration and production company, acquires and develops unconventional onshore oil and natural gas properties in the United States.
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