On Thursday, Comstock Resources Inc (NYSE:CRK)’s shares enhanced 4.49%, and closed at $3.72.
Comstock Resources disclosed that it will reduce its 2015 capital spending plan by almost 22% to $248 million, a savings of over $69 million versus its formerly uncovered budget on December 18, 2014. In addition to seeing improving drilling and completion costs, the recent success of the Company`s first Haynesville shale refrac will allow the Company to release one of its operated rigs drilling in the Haynesville shale at the end of March.
As a result, the Company now plans to spend $95 million and drill nine (8.3 net) long lateral new wells in the Haynesville shale during 2015. Comstock is also increasing capital allocated toward the Haynesville shale refrac program.
The Company now programs to spend $23 million on 14 Haynesville refracs. There are no other significant changes to the 2015 capital program. The Company will incur a $2.4 million early termination fee on the released rig.
Comstock Resources, Inc., an independent energy company, acquires, develops, explores, and produces oil and natural gas properties in the United States. Its oil and gas operations are mostly located in East Texas/North Louisiana and South Texas.
Celladon Corp (NASDAQ:CLDN), inclined 4.48%, and closed at $17.73, as Celladon Corporation disclosed financial results for the quarter and year ended December 31, 2014 and recent corporate highlights.
In February 2015, the company reached the last subject’s last visit during the 12 month primary data analysis period in the CUPID2 study, thereby reaching the study’s primary analysis data cutoff. The company remain on track to un-blind the data and declare top-line results from this study in late April 2015.
In December 2014, the company commenced work with Novasep, Inc. (Novasep) for the potential future commercial manufacture of MYDICAR drug substance (AAV1/SERCA2a), and in March 2015, they declared the implementation of a development, manufacturing and supply agreement with Novasep, which, if supported by the CUPID2 data, positions the parties to continue with the process transfer, facility retrofitting, development and manufacturing activities necessary for the future commercial supply of MYDICAR drug substance. If they proceed with the ongoing activities beyond a specified termination period following the un-blinding of CUPID2, they would commit to a multi-year contract for the future commercial supply of MYDICAR drug substance.
Celladon Corporation, a clinical-stage biotechnology company, focuses on developing cardiovascular gene therapy and calcium dysregulation. The company’s lead product candidate includes MYDICAR that uses genetic enzyme replacement therapy to correct the Sarco/endoplasmic reticulum Ca 2+ -ATPase 2a enzyme deficiency in heart failure patients that result in inadequate pumping of the heart.
At the end of Thursday’s trade, Kosmos Energy Ltd (NYSE:KOS), surged 4.32%, and closed at $8.45.
Kosmos Energy Ltd. promulgated the borrowing base under its reserves-based lending facility has remained unchanged at $1.5 billion following its lenders’ semi-annual redetermination process. For the first time, the borrowing base calculation comprises value related to the Tweneboa, Enyenra and Ntomme (TEN) development project in Ghana, in addition to the Jubilee field. Total undrawn availability on the reserves-based lending facility remains $1 billion as of March 31, 2015.
Thomas P. Chambers, senior vice president and chief financial officer stated that the Growing reserves with healthy margins – even in a lower oil price environment – enabled Kosmos to maintain its considerable borrowing power under the credit facility. The quality of our Ghana assets supported the favorable outcome of the redetermination process.
Kosmos Energy Ltd. explores for and produces oil and gas in Africa, Europe, and South America. Its asset portfolio includes production and other development projects in offshore Ghana, as well as exploration licenses with hydrocarbon potential in offshore Ireland, Mauritania, Morocco, Senegal, and Suriname.
Resolute Energy Corp (NYSE:REN), gained 4.26%, and closed at $0.590.
Resolute Energy Corporation proclaimed that it has entered into a definitive contract to sell certain non-core assets in the Midland Basin portion of the Permian Basin in west Texas. The properties will be sold to a private party for a purchase price of almost $42 million. The proceeds of the sale will be used to reduce debt, initially by reducing amounts outstanding under the Company’s revolving credit facility.
The transaction, which is expected to close on or about May 1, 2015, has an effective date of March 1, 2015, and is subject to customary conditions and purchase price adjustments, comprising for title and environmental defects. The assets consist of operated and non-operated properties primarily located in Howard County, Texas.
Resolute Energy Corporation, an independent oil and gas company, acquires, explores for, develops, and produces oil, gas, and hydrocarbon liquids. It involves interest in the Aneth Field covering almost 43,000 gross acres located in the Paradox Basin in southeast Utah; and 36,500 gross acres in the Permian Basin of Texas and southeast New Mexico.
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