For Investors Only: Emerald Oil Provides Operational Update; Phillips to Proceed With Houston Channel Project

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Emerald Oil provides an interim operations update on recent drilling and completion activities:

Co provides an interim operations update on recent drilling and completion activities along with its Q4 and year end production rates. Emerald's drilling operations continue with two rigs currently operating in the Low Rider project area in McKenzie County, North Dakota. The co intends to add a third operated drilling rig beginning in April 2014. Subsequent to Emerald's last operational update in early Nov 2013, the co drilled and completed 3.9 net wells that are now producing. Emerald currently has 6.9 net wells drilling, completing or waiting on completion early in Q1. During Q4, co averaged approximately 2,430 BOEPD from its operated drilling program. This represents an increase of 103% YoY and 30% sequentially.

Phillips 66 to proceed with cross-channel connector project; this project will expand the capacity to transport refined petroleum products across the Houston Ship Channel via pipeline:

Phillips 66 Pipeline LLC, a wholly owned subsidiary of Phillips 66, will proceed with developing the Cross-Channel Connector project. This project will expand the capacity to transport refined petroleum products across the Houston Ship Channel via pipeline. The company completed a successful open season for the Cross-Channel Connector after receiving shipper commitments to utilize the additional capacity. In addition, Phillips 66 Pipeline LLC received positive response to a potential Phase 2 of the project and is proceeding with an evaluation of this expansion.

The Cross-Channel Connector project leverages existing assets and will combine a reactivated pipeline under the Houston Ship Channel along with the expansion of an active line in Pasadena. The company plans to connect to Magellan's refined product pipeline which will allow the Cross-Channel Connector to transport refined petroleum products from the south side of the Houston Ship Channel to the Magellan Midstream Partners and Kinder Morgan Energy Partners systems on the north side of the channel at Galena Park and East Houston.

The company anticipates the project could be complete as early as Q4 of 2014, subject to the receipt of necessary permits and regulatory approvals. The Cross-Channel Connector is expected to have an initial system capacity of up to 180,000 barrels per day. The Phase 2 expansion could add an additional 50,000 barrels per day of capacity. 

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Note to the Granddaughters

Your aunt Laura told me she and her husband were caught in traffic today because the wind blew a house off a truck-trailer.

http://www.kptv.com/story/24532209/home-falls-off-semi-blocks-i-205-traffic

And I always thought it was windy in North Dakota. LOL.