UNT researcher: gas well proximity influences attitudes to industry

Area residents enjoy royalty checks in their mailboxes but arenÂ’t too keen on having a drilling rig responsible for those checks near their home, according to a University of North Texas survey.

Paul Ruggiere, director of the UNT Survey Research Center, surveyed 607 residents in Tarrant and Denton counties, aged 18 or older, for about a month in fall 2008. According to the results, 52 percent of respondents supported a hypothetical gas well 1,000 feet from their neighborhood. When told they could receive royalties from gas extracted, 65 percent responded favorably.

When the hypothetical gas well was moved closer to the respondentsÂ’ neighborhood, however, the favorable majority revered to a majority opposition. Seventy-two percent opposed when they were not granted royalties, while 59 percent opposed when they would receive royalties. In the same way at 200 feet, 86 percent opposed when not granted royalties while 78 percent opposed even while receiving royalty payments.

“At 1,000 feet, the prospect of receiving royalties appears to influence respondents’ favorability rating. The strength of that influence dissipates as proposed gas wells get closer to respondents’ neighborhoods,” Ruggiere said.

GreenHunter adds one to board

GreenHunter Energy appointed an energy industry veteran with more than 25 years experience to its board.

Ronald Ormand will serve as chairman of the audit committee, while he currently serves as executive vice president and CFO for Petro Resources. OrmandÂ’s experience includes years in investment and commercial banking with the energy industry, according to a press release. Previously, he served as president of Perugia Advisors, a financial advisory and investment firm for the energy industry.

“Ron will be a great addition to our board of directors as we continue to navigate through this very difficult period in the renewable industry,” said Gary Evans, chairman, president, and CEO of GreenHunter Energy, in a statement. “We have worked together on various financial projects over the past 15 years in our respective professional careers. Ron was previously employed with our primary bank lender on our biodiesel refinery, WestLB.”

Carrizo expands credit facility

Carrizo Oil & Gas Inc. was granted a $25 million increase to its credit facility commitments, bringing the total available facility from $259 million to $284 million.

The addition comes from new lenders Wells Fargo Bank NA and Calyon New York Branch.

According to a press release, Wells Fargo joined the Carrizo Oil & Gas banking syndicate as administrative agent May 20 by assuming $50 million of Guaranty BankÂ’s credit commitment. On June 5, Calyon joined the banking syndicate, thereby raising the number of member banks from seven to nine.

jtronche@bizpress.net