LITTLE ROCK — Bonanza Creek plans 36 new wells in state
Denver-based Bonanza Creek Energy Inc. said in its annual report released Friday that it plans to spend $58 million drilling 36 oil wells in the Cotton Valley formation in south Arkansas this year, and an additional $20 million expanding a natural-gas processing facility in Columbia County.
The processing facility treats natural gas and turns it into liquid form before selling it, company spokesman James Masters said.
Bonanza Creek has also performed 16 well workovers, which Masters said would allow more oil to flow at sites the company has in the Cotton Valley formation.
For fiscal 2011, Bonanza Creek reported net income of $12.7 million, or 43 cents a share.
Shares of Bonanza Creek closed Friday at $19.19, up $1.06, or 5.9 percent, over Thursday’s closing price on the New York Stock Exchange. The company had its initial public offering of stock Dec. 15.
Metro unemployment improves over last year
The unemployment rate dropped in Arkansas’ seven metropolitan areas in January compared with January last year, the U.S. Bureau of Labor Statistics said Friday.
The biggest declines were in Northwest Arkansas and Pine Bluff.
Northwest Arkansas’ unemployment rate was 6.2 percent in January, down 0.6 percent from 6.8 percent a year earlier. Pine Bluff’s unemployment rate was 10.3 percent in January, down 0.6 percent from 10.9 percent in January 2011.
Other January unemployment rates in Arkansas’ metropolitan areas, compared with January last year, were:
Little Rock, 7.1 percent, down from 7.5 percent.
Texarkana, 7.5 percent, down from 7.8 percent.
Jonesboro, 8.0 percent, down from 8.3 percent.
Hot Springs, 8.4 percent, down from 8.9 percent.
Fort Smith, 8.9 percent, down from 9.2 percent.
Arkansas’ unemployment rate was 7.6 percent in January, and the national rate was 8.8 percent.
Metropolitan-area unemployment rates are not seasonally adjusted, so a comparison with rates from the previous month are misleading. National and state rates are seasonally adjusted by the Bureau of Labor Statistics.
Arkansas Index up 1.05 as 11 stocks advance
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 1.05 to 234.16 on Friday.
Deltic Timber was up 2.5 percent in light trading.
For the week, nine stocks declined and seven advanced.
P.A.M. Transportation Services jumped 10.2 percent for the week, though it fell 3.8 percent Friday.
Volume on Friday was 28.2 million shares; the average is 21.4 million.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 25 on 03/24/2012