Teal Natural Resources LLC has been formed to acquire and develop unconventional oil and gas resources, mainly in the Eagle Ford shale play of Texas. Source: News

Brent crude oil prices on the London market closed above $49/bbl on May 17 and continued reaching toward $50/bbl during May 18 trading while US light, sweet crude prices on the New York market hovered above $48/bbl in advance of a weekly government inventory report. Source: News

Continental Resources Inc.’s Verona 1-23-14XH flowed 2,345 bo/d and 6 MMcfd of natural gas in an initial 24-hr test, the company reported. The Verona well is producing from the Meramec reservoir through a 9,700-ft lateral at a casing pressure of 2,400 psi on a 34/64-in. choke. Source: News

Shell Midstream Partners LP (SMP), Houston, has agreed to acquire additional equity interests in Zydeco Pipeline Co. LLC, Bengal Pipeline Co. LLC, and Colonial Pipeline Co. from Shell Pipeline Co. LP, a wholly owned subsidiary of Royal Dutch Shell PLC, for $700 million. Source: News

More oil and gas companies are being forced into bankruptcy filings or other types of financing given the current oil price slump, and lenders are being drawn into what Mayer Brown partner Charles Kelley called “capital structure reengineering.” Source: News

Williams Partners LP is holding a binding open season for the Northeast Supply Enhancement project, an expansion of the Transco interstate pipeline, to provide 400 MMcfd of incremental firm natural gas to the US Northeast. Transco plans to place the project into service for the 2019-20 winter heating season. Source: News

Shandong Shouguang Luqing Petrochemical Co. Ltd. (SSLPC) formally has accepted performance of Honeywell International Inc. subsidiary Honeywell UOP LLC’s C4 Oleflex process unit for production of isobutylene at its integrated refining and petrochemical complex in Bohai Industrial Park in Shouguang City, Shandong Province, China. Source: News

Malaysia’s state-owned Petronas has reported that its first floating LNG (FLNG) facility, PFLNG Satu, has sailed from South Korea for its location on the Kanowit gas field offshore Sarawak. Source: News

BP Australia’s plans for an exploration drilling program in the Great Australian Bight offshore South Australia have fallen short of the regulator’s environmental requirements for a second time. Source: News

Constitution Pipeline LLC has sued two federal courts to overturn the New York State Department of Environmental Conservation’s (DEC) denial of a water-quality certificate required for the proposed natural gas pipeline’s construction. Source: News