PROJECT SUMMARY
WHAT:
Environmental Due Diligence
WHO:
Jeff Lane, P.G. Hollis Millard, P.G.
WHERE:
Oil Field Acquisition Central Oklahoma
WHEN:
2015
BACKGROUND
K Associates performed a limited Phase I Environmental Site Assessment on behalf of a major oil and gas company to assist with their plans to purchase assets in Central Oklahoma. The assessment addressed approximately 120 oil production sites and associated tank batteries. As is frequently the case in oilfield asset transactions, the transfer of land was not part of the potential acquisition.
FINDINGS
K generally followed the American Society for Testing and Materials Standard Practice for Environmental Site Assessments (ASTM E 1527-13) requirements as a guideline to identify recognized environmental conditions (RECs). CK also performed a regulatory compliance review, which included an evaluation of spill reporting, air permits, and regulatory violations. The Phase I and compliance review included an inspection of each facility, review of historical environmental records, evaluation of state and federal compliance documents, interviewing representatives for the facilities, and writing a report of findings. The scope of the work performed by CK was consistent with protocols established in the ASTM Standard. The assessment and report were designed to provide an assessment of previous ownership and uses of the facilities to identify the possibility of RECs. Environmental defects and permitting deficiencies were noted at many facilities. During the evaluation, multiple facilities were observed to have had large oil and saltwater spills from historic releases. As part of the environmental permitting review, it was determined that documentation by the current operator was not sufficient to evaluate compliance with applicable air permitting regulations.
RESOLUTION
o support our client’s evaluation of the assets, CK identified impacted areas and environmental defects. The results were documented within a Phase I report and a summary of remedial alternatives/costs was prepared. Assets in need of further permitting were identified and recommendations were offered to
PROJECT SUMMARY
WHAT:
Environmental Due Diligence
WHO:
Jeff Lane, P.G. Hollis Millard, P.G.
WHERE:
Oil Field Acquisition Central Oklahoma
WHEN:
2015
BACKGROUND
K Associates performed a limited Phase I Environmental Site Assessment on behalf of a major oil and gas company to assist with their plans to purchase assets in Central Oklahoma. The assessment addressed approximately 120 oil production sites and associated tank batteries. As is frequently the case in oilfield asset transactions, the transfer of land was not part of the potential acquisition.
FINDINGS
K generally followed the American Society for Testing and Materials Standard Practice for Environmental Site Assessments (ASTM E 1527-13) requirements as a guideline to identify recognized environmental conditions (RECs). CK also performed a regulatory compliance review, which included an evaluation of spill reporting, air permits, and regulatory violations. The Phase I and compliance review included an inspection of each facility, review of historical environmental records, evaluation of state and federal compliance documents, interviewing representatives for the facilities, and writing a report of findings. The scope of the work performed by CK was consistent with protocols established in the ASTM Standard. The assessment and report were designed to provide an assessment of previous ownership and uses of the facilities to identify the possibility of RECs. Environmental defects and permitting deficiencies were noted at many facilities. During the evaluation, multiple facilities were observed to have had large oil and saltwater spills from historic releases. As part of the environmental permitting review, it was determined that documentation by the current operator was not sufficient to evaluate compliance with applicable air permitting regulations.
RESOLUTION
o support our client’s evaluation of the assets, CK identified impacted areas and environmental defects. The results were documented within a Phase I report and a summary of remedial alternatives/costs was prepared. Assets in need of further permitting were identified and recommendations were offered to