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Jones Energy Inc. has filed a prepackaged plan of reorganization under Chapter 11 of the US Bankruptcy Code designed to convert to equity all its funded debt. The company said the plan will enable it to maintain operations as usual.

Brent crude oil prices on the London market gained more than 50¢ to settle at $71.72/bbl on Apr. 16 and continued rising Apr. 17 in early trading on concerns about tightening world oil supplies. Crude oil supplies have declined this year with US sanctions on Venezuela and Iran. Meanwhile, major producers, including Russia, also are holding back production.

US crude oil inventories for the week ended Apr. 12, excluding the Strategic Petroleum Reserve, decreased by 1.4 million bbl from the previous week, data from the US Energy Information Administration showed. At 455.2 million bbl, US crude oil inventories are 2% below the 5-year average for this time of year, the report indicated.

Colorado Gov. Jared Polis (D) signed S.B. 181, which imposes new restrictions on oil and gas activities in the state, into law on Apr. 16. The measure was designed to strengthen local governments’ authority over such operations, its sponsors said when they introduced it on Mar. 1.

The US Energy Information Administration forecasts crude oil production from seven major shale formations will climb 80,000 b/d in May to a record 8.46 million b/d, EIA said in its Monthly Drilling Productivity Report.

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WV’s Natural Gas Industry Committed to Reducing Emissions - West Virginia Oil and Natural Gas Association https://t.co/FoHCuY1fXI

RT @MarcellusGas: Penn State researchers: Methane emissions from gas wells & infrastructure in the 'mighty Marcellus Shale' are just a tiny…