Superior Oil & Gas Co announced Thursday it had received a permit from the Bureau of Land Management for its pipeline right-of-way in Rio Blanco County, CO. Superior is designing a 12-inch, 18-mile gas pipeline capable of carrying up to 30 MMcf/d with a $0.60/Mcf gathering fee."The announcement of this permit gives us another opportunity to create a revenue stream for our company," stated Dan Lloyd, Superior's CEO. "We continue to execute our business model through this permit and the previous agreements to purchase gas wells. In addition, we are targeting other properties and hope to inform our shareholders regarding the specifics in the near future." Superior Oil & Gas Co., headquartered in Yukon, OK, has executed agreements to purchase over 28 gas wells in Kansas and continues to target other properties for acquisition.
DTE Gas Storage Co. has announced an open season offering natural gas storage services in the Central New York region. The open season offering will provide service into interconnections at Corning, NY with the proposed Millennium Pipeline, Empire extension project and Columbia Gas Transmission systems. The proposed in-service date for these services is April 1, 2008. The open season began Feb. 9, 2006 and will close March 2, 2006. An affiliate of DTE Gas Storage is pursuing the development of the proposed storage projects, which are capable of providing a wide range of storage services, including: 10-day peaking to 110-day baseload; annual injections and withdrawals or seasonal injections and withdrawals. This open season is targeting two specific storage services - 70-day ratcheted storage service and 30-day unratcheted storage service. An open season package can be obtained by contacting Della Rupkey at email@example.com or at (313) 235-5184. For questions concerning the package, contact Tom Neu at (313) 235-9204 or Jeff Holland at (313) 235-4213. DTE Gas Storage is a subsidiary of Detroit-based DTE Energy Co.
Petrohawk Energy Corp. closed its previously announced North Louisiana gas properties acquisition and entered into a separate transaction to unload its Gulf of Mexico properties. First announced in December, the Houston-based junior independent purchased two packages of natural gas reserves in the Elm Grove and Caspiana fields of northern Louisiana in private transactions for $262 million, before working capital and other closing adjustments. As of Dec. 31, 2005, Petrohawk owned 551 Bcfe in proved reserves, of which 76% were natural gas. With the added production from this transaction, Petrohawk's current estimated production rate is 146 MMcfe/d. The acquired reserves are 98% natural gas and include an estimated 106 Bcfe of proved reserves and 100 Bcfe of probable and possible reserves. The assets include about 27,400 gross acres, with 80% of them operated. They include 11 producing wells and 185 identified drilling locations. Average 2006 projected output is expected to be 20 MMcfe/d; current production is 16 MMcfe/d. Lease operating expenses for 2006 are estimated to be $0.55/MMcfe. Petrohawk also announced Monday it is has entered into a definitive agreement with a private company to sell substantially all of its Gulf of Mexico properties for $52.5 million in cash. Petrohawk said these properties have internally estimated proved reserves of 26 Bcfe, are 70% gas, and are 59% proved developed and 27% operated, with lease operating expenses of $2.35 per Mcfe. Petrohawk estimates current production at 10 MMcfe/d. The transaction is expected to close in March 2006.
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