Cumberland County awarded South Jersey Energy, the marketing
affiliate of South Jersey Industries, a one-year gas supply
contract yesterday. A company spokesman said the contract was worth
$500,000. South Jersey will supply gas to all municipal facilities
and aims to save the county government 20% off its regular gas
bill. The announcement marks South Jersey's third contract with New
Jersey county governments in the past 12 months. It also has supply
deals with Atlantic and Camden Counties.
Titan Exploration Inc. closed the sale of its Gulf of Mexico
assets to Coastal Corp.'s exploration and production subsidiary,
Coastal Oil & Gas Corp. yesterday. The $71.3 million deal was
first announced earlier this month (See Daily GPI, May 4). The
properties include 89,000 net acres in 23 blocks on the shelf of
the Gulf of Mexico offshore Texas, Louisiana, Mississippi, and
Alabama. Current daily net production from 13 natural gas wells is
11 MMcf/d and 450 bbl of condensate. Included in the purchase is a
50% working interest in Vermilion Block 253, which has the
potential for 340 Bcf of gas, a Titan spokesman said.
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