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Industry Brief

Industry Brief

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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