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Industry Briefs

Industry Briefs

Midcoast Energy Resources said its wholly owned Louisiana intrastate pipeline subsidiary, Creole Gas Pipeline, has reached a long-term agreement with Chevron Chemical Co. to provide gas supply to Chevron's Oak Point plant in Belle Chasse, LA. The five-year pact calls for Creole to provide Chevron with 9,500 MMBtu/d of gas, or about 90% of the total requirements of the Oak Point plant. Creole will construct a new seven-mile pipeline to provide the service, which will start in September. Creole provides gas transportation services to major industrial customers in the New Orleans area.

Cotton Valley Resources said it is merging with Crown Partners L.L.C. Minerals Division through an exchange of common shares and warrants whereby Cotton Valley shareholders will retain 27% and Crown shareholders 73% of the combined company. Cotton Valley's President Jim Hogue said Crown has an interest in 360 producing oil and gas wells and 600 undeveloped locations in Arkansas, California, Louisiana, Montana, Oklahoma, Texas and Wyoming. The producing properties cover in excess of 175,000 gross acres. Crown's interests currently contain proved producing and behind-pipe reserves of 9.4 Bcf of gas and 200,000 barrels of oil with a 10% present value of $10 million. Current management of Cotton Valley has agreed to resign upon initial funding at which time directors and officers appointed by Crown will take over day to day operations and management.

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