A consortium of major Canadian-based oil and gas companies have selected Calgary-based CGI Group Inc. to build and maintain a sustainable production accounting method that could be used by the companies over the next two decades. Devon Energy-Canada, EnCana Corp., Husky Energy and Talisman Energy signed a co-venture contract for an undisclosed amount whereby CGI will build, maintain and enhance a single accounting method to be used by the energy companies. CGI said the method would be designed to increase efficiency, improve the quality of information by providing end users more time for data analysis and ultimately result in the ability to make better business decisions. The new system will be available to other oil and gas companies that operate in Canada. Terry Johnson, senior vice-president of CGI’s western Canada operations, said the CGI expects other oil and gas companies ” to embrace and implement this leading edge solution.” CGI is one of the largest information technology services firms in North America, and it currently serves more than 700 petroleum companies and natural resource trust management organizations worldwide.

Maverick Basin Exploration LLC (MBE), a subsidiary of Pennsylvania-based Touchstone Resources USA Inc., has entered into a joint exploration and operating agreement with Dallas-based Blue Star Operating Inc. on 20,000 acres of exploration targets in the Maverick Basin of South Texas. Blue Star is owned and controlled by Jerry Jones, owner of the Dallas Cowboys football franchise. Touchstone, which will operate the project, said 3-D seismic data has been shot over the entire area. According to an independent engineering evaluation, Touchstone expects to drill 125 wells, which it said could yield more than 180 Bcfe. Stephen Harrington, president of Touchstone, said a “very aggressive drilling schedule” is expected to begin in late July and last through the end of the year.

Junior independent Daugherty Resources has changed its name to NGAS Resources Inc. to reflect its stock ticker name (NGAS) and its focus on natural gas development drilling and reserve growth. The Lexington, KY-based producer develops prospects in the Appalachian Basin. “NGAS resonates with people and reflects our focus on natural gas production and development,” said CEO William S. Daugherty. “Many of our investors and customers already referred to the company as NGAS,” and “we are adopting the NGAS acronym throughout our organization with a view to building a consistent and recognizable corporate identity.”

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.