Wayne, PA-based Planalytics Inc. announced Tuesday that Bayer Corp. has signed an agreement to access Planalytics® GasBuyer(SM), a web-delivered risk management tool for purchasing and hedging natural gas. “The GasBuyer tool will help us manage our natural gas price risk and reduce our gas costs by providing a perspective on where the market is heading over the next year,” said Rick Piotrowski, senior procurement manager, energy for Bayer. “With this perspective on the direction of future gas prices, the GasBuyer is able to sort through the market’s volatility and identify when it is a good time for us to buy gas.” The Planalytics risk management tool uses proprietary long-range climate forecasts and inventory change projections, weekly storage data, real-time Nymex futures contract pricing and advanced neural network technologies to evaluate gas prices for each of the next 12 months. Calculating what it knows about future weather and how it will ultimately impact the market, Planalytics said its GasBuyer determines if gas is currently “undervalued” or “overvalued” and then provides clients with daily buying, selling, and hedging actions that reduce risk and take advantage of opportunities presented by fluctuating prices. Because the tool gives a year-ahead view of the market, the company said clients can address their gas needs gradually, proactively and cost-effectively, while minimizing the negative effects of shorter-term price volatility.

New Orleans-based Energy Partners, Ltd. said Tuesday that it has successfully drilled a new field discovery in West Cameron Block 210 in the Gulf of Mexico. Located approximately 40 miles off the Louisiana coast in 56 feet of water, the No. 1 well was drilled to a total depth of 10,343 feet. Hydrocarbons were encountered in two sand intervals with 68 feet of apparent net natural gas pay. EPL owns a 50% working interest in the well and is the operator, while Tana Exploration Co. LLC, a privately-owned oil and gas company, owns the remaining 50% stake. Energy Partners said a caisson will be installed at the well location and plans are being developed to lay a pipeline to an existing third-party platform on a neighboring block for processing and sales. First production is expected late in the first quarter of 2003. “We are very pleased with the results of our latest new field discovery at West Cameron Block 210,” said Richard A. Bachmann, EPL’s CEO. “This moderate risk, moderate potential well is a good example of the kind of exploratory drilling opportunities we have in our current portfolio. This is the fifth successful well of seven exploratory wells drilled so far this year. Like our other successes this year, we expect to be able to have this well on production quickly, adding further to our 2003 production growth. Our drilling program continues in full swing. We have seven additional exploratory wells currently drilling and expect to begin drilling three more exploratory wells and one development well prior to year end.” Founded in 1998, EPL is an independent oil and natural gas exploration and production company with a focus on the shallow to moderate depth waters of the central region of the Gulf of Mexico Shelf.

Houston-based Pogo Producing Co. said it has successfully completed the exploratory drilling of West Delta Block 5 No. 1 and Main Pass Block 62 No. 3 wells in the central Gulf of Mexico. “We are delighted to have found drilling success on these first two of four fourth-quarter Gulf of Mexico exploration prospects,” said Paul G. Van Wagenen, Pogo’s CEO. “Additionally, Pogo has two other exploratory wells currently being drilled on other prospective blocks in the Main Pass area of the central Gulf, each of which should reach its objective depth within a week or two. These first two wells, however, represent a good start to an exciting fourth-quarter exploration program.” Pogo, which holds a 100% working interest in both prospects, said the West Delta land was acquired in the Louisiana State Waters sale of March, 2002. Pogo drilled the well to 12,804 feet subsea and encountered 33 feet of hydrocarbon column in its primary objective below 12,600 feet. According to the company, the well was drilled on a 350-acre structure and has now flow-tested at a rate of approximately 3 MMcf/d of natural gas and 730 bbl of oil. Pogo said production should begin late in the first quarter of 2003. The company’s Main Pass well discovered 40 feet of net natural gas pay in its primary Miocene objective. Production is expected to come online by mid-year 2003.

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