Monroe Gas Storage Co., a venture of Foothills Energy Ventures LLC and High Sierra Energy LP, is holding a binding open season for up to 1 Bcf of firm, high-deliverability capacity at its Monroe Gas Storage facility under construction near Amory, MS. The facility will use a depleted gas reservoir to provide multi-cycle storage with a maximum injection capability of 445 MMcf/d and a maximum withdrawal capability of 465 MMcf/d. The project will have dual interconnections to Texas Eastern Transmission Co. in the M1 market zone and Tennessee Gas Pipeline into the 500 Leg in Zone 1. The company expects the capacity will be available July 1. The open season runs through April 28. For a bid package contact Kevin Legg at (303) 951-4280 or klegg@foothillsenergy.com. Information is available at www.monroegasstorage.com.

Houston-based Cabot Oil & Gas Corp. has agreed to sell its Canadian operations to a private Canadian-based company for C$78 million in cash and C$24 million in new equity. The sale is expected to close by May 1. “We announced our intent in February to explore the market for a Canadian asset sale, and we are pleased that in this market an agreement was reached,” said Cabot CEO Dan O. Dinges. “Once closed, this further focuses Cabot’s regional extent and provides capital to reduce our debt position.” At year end 2008, Cabot held an estimated 40.4 Bcfe of proved reserves in Canada. Of the proved reserves total, 37.7 Bcfe were developed and around 2.8 Bcfe were undeveloped. Cabot has around 35,415 net acres in Canada. “Over the last several years, Cabot had assembled a nice asset package in Canada, but with our recent success in other basins, Canada became less strategic, long-term,” Dinges said.

©Copyright 2009Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.