The Commodity Futures Trading Commission (CFTC) and its United Kingdom counterpart, the Financial Services Authority (FSA), have begun to work “to enhance cooperation and the exchange of information” to supervise cross-border clearinghouses. A memorandum of understanding (MOU) signed Monday by CFTC Chairman Gary Gensler and FSA CEO Hector Sants took effect immediately. According to the CFTC, the MOU “is an important step in ensuring the sound oversight of clearing houses providing services in both the United States and the United Kingdom and will help promote market integrity and appropriate customer protection in the global derivatives markets.”

Houston-based Magnum Hunter Resources Corp. is acquiring an additional 37.5% working interest from a private seller in the company-operated East Chalkley Field in Cameron Parish, LA. The company already has a 34.4% stake in 714 gross mineral acres in the field, and the purchase would increase the interest to 72%. Funding is to be with existing cash, with an effective date of July 1, 2009. Closing is scheduled for mid-October. The East Chalkley Field currently produces about 80-90 boe/d net. With the additional acquisition, the company estimated that net output would increase to 170-190 boe/d. Magnum Hunter had 93,000 boe of booked net proved reserves in the field as of June 30, and the company estimated that it would have 258,500 boe once the acquisition is closed.

©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.