A unit of Williams and Duke Energy Field Services completed an agreement to exchange selected natural gas gathering and processing interests located in Wyoming, Texas and Oklahoma. First announced in late January, the companies completed the transaction on Feb. 28. Under the swap agreement, Williams receives Duke Energy Field Services’ 34% interest in the Echo Springs processing plant and related gathering system near Wamsutter, WY. In addition to operating the facilities, Williams already owns the remaining 66% interest in the Echo Springs complex and just finished expanding its capacity to almost 400 MMcf/d. In exchange, Duke Energy Field Services receives Williams’ Hugoton gathering system in Oklahoma and the Baker, Hobart Ranch and South Bishop gas processing plants located near Baker, OK and Canadian, TX, and in Ellis County, OK, respectively.

Houston-based Amerex USA has purchased the crude oil and products businesses of RedMeteor Inc. , a Houston-based voice and electronic brokerage. “This acquisition not only strengthens Amerex’s traditional voice brokerage services, it also provides access to the RedMeteor exchange,” said Michael Nemer, Amerex USA senior vice president. Amerex USA is part of the Amerex Group of companies which provides trade execution, risk management analysis and data services to clients worldwide.

Xcel Energy has filed with the Colorado Public Utilities Commission for a $102 million rate increase to reflect rising electricity generation fuel and purchased-power costs. The company also filed for a $79.2 million rate decrease to reflect continued lower wholesale gas costs and for an end to collection of a $19 million electricity surcharge for long-standing, purchased-power contracts. For consumers of both electricity and natural gas, the net impact of the changes would represent about a 71-cent monthly decrease on an annual basis for typical residential customers and a $14.81 monthly decrease for typical business customers. The electric rate increase will result in a monthly increase of $4.10 for typical residential customers, while typical business customers will see a monthly increase of $8.30. If approved, the new rates would take effect April 15 and would last through Dec. 31. In addition, Xcel Energy is seeking a decrease for natural gas rates by $4.22 a month for typical residential customers, and by $22.01 a month for typical business customers. If approved, the new natural gas prices would take effect March 29. Xcel Energy also is seeking to stop collecting from customers a bill surcharge associated with several long-term power purchase contracts signed more than a decade ago. The reduction will cut electricity bills for typical residential customers by 59 cents a month, and for typical business customers by $1.10 a month. The adjustment, if approved, would start March 29. Xcel Energy has 1.2 million electric customers and about one million natural gas customers in Colorado.

Denver-based Westport Resources Corp. has purchased some producing oil and gas properties in the Williston Basin in North Dakota and Montana for approximately $38.7 million from an undisclosed seller. Westport estimates the total proved reserves for these properties as of Dec. 31, 2001 to be approximately 8.9 MMboe, of which approximately 90% is oil. The company said it will operate more than 70% of the properties, which currently produce approximately 2,300 boe/d. The properties have an average lifting cost of $3.06 per boe. COO Barth Whitham said the properties complement Westport’s existing operations in the area and replace approximately 40% of the company’s total estimated production for 2002. In addition, the properties offer exploitation and exploration opportunities, which it plans to pursue over the next 12-18 months.

Denver-based Gasco Energy Inc. has completed a strategic exchange of certain properties located in the gas-rich Uinta Basin with El Paso Corp. In the transaction, Gasco received 2,571 net acres located in its Uinta Basin Riverbend Project in exchange for the contractual right to earn Wasatch rights on 10,850 gross Uinta Basin acres (2,713 net acres). Gasco said it had substantially increased its working interest, essentially making the deal a one-for-one exchange on a net-acreage basis. The acreage Gasco received contains four well bores, two of which are producing, and three of which have recompletion opportunities. More than 99 Mesaverde wells have been drilled and completed in and around Gasco’s Riverbend holdings in the Uinta Basin during the past two years, with only one dry hole. “This strategic asset swap facilitates our continued efforts to consolidate and upgrade our acreage position,” said Gasco COO Mike Decker. “The transaction nets Gasco a 100% working interest in the Wasatch, Mesaverde, Mancos and deeper formations, a significant improvement from our original contractual right to earn a 25% working interest in the Wasatch. Additionally, Gasco acquires numerous potential drilling locations, complemented by recompletion opportunities that may yield near-term cash flow.” Gasco, which focuses on natural gas prospects in the Rocky Mountain region, currently holds interests in more than 140,000 gross acres in Utah and has two Areas of Mutual Interest agreements covering nearly 330,000 acres in Wyoming’s Greater Green River Basin.

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