The National Energy Marketers Association (NEM), responding to the Bush administration’s energy plan and the Democrats’ response, issued on Tuesday an urgent call for bipartisan support for meaningful incentives for massive new investments in additional energy supplies, conservation, infrastructure and technology. “Both plans recognize that new investments are required immediately, but both plans lack sufficient incentives to permit energy prices to come down,” said NEM President Craig Goodman. “Accelerated cost recoveries for new investments in energy supply, conservation, advanced energy technology and environmental protection will solve the energy supply problem quickly and is one of the lowest cost, highest yield policy solutions. New energy supplies, conservation and advanced technology will lower costs to all consumers and should be considered a moral imperative. NEM has long advocated the expansion of existing Internal Revenue Code Sections to include ‘Qualified Energy Restructuring Investments’ for new supplies, conservation, infrastructure, advanced metering and distributed generation technologies.”

Houston-based Pangea Petroleum Corp. announced on Tuesday that it has commenced production on its A. Vincik No. 3 well in the Jackson County Field, 90 miles southwest of Houston. The well is being produced at 500 Mcf/d. Pangea said this well marks the first gas production for the company. Mass Energy, Pangea Petroleum’s subsidiary, is the operator of the well and owns a 100% working interest, subject to a 16% reversionary working interest at payout. Pangea is an independent energy firm that has oil and gas holdings in Jackson County, TX, Starr County, TX, Shelby County, TX, and Kern County, CA.

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