Addition

In addition to a major settlement agreement Wednesday with El Paso Corp. over charges of gas price manipulation (see related story), the Commodity Futures Trading Commission (CFTC) also sued a former PG&E Energy Trading natural gas trader, Christopher Chapman of East Brunswick, NJ, for fraud and ordered him to pay a $240,000 fine.

Houston-based Rocky Mountain Energy Corp. said it has its sights on three more property acquisitions. Over the past month, the company has purchased two properties for a total of $13.5 million.

Houston-based Rocky Mountain Energy Corp. said it has its sights on three more property acquisitions. Over the past month, the company has purchased two properties for a total of $13.5 million.

In addition to much improved fourth quarter earnings and cash flow and a bullish outlook that includes an expected 45% increase in production this year, Dallas-based Pioneer Natural Resources said it made a significant new deepwater Gulf of Mexico discovery on its Harrier prospect near the Falcon field. The well was drilled to 9,510 feet and encountered over 350 feet of gas-bearing sand in a single zone.

In addition to much improved fourth quarter earnings and cash flow and a bullish outlook for 2003 and 2004, Dallas-based Pioneer Natural Resources said it made a significant new deepwater Gulf of Mexico discovery on its Harrier prospect near the Falcon field. The well was drilled to 9,510 feet and encountered over 350 feet of gas-bearing sand in a single zone.

In addition to reporting lower financial results and cutting its full-year earnings guidance in its quarterly 10-Q with the Securities and Exchange Commission (see Daily GPI, Dec. 24), Mirant also disclosed multiple accounting errors in previous financial statements. The company also told the SEC that it has received a subpoena from the U.S. attorney for the Northern District of California asking for details about possibly reporting inaccurate gas and power price information to the trade press.

Effective with the start of Monday’s gas day, Texas Eastern was not accepting incremental IT nominations for delivery to Market Zone 3 (M-3). In addition, no due-shipper imbalance makeup gas was available in M-3. Affililate Algonquin restricted Monday all incremental forward-haul AIT and Authorized Overrun service anywhere on its system.

Burlington Resources Inc. announced Thursday the appointment of Randy L. Limbacher as executive vice president and COO and Steven J. Shapiro as executive vice president in addition to his role as CFO. Both previously served as senior vice presidents. The company said the promotions are effective immediately. Limbacher, who was responsible for all production and exploitation assets and operations, now assumes responsibility for exploration, as well as for day-to-day company operations. He joined Burlington in 1985. Shapiro continues key responsibility for the company’s strategy development, execution and financial performance. Shapiro joined Burlington Resources in 2000. Houston-based Burlington Resources is one of the world’s largest independent oil and gas companies, with natural gas comprising the vast majority of its reserves.

Westcoast postponed the planned Aug. 27 Fort Nelson mainline outage for the tie-in of the 2002 Fort Nelson looping addition upstream of Compressor Station N5. Approval to proceed with the looping project has not yet been obtained from the National Energy Board but is expected to be forthcoming, the pipeline said. Westcoast still plans to complete the tie-in within the Aug. 27-Sept. 20 Fort Nelson Gas Plant turnaround period.