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Senate Adds $13B Energy Tax Package to Corporate Tax Measure

In a move that surprised many on Capitol Hill, Senate Republican and Democratic leaders reached a consent deal late Thursday to attach the 10-year, $13 billion energy tax package to a corporate tax cut measure before leaving for their spring recess.

April 13, 2004

Kerr-McGee Adds Substantial Reserves, Prospects with Westport Merger

Offshore pioneer Kerr-McGee Corp. will become the fifth largest independent producer following a $3.4 billion merger with Denver-based Westport Resources Corp., which was announced last Wednesday. The transaction substantially expands Kerr-McGee’s land-based prospects, increasing its proved reserves 30% and also boosting its total daily production more than 34%, which will be weighted 54% to natural gas.

April 12, 2004

Chesapeake Adds 68 Bcfe of Proved Reserves, Locks in Hedges on Production

Chesapeake Energy Corp. added another 68 Bcfe proved oil and gas reserves and 39 Bcfe of probable and possible reserves in the Midcontinent, Permian Basin and Texas Gulf Coast regions Tuesday through four purchases totaling $100 million.

March 24, 2004

Chesapeake Completes Concho Purchase, Adds 320 Bcfe of Proved Reserves

Acquisitions are pushing Chesapeake Energy Corp. up near the top of the charts in terms of domestic gas production and reserves. The company recently completed three major property acquisitions totaling about $510 million and bringing its gas reserves to more than 3.4 Tcf and its production to an expected 875 MMcf/d in the first quarter and 890 MMcf/d for the year, making it one of the top 15 largest gas producers in North America in terms of daily production.

February 9, 2004

Chesapeake Completes Concho Purchase, Adds 320 Bcfe of Proved Reserves

Acquisitions are pushing Chesapeake Energy Corp. up near the top of the charts in terms of domestic gas production and reserves. The company recently completed three major property acquisitions totaling about $510 million and bringing its gas reserves to more than 3.4 Tcf and its production to an expected 875 MMcf/d in the first quarter and 890 MMcf/d for the year, making it one of the top 15 largest gas producers in North America in terms of daily production.

February 3, 2004

XTO Adds Gas-Rich Reserves in TX, LA; Kerr-McGee Ups Ante in North Slope, Brazil

Fort Worth-based XTO Energy Inc. said Thursday it will spend $249 million to buy a set of natural gas-rich assets in East Texas and northern Louisiana with estimated proved reserves of 182 Bcfe. Kerr-McGee Corp. also is in the acquiring mood, announcing new lease agreements in the North Slope basin of Alaska and offshore Brazil.

January 12, 2004

XTO Adds Gas-Rich Reserves in TX, LA; Kerr-McGee Ups Ante in North Slope, Brazil

XTO, whose focus is U.S.-based, estimates that its newest acquisitions are 90% natural gas and 50% proved developed and will add about 30 MMcfe/d to the company’s production base. Natural gas production in 2004 now targets an increase of 16% to 18%, up from the previous guidance of 13% to 15%. Most of the latest acquisitions are scheduled to close on or before Jan. 30.

January 9, 2004

Oneok Adds 177 Bcfe of East Texas Gas Reserves at $1.27/Mcfe

ONEOK Inc. has purchased 177.2 Bcfe of gas and oil reserves in East Texas with additional probable and potential reserves and related gathering systems from Wagner & Brown Ltd. of Midland, TX, for $240 million.

December 22, 2003

Range Adds 80 Bcf of West Texas Reserves

Range Resources said it has added about 80 Bcfe of West Texas gas (88%) and oil reserves near its Conger Field in Sterling County for $85 million. About 14 MMcf/d of gas currently is being produced and Range said it expects a shallow production decline and long life with a reserve-to-production ratio of more than 15 years.

December 22, 2003

Range Adds 80 Bcf of West Texas Reserves

Range Resources said it has added about 80 Bcfe of West Texas gas (88%) and oil reserves near its Conger Field in Sterling County for $85 million. About 14 MMcf/d of gas currently is being produced and Range said it expects a shallow production decline and long life with a reserve-to-production ratio of more than 15 years.

December 16, 2003
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