Alberta

In a complaint filed at the Federal Energy Regulatory Commission this week, Pan-Alberta Gas (US) Inc. (PAGUS) and Mirant Americas Energy Marketing L.P. have accused Enron-affiliated Northern Border Pipeline Co. of trying to “subvert” their rights to match competing third-party bids for pipeline capacity under the right-of-first refusal (ROFR) process.

Ready to get started on its Marquis natural gas project, Alberta-based Canadian Superior Energy Inc. said that it has awarded several drilling services contracts for the initial drilling on the project, which is located 100 miles offshore Nova Scotia. The company estimated the value of the combined contracts at C$12.8 million.

In joint releases Friday morning, Canadian heavyweights PanCanadian Energy Corp. and Alberta Energy Co.(AEC) — the fourth and fifth largest energy companies in the country — announced they are talking about a possible merger. If completed, the company would become one of the largest natural gas producers in North America. Based on Thursday’s closing on the Toronto Stock Exchange, the companies had a market value of C$19.4 billion ($12.1 billion).

In joint releases Friday morning, Canadian heavyweights PanCanadian Energy Corp. and Alberta Energy Co.(AEC) — the fourth and fifth largest energy companies in the country — announced they are talking about a possible merger. If completed, the company would become one of the largest natural gas producers in North America. Based on Thursday’s closing on The Toronto Stock Exchange, the companies had a market value of C$19.4 billion ($12.1 billion).

Alberta-based Enbridge Inc. reported on Thursday that it plans to buy the South Texas gas gathering, treating and transmission assets of the Williams Companies for $50 million. The deal includes 492 miles of Ferc-regulated gas transmission and 298 miles of non-FERC regulated gathering systems and pipeline laterals.

Vancouver-based Epic Oil and Gas Ltd. said Thursday that AEC Storage and Hub Services Inc., a subsidiary of Alberta Energy Co. Ltd., has given notice to Epic’s U.S. subsidiaries Rival Resources Inc. and American Safari Resources Inc. that it is terminating its letter of agreement on the Birch Bay Gas Storage Project in northwest Washington State.

Weak natural gas prices in the third quarter have so far moved Alberta Energy Co. Ltd. to escalate a maintenance program and reduce its produced gas volumes by about 50 MMcf/d. Dominion and Occidental Petroleum Corp. also reported their third quarter earnings last week, and like many of their peers, both had slight production declines.

Weak natural gas prices in the third quarter have so far moved Alberta Energy Co. Ltd. to escalate a maintenance program and reduce its produced gas volumes by about 50 MMcf/d. At Burlington Resources Inc., total third quarter production actually increased 2%, but analysts noted on Thursday that the Houston-based producer probably will be an exception to the rule for the next three quarters — as producers face the likelihood of lower earnings until energy prices rebound.

Calgary-based Canoro Resources Ltd. has acquired a working interest in two gas properties and 15,000 additional acres in the Chambers area of western Alberta from Rosetta Exploration Inc. for approximately $1 million. Following this transaction, the company said it sold a portion of its working interest to Aurado Exploration Ltd. Canoro said the properties include two producing gas wells, with an additional zone completion planned. The company’s net interest in the wells is 4% and 3.5% respectively. An independent engineering report indicated that Canoro’s interest in the producing wells will generate average annual cash flow of $200,000. The balance of the purchase price will be paid out of a portion of monthly cash flow from the properties.