Gastar Exploration Ltd.said it is closing on the sale of its East Texas properties toCubic Energy Inc., a transaction that was delayed multiple times to accommodate the financing needs of Cubic (seeShale Daily,Sept. 25). Gastar said it expects to receive $39.2 million in proceeds in addition to the $4.7 million deposit previously paid by Cubic by Oct. 2. The deal was announced in April (seeShale Daily,April 23).
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Transportation Notes
Westcoast declared a force majeure Tuesday at its McMahon Gas Plant after “MEA [monoethanol amine] solution foaming increased dramatically” during Monday evening and Tuesday morning. The foaming reduced McMahon raw gas treatment capacity from 630 MMcf/d to 437 MMcf/d as of Tuesday afternoon. Westcoast said it was acid washing affected MEA contactors, and expected to have full processing capacity restored this morning.
January 16, 2002
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