Attention

In a move intended to focus more attention on unconventional natural gas plays, Calgary’s Talisman Energy Canada and affiliate Fortuna LP said Wednesday they are selling legacy properties in southeastern Saskatchewan and Daniels County, MT, for C$720 million.

With Senate action on its Stop Excessive Speculation bill (S3268) apparently stalled, attention this week turns to a House version of legislation to extend the Commodity Futures Trading Commission’s (CFTC) role in monitoring futures markets, which may make it to the floor before the Congress leaves for its August recess. After two days of rhetoric, the Senate Friday failed to muster the votes necessary to close debate.

With Senate action on its Stop Excessive Speculation bill (S3268) apparently stalled, attention this week turns to a House version of legislation to extend the Commodity Futures Trading Commission’s (CFTC) role in monitoring futures markets, which may make it to the House floor before the Congress leaves for its August recess. After two days of rhetoric, the Senate Friday failed to muster the votes necessary to close debate.

Houston-based Ultra Petroleum Corp. is exiting the international arena to focus its “full attention” on its legacy asset in the Pinedale Anticline field, CEO Michael D. Watford said. Ultra agreed to sell Sino-American Energy Co., which represents all of its interests in Bohai Bay, China, to SPC E&P (China) Pte Ltd. for $223 million. The reserve volumes sold represent all of Ultra’s international assets and comprise about 1% of its year-end 2006 proved reserves. The sale is expected to close in 4Q2007. Even with the sale of the international assets, Watford said Ultra still expects to deliver more than 20% organic production growth in 2008 and 2009.

With the aim of focusing more attention on the company’s extensive Appalachian Basin exploration and production holdings, Chesapeake Energy Corp. said late last month that it plans to build a new eastern regional headquarters in Charleston, WV, in a semi-circular design “reflecting the rotation of a drillbit.”

With the aim of focusing more attention on the company’s extensive Appalachian Basin exploration and production holdings, Chesapeake Energy Corp. said Thursday that it plans to build a new eastern regional headquarters in Charleston, WV, in a semi-circular design “reflecting the rotation of a drillbit.”

Although much of the attention has been on the “aging work force” in the oil and natural gas industry, retirement makes up just 15% of total attrition in the natural gas transmission industry, according to a new study released by the INGAA Foundation last Tuesday.

BP plc will be the first of the oil majors to deliver 2Q2007 earnings results Tuesday, but analysts and investors likely will be paying as much if not more attention to the new man behind the microphone as they will be to the London-based producer’s numbers.

While the western phase of the Rockies Express Pipeline grabbed most of the attention last Thursday, FERC also approved a number of other key pipeline and liquefied natural gas (LNG) projects, as well as two asset purchases.