Natural gas futures remained an uncharacteristic beacon of stability and suffered only a modest setback as other markets cascaded lower in volatile trading. At the close September natural gas had retreated 0.6 cent to $3.935 and October gave up just 0.5 cent to $3.957. November through June 2012 posted modest gains. By contrast the Dow Jones Industrial Average fell 635 points to 10,810 and September crude oil tumbled $5.57 to $81.31/bbl. Gold rose $70 to $1,722/oz, a record, and the yield on 10-year treasuries zoomed 20 basis points to 2.37%, the highest one-day move since May 2009.
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Nevada Energy Inc. signed an offer to purchase from ConsolidatedBeacon Resources Ltd. two separate onshore exploration agreementscovering a combined total area of about 82,000 net hectaresnorthwest of Truro, Nova Scotia. Nevada will have a 75% workinginterest in 27,970 gross hectares and a 100% working interest in60,936 gross hectares and will be the operator. The agreementsrequire the operator to expend capital to fulfil the earningrequirements under the terms of the work programs as required bythe Nova Scotia Petroleum Directorate. Significant offshore gastests have been documented in the 5 MMcf/d range with establishedoil and gas production of 4 MMBoe realized at the onshore StoneyCreek Field within the same depositional basin about 78 milesnorthwest of the lands.
June 3, 1999
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