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Leases for oil and gas development along the southern fringe of the Piceance Basin in western Colorado are nearing their expiration as a citizens’ action and the federal Bureau of Land Management (BLM) are blocking five exploration/production (E&P) companies, including a unit of Encana Corp.’s U.S. operations, spread over a five-county area.

In Montana in a “forgotten corner of the Williston Basin,” a Texas company is gathering up acreage with the expectation that it can turn what some call the False Bakken into a true gem. And if that doesn’t work, northeast Montana has more to offer in and near the Bakken Petroleum System.

Despite fierce competition, Gulfport Energy Corp. CEO Jim Palm said his company has managed to acquire additional acreage in the Utica Shale as it looks to determine type curves, well spacing and how long it should wait before bringing new wells into production.

Upstart onshore operator Halcon Resources Corp. expects to produce 17,000-20,000 boe/d in the final three months of this year and should produce 40,000-45,000 boe/d in 2013, management said Thursday.

Like many, but not all, producers, Houston-based Carrizo Oil & Gas Inc. has shifted to oil because that’s where the profits are.

Even though crude oil production in Texas continues to increase, drilling activity for future reserves has slowed because of weakness in natural gas prices and instability in crude oil markets, according to the latest Texas Petro Index (TPI).

BG Group, whose global expertise is centered around natural gas, said it plans to slash U.S. drilling, as well as other global gas-weighted projects, because of low commodity prices.

Even though crude oil production in Texas continues to increase, drilling activity for future reserves has slowed because of weakness in natural gas prices and instability in crude oil markets, according to the latest Texas Petro Index (TPI).

The energy outlook in the United States has “fundamentally changed” because of the revolution in unconventional natural gas and oil production, generating strong job creation, economic growth and government revenues, IHS Inc. said in a new report.