Bidding

Mariner Energy Inc. has won a bidding auction to acquire the bankrupt operations of natural gas-weighted Edge Petroleum Corp. in a transaction valued at $215 million. The transaction, set to close by the end of the month, has been approved by the bankruptcy court in which Edge’s Chapter 11 case is pending, allowing Mariner to build its presence onshore.

With the U.S. losing out to foreign countries in the bidding war for liquefied natural gas (LNG), the level of LNG imports this year and next is expected to be well below the 2007 high of 771 Bcf, the Energy Information Administration (EIA) said in its Short-Term Energy Outlook for August. The agency also significantly cut its spot price price projections for this year and 2009, citing increased domestic production and the drop in crude oil prices as factors.

With the U.S. losing out to foreign countries in the bidding war for liquefied natural gas (LNG), the level of LNG imports this year and next is expected to be well below the 2007 high of 771 Bcf, the Energy Information Administration (EIA) said in its Short-Term Energy Outlook for August.

Sen. Pete Domenici (R-NM) Tuesday criticized a subcommittee panel’s approval of an appropriations measure that would prohibit producers from bidding on future offshore leases unless they agree to renegotiate the flawed 1998 and 1999 leases they currently hold.

Proving that while it might be down it is definitely not out of the bidding war to acquire the Chicago Board of Trade (CBOT) following Monday’s Department of Justice (DOJ) ruling, IntercontinentalExchange Inc. (ICE) fired back Tuesday evening with an enhanced merger proposal to CBOT.

The Interior Department’s Minerals Management Service (MMS) is seeking comments on a proposal to significantly expand the acreage available for bidding in a Central Gulf of Mexico Planning Area lease sale to be held in September 2007. Comments on the expanded Lease Sale 205 are due at the agency on Dec. 29.

The Interior Department’s Minerals Management Service (MMS) is seeking comments on a proposal to significantly expand the acreage available for bidding in a Central Gulf of Mexico Planning Area lease sale to be held in September 2007. Comments on the expanded Lease Sale 205 are due at the agency on Dec. 29.

Natural gas futures trading on Wednesday mimicked Tuesday’s lackluster performance. Bulls were wary of bidding the market up in the face of bearish fundamentals, while the bears weren’t ready to risk testing the lower $5 level with winter just a few short months away.

As the bidding war for the common shares of Calgary-based Canada Southern Petroleum Ltd. continues to heat up (see Daily GPI, May 31; June 6), the company said Monday it welcomes Canadian Oil Sands’ announcement that it has reduced its minimum tender condition to 50.01%. Canada Southern added that Canadian Superior failed to meet its own deadline for filing an amended offer.