XTO Energy Inc. is moving into the Bakken Shale big time in a $1.85 billion cash-and-stock agreement with a private producer that will give it a leasehold with estimated proved reserves of around 68 million boe. The transaction follows on the heels of XTO’s $600 million purchase in April that gave it entry into the Marcellus Shale (see Daily GPI, April 16).
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With little in the way of fresh fundamental news Wednesday, futures traders remained mostly on the sidelines, waiting for fresh storage data to be released Thursday morning. After gapping higher at the opening bell, the December contract could not hold gains yesterday and quickly fell back into the low $3.80s. Strip-buying was seen for the second day in a row, but it did little for the December contract, which closed with a 2.9-cent decline at $3.854.
After etching out a wide, 20-cent trading range Monday andTuesday, natural gas futures traded sideways yesterday in a rare,low volume and low volatility trading session. Little in the way offresh news was seen to nudge prices in either direction, leavingthe November contract to slip 2.9-cents to $2.978 in pre-AGA profittaking. Estimated volume was an extremely-light 53,060 contracts.