British Columbia’s September oil and gas rights sale resulted in more than C$8.7 million in bonus bids, bringing the calendar year to date to C$330.6 million, the Ministry of Energy, Mines and Petroleum Resources said. The sale offered — and sold — 34 parcels covering 15,885 hectares at an average price of C$549/hectare. The top bids included three drilling licenses and two leases in the Graham River area, about 50 kilometers northwest of Hudson’s Hope, that sold for a total of C$4.5 million. Bids ranged from C$1,425 to C$2,168/hectare. Two leases also were sold in the Horn River Basin, about 15 kilometers west of the Cabin Gas Field, for a total of more than C$837,620. Drilling licenses have primary terms of two, three or four years, depending on the location. Leases acquired at the Crown sale have primary terms of five or 10 years, also depending on the location. The next sale, scheduled for Oct. 21, 2009, is expected to offer 62 parcels covering 66,837 hectares. Results from the September sale are available at: www.em.gov.bc.ca/Subwebs/landsale/results/default.htm.
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Shale Land Grab Is Over, Analyst Says
“The land grab of 2008 is over” in many of the major natural gas shale formations across the United States, said an energy analyst with New York-based Jeffries & Co. Inc. last week.
Allegheny Energy, Merrill Lynch End Five-Year Legal Battle
Allegheny Energy, Inc. said last week it has signed an agreement with Merrill Lynch & Co. Inc., bringing to a close the long-running legal battles the two have fought since Allegheny’s purchase of Merrill’s Global Energy Market (GEM) energy commodities trading unit in 2001.
Allegheny Energy, Merrill Lynch End Five-Year Legal Battle
Allegheny Energy Inc. said Monday it has signed an agreement with Merrill Lynch & Co. Inc., bringing to a close the long-running legal battles the two have fought since Allegheny’s purchase of Merrill’s Global Energy Market (GEM) energy commodities trading unit in 2001.
REX East Interconnects Planned as REX West Nears Completion
A total of 20 planned eastern interconnects could help the Rockies Express Pipeline (REX) project reach its goal of bringing low-priced western gas to eastern customers beginning next year, said Ultra Petroleum Corp. Vice President Stuart Nance.
REX East Interconnects Planned as REX West Nears Completion
A total of 20 planned eastern interconnects could help the Rockies Express Pipeline (REX) project reach its goal of bringing low-priced western gas to eastern customers beginning next year, said Ultra Petroleum Corp. Vice President Stuart Nance.
PRB Energy Taps Pearl Investment to Operate Recluse Gathering System
Bringing in a little bit of help on the company’s Powder River Basin operations in Wyoming, PRB Energy Inc. said Tuesday it has entered into an agreement with Pearl Investment Co. to create a jointly owned limited liability company (LLC) that will operate PRB’s Recluse Gathering System.
Hurricane Dean Could Reach Gulf as Category 4 Storm
With the dress rehearsal of Tropical Storm Erin bringing some Gulf of Mexico evacuations and drenching rains to the Gulf Coast, oil and natural gas producers on Friday were bracing for the real thing to impact early next week as Hurricane Dean continued to strengthen in the eastern Caribbean.
Hurricane Dean Could Reach Gulf as Category 4 Storm
With the dress rehearsal of Tropical Storm Erin bringing some Gulf of Mexico evacuations and drenching rains to the Gulf Coast, oil and natural gas producers on Friday were bracing for the real thing to impact early next week as Hurricane Dean continued to strengthen in the eastern Caribbean.
Senate Confirms Two Nominees to CFTC
The Senate has confirmed two nominees to the Commodity Futures Trading Commission — Jill E. Sommers and Bart H. Chilton — bringing the agency almost up to full capacity.
