Bringing

Bringing to a close a case that has spanned over 10 years, the U.S. Commodity Futures Trading Commission (CFTC) announced two orders last week, which together find that Steven G. Soule, Kyler F. Lunman II and Lunman’s company, Hold Trade, Inc., participated in a trade allocation scheme to defraud Coastal Corp., which has since become part of El Paso Corp.

Bringing to a close a case that has spanned over 10 years, the U.S. Commodity Futures Trading Commission (CFTC) announced Wednesday two orders, which together find that Steven G. Soule, Kyler F. Lunman II and Lunman’s company, Hold Trade, Inc., participated in a trade allocation scheme to defraud Coastal Corp., which has since become part of El Paso Corp.

Bringing two Calgary-based E&P rivals together, Roseland Resources Ltd. and Rival Energy Inc. said that they have entered into a merger agreement under which one Rival Energy share will be given for every five Roseland shares.

Bringing two Calgary-based E&P rivals together, Roseland Resources Ltd. and Rival Energy Inc. said Monday that they have entered into a merger agreement under which one Rival Energy share will be given for every five Roseland shares.

Cheniere Energy Inc. has closed on two investment agreements for 70% interest in its proposed Freeport, TX liquefied natural gas (LNG) receiving terminal project, bringing the facility one step closer to fruition. The Houston-based Cheniere will retain a 30% interest. In one agreement, Cheniere will sell a 60% stake to Freeport Investments LLC. Freeport Investments, run by Michael S. Smith, agreed to pay Cheniere $5 million in four installments and contribute an additional $9 million for development of the project without further capital contribution by Cheniere. Cheniere and Smith’s company formed Freeport LNG Development LP, a to develop the project. Smith is the CEO of Freeport LNG Development LP. Also, Houston-based Contango Oil & Gas Co. has exercised its option to acquire a 10% interest in the proposal for $2.3 million, payable in installments. Since acquiring the option on the Freeport site, Cheniere has conducted technical, feasibility, marketing, engineering and environmental studies to validate the project. The company holds a 30-year lease at the site and expects to file its application with the Federal Energy Regulatory Commission in March. Cheniere also has secured options on three additional sites for LNG receiving terminals in Sabine Pass, Corpus Christi and Brownsville, TX.

Houston Exploration Co. said Monday it has hedged an additional 70,000 MMBtu/d of natural gas production for 2003, bringing its total gas production hedged for the year to 335,000 MMBtu/d.

An opening move has been made on bringing Canada’s oldest, biggest natural gas delivery service up to speed for the brisker trading patterns and pipeline competition that it sees as evolving rapidly.

An opening move has been made on bringing Canada’s oldest, biggest natural gas delivery service up to speed for the brisker trading patterns and pipeline competition that it sees as evolving rapidly.

Bringing stranded gas to market has long been considered a possibility for exploration and production companies, but finding economical ways to do — without building new pipelines — has been the problem. However, as the thirst for natural gas grows in North America, several companies are stepping up their efforts to move stranded gas to market. Most of the news has centered on liquefied natural gas (LNG), but the interest in compressed natural gas (CNG) is growing, and may be more of a real possibility now than ever before.