Brought

The federal appeals court in Washington, DC dismissed Tuesday a petition for review brought by Southern Natural Gas Co.’s shippers who claimed they were, or potentially will be, aggrieved by a FERC order that allows the pipeline to offer service to Southern Company Services (SCS) at lower rates than what they pay.

Tengasco Inc. shares were down 11% Tuesday despite efforts by the company to discount a class action lawsuit brought against it on Monday. Tengasco said the lawsuit was initiated by common stock short-sellers, who profit when share prices decline.

Restricted access to capital brought on in part by the financial market’s recently-acquired aversion to anything relating to energy is holding back drilling and will contribute to a tight natural gas market over the next two years, according to Boston-based Energy Security Analysis Inc. (ESAI) in its latest North American Natural Gas Stockwatch 2-Year Outlook.

Restricted access to capital brought on in part by the financial market’s recently-acquired aversion to anything relating to energy is holding back drilling and will contribute to a tight natural gas market over the next two years, according to Boston-based Energy Security Analysis Inc. (ESAI) in its latest North American Natural Gas Stockwatch 2-Year Outlook.

Thirty-four parcels of Federal land in Alabama, Arkansas, Kentucky, Louisiana, Michigan and Mississippi brought $101,037 to the U.S. Treasury through a competitive auction of oil and gas leases conducted by the U.S. Department of the Interior’s Bureau of Land Management (BLM) on July 11, in Springfield, VA. Bonus bids, filing fees, and rental revenue totaled $322,064, of which $221,027 will be shared with the six states. BLM, Eastern States administers the mineral estate in 31 states east of and adjoining the Mississippi River and offers selected parcels at quarterly competitive auctions. Regulations require the bidding to open at $2 per acre minimum. Seeco, Inc. from Fayetteville, Arkansas purchased a 2,449 acre parcel in Logan County, AR with their bid of $67 per acre — the highest per-acre bid of the auction. Leases are awarded for a term of 10 years and as long thereafter there is production in paying quantities. The Federal Government receives a 12.5% royalty on the value of the amount of production. Also, each respective State Government receives a 25% minimum share of the bonus bids and the royalty from each lease. Twenty-nine parcels remained available for noncompetitive, next-day filing.

Thirty-four parcels of Federal land in Alabama, Arkansas, Kentucky, Louisiana, Michigan and Mississippi brought $101,037 to the U.S. Treasury through a competitive auction of oil and gas leases conducted by the U.S. Department of the Interior’s Bureau of Land Management (BLM) on July 11, in Springfield, VA. Bonus bids, filing fees, and rental revenue totaled $322,064, of which $221,027 will be shared with the six states. BLM, Eastern States administers the mineral estate in 31 states east of and adjoining the Mississippi River and offers selected parcels at quarterly competitive auctions. Regulations require the bidding to open at $2 per acre minimum. Seeco, Inc. from Fayetteville, Arkansas purchased a 2,449 acre parcel in Logan County, AR with their bid of $67 per acre — the highest per-acre bid of the auction. Leases are awarded for a term of 10 years and as long thereafter there is production in paying quantities. The Federal Government receives a 12.5% royalty on the value of the amount of production. Also, each respective State Government receives a 25% minimum share of the bonus bids and the royalty from each lease. Twenty-nine parcels remained available for noncompetitive, next-day filing.

The Minerals Management Service (MMS) said Lease Sale 182 held on March 20 brought in $355.8 million from 489 high bids and a small amount of forfeited money. MMS Regional Director Chris Oynes said the majority of the bids were for tracts in shallow water rather than deepwater plays. However, deepwater tracts drew the highest single bids.

Brought lower by taking a one-time charge for severance and an impairment related to the adoption of new accounting standards, Topeka, KS-based Western Resources reported a consolidated net loss of $652.4 million (-$9.14 per share) in the first quarter of 2002, compared to net earnings of $ 4.5 million ($0.06 per share) in the 2001 quarter.

Responding to the recent lawsuit brought by New York Attorney General Eliot Spitzer that charged Rockland, NY-based ECONnergy with slamming consumers in the state, Jonathan Gewirtz, ECONnergy’s director of business development, said that the attorney general’s claims were “baseless.” Following an 18-month investigation, Spitzer filed the lawsuit accusing the marketer of switching the electric and gas service of New Yorkers without their authorization.