Class

A West Virginia circuit court has issued a final approval for a class action settlement with royalty owners under which NiSource Inc. will pay $338.8 million for underpayment of royalties by its former E&P subsidiary Columbia Natural Resources (CNR) [Tawney, et al. v. Columbia Natural Resources]. The subsidiary was sold to Chesapeake Energy in 2005, but NiSource retained primary responsibility in the case.

A West Virginia circuit court has issued a final approval for a class action settlement with royalty owners under which NiSource Inc. will pay $338.8 million for underpayment of royalties by its former E&P subsidiary Columbia Natural Resources (CNR) [Tawney, et al. v. Columbia Natural Resources]. The subsidiary was sold to Chesapeake Energy in 2005, but NiSource retained primary responsibility in the case.

A new economic plan aimed at rescuing middle-class citizens hit by the financial crisis which was unveiled Monday by Democratic presidential candidate Barack Obama includes provisions to supplement existing funding to help needy customers in cold weather states pay their energy bills during the upcoming heating season.

The U.S. Department of the Interior’s Minerals Management Service (MMS) Central Gulf of Mexico (GOM) Lease Sale 206 last Wednesday set an all-time record for the value of high bids received with a total of nearly $3.68 billion out of more than $5.74 billion in total bids, the MMS said.

The U.S. Department of the Interior’s Minerals Management Service (MMS) Central Gulf of Mexico (GOM) Lease Sale 206 Wednesday set an all-time record for the value of high bids received with a total of nearly $3.68 billion out of more than $5.74 billion in total bids, the MMS said.

Pacific Gas and Electric Co. (PG&E) announced Tuesday that it has turned to liquefied natural gas (LNG) to power five of its Class 8 heavy-duty trucks as part of its efforts to run most of its fleet vehicles on alternative fuels. PG&E said it was the first utility in the nation to put Kenworth T800 LNG-powered trucks in service.

Houston-based Copano Energy LLC agreed to acquire Denver-based Cantera Natural Gas LLC from Metalmark Capital for $675 million ($562.5 million in cash and nearly 3.25 million class D units), the company said last week.

Houston-based Copano Energy LLC agreed to acquire Denver-based Cantera Natural Gas LLC from Metalmark Capital for $675 million ($562.5 million in cash and nearly 3.25 million class D units), the company said Tuesday.

Upstream investment worldwide hit a world-class pace in 2006, but the return on reserves volumes was paltry. This year, investor enthusiasm has declined, but capital expenditures (capex) by exploration and production (E&P) companies — at least in the United States — show signs of support for organic growth in production volumes, two groups of energy analysts said in their reviews of the sector.