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Lawmakers in the North Carolina General Assembly are reportedly close to giving final passage to a bill that would allow offshore natural gas drilling, create a compact with neighboring states and set up an state advisory board on energy matters.

Calgary-based Progress Energy Resources Corp.’s chief executive said Thursday the company has found a “critical” partner to help market its natural gas in the Montney Shale of British Columbia after securing Malaysia’s national oil company Petronas (Petroliam Nasional Berhad) in a joint venture (JV) valued at about C$1.07 billion.

A Wood Mackenzie natural gas analyst told the electric generation sector to keep a close eye on developments in the wholesale gas market, particularly noting how fast demand picks up for North American supplies.

Michigan regulators on Wednesday announced a new series of regulations that will impact the future operations of oil and gas drillers using hydraulic fracturing (hydrofracking) to stimulate production.

Kodiak Oil & Gas Corp. has agreed to acquire from an undisclosed private seller Bakken/Three Forks leasehold and producing properties in the Williston Basin for about $85.5 million, the company said Monday.

Natural gas prices are increasingly uniform across the country and “we are very, very close to having a national type of gas market,” Federal Energy Regulatory (FERC) officials said during a discussion Thursday of the FERC’s Summer 2010 Energy Market and Reliability Assessment.

Natural gas prices are increasingly uniform across the country and “we are very, very close to having a national type of gas market,” Federal Energy Regulatory (FERC) officials said during a discussion Thursday of the FERC’s Summer 2010 Energy Market and Reliability Assessment.

Linn Energy LLC said Monday it plans to acquire a 40% interest in oil and gas properties from two privately held companies — Tulsa-based Panther Energy Company LLC and Perryton, TX-based Red Willow Mid-Continent LLC — as it looks to expand in the Anadarko Basin and capitalize on Panther’s expertise in horizontal drilling.

June natural gas futures continued to flounder Monday as traders see no upward momentum and look for a test of key psychological support. At the close June futures had fallen 8.1 cents to $4.154 and July had retreated 8.1 cents as well to $4.216. June crude oil, however, rocketed higher by $5.37 to $102.55/bbl.