Combined

The Oil & Gas Asset Clearinghouse will hold its next Hybrid Live Floor/Internet Auction, offering 1,525 quality oil and gas properties combined into 253 lots, at the George R. Brown Convention Center in Houston on Jan. 30. For the third consecutive year, the clearinghouse has been selected to hold an auction in conjunction with the North American Prospect Expo (NAPE). Properties in the auction are located in 15 states. Sellers include BP, 3-TEC Energy, PITCO, Redstone Energy, Bass Enterprises, Permian Basin Acquisition Fund, Delta Petroleum, Yuma, Casillas Petroleum and many others. Some of the more notable properties being offered include Red River Production’s Ladder Creek Field in Cheyenne County, CO; Southwestern Energy’s Wattenberg Field in Weld County, CO; Harris Oil & Gas’ Victory Field in Haskell and Morton Counties, KS; and Bass Enterprises’ Leleux Field in Acadia Parish, LA. The properties can be previewed online through Data Room Explorer hosted on the Petroleum Place web site (www.petroleumplace.com). Data rooms, including complete seller files for most of the notable properties, are open through Jan. 27. Call the clearinghouse at (281) 873-4600 to schedule a data room appointment. A pre-sale conference will be held Jan. 29 at the convention center from 8 to 5 p.m. All seller files will be available for review at that time.

Increased outages at its Four Corners Power Plant, combined with mild weather conditions, forced PNM Resources Inc. to drop its expected 2002 earnings.

TransGas Energy Systems LLC (TGE) is seeking permission to construct and operate a 1,100 MW combined-cycle generation facility in Brooklyn, NY, which could deliver wholesale power to load pockets in Brooklyn, Queens and Manhattan beginning in 2006.

Ohio could eventually become the home of two new coal-fired power plants that combined would generate over 2,000 MW, NGI has learned. But a spokesperson for the Ohio Public Utility Commission (PUC) last Wednesday said that until the company or companies considering the plants actually announce an intention to construct the facilities, the state commission won’t disclose any additional information.

Decreases in production guidance, combined with modest increases in 2002 capital spending, imply that oil and gas companies “are spending more money with [fewer] results,” according to the latest Lehman Brothers Oil & Gas report on large-cap exploration and production (E&P) companies. In the near term, analysts believe that rising natural gas prices will lead to a rally in E&P shares. In the longer term, however, economic implications of falling production per share are “troubling.”

Questar is buying CIG Overthrust Inc.’s 10% interest in the Overthrust Pipeline for $1.8 million, giving two Questar affiliates a combined 100% ownership interest in the pipeline partnership, which owns an 88-mile, 36-inch-diameter pipeline that transports about 227 MMcf/d of gas from the Whitney Canyon area north of Evanston, WY, to Rock Springs, WY. “Ownership of the Overthrust Pipeline will enhance the services we provide and give us more flexibility,” said Questar Pipeline President Nick Rose. “It is a natural fit for us with its location in our service territory and proximity to our facilities and supply sources.” Questar Pipeline designed and built the Overthrust system and has operated it since its completion in October 1982. In February, the company increased its ownership in the pipeline from 72% to 90% when it purchased the interest of NGPL Overthrust Inc. The Overthrust Pipeline is the westernmost segment of the 793-mile Trailblazer system, which runs from southwestern Wyoming to Beatrice, NE.

Questar is buying CIG Overthrust Inc.’s 10% interest in the Overthrust Pipeline for $1.8 million, giving two Questar affiliates a combined 100% ownership interest in the pipeline partnership, which owns an 88-mile, 36-inch-diameter pipeline that transports about 227 MMcf/d of gas from the Whitney Canyon area north of Evanston, WY, to Rock Springs, WY.

Dallas-based Wiser Oil Co. has ramped up initial natural gas production at its Wild River operations in Alberta, and said that combined gross production rates are averaging 14-15 MMcf/d. The company estimates that gross production on balance will average 9-10 MMcf/d for the rest of this year.

Dynegy Inc. on Tuesday increased the combined brain trust and streamlined the responsibilities within its finance department, appointing three current senior officers to direct the company’s financial, accounting and strategic planning duties. The new organizational approach was approved by the company’s board of directors, and all three will report to interim CEO Dan Dienstbier.