Quest Resource Corp. (QRCP) has been granted its request to continue to be listed on NASDAQ subject to the condition that it file by Aug. 15 its required quarterly reports on Form 10-Q for 3Q2008, 1Q2009 and any required restatements. The exploration and production company and its related partnerships, which are based in Oklahoma City, have agreed to merge and form a publicly traded corporation (see Daily GPI, July 7). The entities have been rocked by scandal in the past year after the former CEO and former CFO allegedly siphoned millions of dollars from the company (see Daily GPI, June 18).
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CIG declared a Strained Operating Condition (SOC) to become effective Friday until further notice. “With the unseasonably warm weather that is forecasted to continue through the rest of March and with storage inventories at higher-than-usual levels for this time of year, CIG’s ability to absorb imbalances caused by mismatches between scheduled receipts and deliveries or those imbalances arising from variations in actual gas flow from scheduled quantities is extremely limited,” the pipeline said. “These conditions also severely limit CIG’s ability to handle storage injections in excess of each storage shipper’s Available Daily Injection Quantity (ADIQ) or inventory levels above Maximum Available Capacity (MAC). During the effective period of the SOC, shippers should anticipate that CIG will require all transportation transactions to be in balance between receipts and deliveries.” See the bulletin board for other SOC conditions.
El Paso expanded a location-specific Strained Operation Condition (SOC) due to drafting-caused low linepack that it had declared Saturday to a systemwide SOC Sunday. The imbalance tolerance was set initially at 10%, El Paso said, but will be reduced “if conditions do not sufficiently improve.” System linepack had fallen below 7,100 MMcf “with continued takes in excess of scheduled deliveries. Additionally, the San Juan supply basin continues to experience underperformance issues related to the cold weather with an approximate shortfall of 400 MMcf at the present time [Sunday] and [El Paso] is beginning to see underperformance in the Permian supply basin as well. Performance caps have been placed and will continue to be placed on underperforming supplies.” Its Washington Ranch storage facility was on maximum withdrawal, the pipeline said. Interruptible Storage Service was suspended Sunday until further notice.
El Paso warned shippers Wednesday afternoon of the potential for a Strained Operating Condition (SOC), saying its linepack was expected to drop below 7,200 MMcf that night because of evening loads in the Phoenix area and the continuation of takes in excess of scheduled deliveries. However, the pipeline canceled the SOC warning Thursday due to customer response being sufficient to increase its linepack “to acceptable levels.” Washington Ranch storage remained on maximum withdrawal, El Paso added.
Ohio residents can now shop for natural gas at the same place they might for a mint-condition Jim Brown rookie trading card after marketer MXenergy announced earlier this month that it has opened bidding for natural gas on Internet auction behemoth eBay.
Ohio residents can now shop for natural gas at the same place they might for a mint-condition Jim Brown rookie trading card after marketer MXenergy announced last week that it has opened bidding for natural gas on the Internet auction behemoth eBay.
After warning earlier Monday that it might be required to declare a Strained Operating Condition (SOC) due to excessive drafting of its system, El Paso later followed through by declaring an SOC-Draft to become effect Tuesday for eight specified locations. El Paso initially set the tolerance for negative daily imbalances at 10% but said it “will reduce the imbalance tolerance if conditions do not sufficiently improve. A combination of receipt underperformance and takes in excess of scheduled quantities has resulted in a substantial loss of linepack on [the El Paso] system over the past weekend with linepack at approximately 7,200 MMcf. Washington Ranch [storage facility] is on withdrawal at maximum rate.”
El Paso, which had warned shippers of a potential Pack Strained Operating Condition (SOC) Nov. 4 and said last Friday the warning remained in effect (see Daily GPI, Nov. 12), made the SOC a reality Monday. It declared a systemwide Pack SOC for the Nov. 13-20 gas days, setting the imbalance tolerance initially at 10% but saying it will reduce the tolerance if conditions do not sufficiently improve. El Paso cited “milder weather than usual for this time of year” as well as a planned outage of its Washington Ranch storage facility that was to have begun Monday and run through Nov. 19. However, due to “extremely high linepack” impacting its system, El Paso said it had delayed the Washington Ranch work to Tuesday through Nov. 20.