Manipulation of energy markets does occur and should be vigorously prosecuted, but investigators must not cross the line from manipulation into restricting speculation, according to several panelists who spoke at a meeting of the National Association of Regulatory Utility Commissioners (NARUC) in Washington, DC, last Tuesday.
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Panel: Prosecute Market Manipulation, Not Speculation
Manipulation of energy markets does occur and should be vigorously prosecuted, but investigators must not cross the line from manipulation into restricting speculation, according to several panelists who spoke at a meeting of the National Association of Regulatory Utility Commissioners (NARUC) in Washington, DC, on Tuesday.
GMX Joins Growing Chorus, Reduces 2009 Capex Plans
Oklahoma City-based GMX Resources Inc. Monday followed cross-town independent Chesapeake Energy Corp. in announcing plans to drastically reduce capital expenditures (capex) in 2009. The junior independent, considered a pure-play gas producer that has earned success in the emerging Haynesville Shale and Bossier Sands of Louisiana and East Texas, plans to cut its projected spending by 45%.
Producers Eager to Explore ‘PennShalevania’
Pennsylvania regulators are lifting a five-year moratorium on natural gas drilling in state forests and later this year may auction 75,000 acres that cross into the Marcellus Shale and Trenton-Black River formations. The move is significant because the Marcellus Shale is said to be the home of anywhere from 1.9 Tcf to 168 Tcf, depending on whom you ask.
Pennsylvania to Open State Forests for Deep Gas Leasing
Pennsylvania regulators are lifting a five-year moratorium on natural gas drilling in state forests and later this year may auction 75,000 acres that cross into the Marcellus Shale and Trenton-Black River formations. The move is significant because the Marcellus Shale is said to be the home of anywhere from 1.9 Tcf to 168 Tcf, depending on whom you ask.
Calgary’s Petrobank, Peerless Agree to Friendly Merger
Calgary-based Petrobank Energy and Resources Ltd. agreed to buy cross-town junior explorer Peerless Energy Inc. in a friendly deal valued at about C$334 million.
BLM Holds Off on Preferred Plan for Moxa Arch Gas Development
The Bureau of Land Management’s (BLM) Kemmerer, WY, office wants a broader cross-section of public comment on a draft environmental impact statement (DEIS) for the Moxa Arch Area (MAA) Infill Gas Development Project before selecting a preferred alternative — something the agency has rarely if ever done before.
BLM Holds Off on Preferred Alternative for Moxa Arch Gas Plan
The Bureau of Land Management’s (BLM) Kemmerer, WY, office is looking for a broader cross-section of public comment on a draft environmental impact statement (DEIS) for the Moxa Arch Area (MAA) Infill Gas Development Project before selecting a preferred alternative — something the agency has rarely if ever done before.
Plains Exploration Builds U.S. Gas Position with $3.6B Pogo Merger
Houston-based Plains Exploration & Production Co. (PXP) built its emerging domestic natural gas position and nearly doubled its production with an agreement to buy cross-town independent Pogo Producing Co. in a stock and cash transaction valued at $3.6 billion.
Plains Builds U.S. Gas Position with $3.6B Pogo Merger
Houston-based Plains Exploration & Production Co. (PXP) built its emerging domestic natural gas position and nearly doubled its production with an agreement to buy cross-town independent Pogo Producing Co. in a stock and cash transaction valued at $3.6 billion.