Directors

Estimating its potential arctic gas reserves at about 68 times greater than its current 13.7 Bcfe of proved and probable reserves, Canada Southern’s board of directors said Thursday that a recent hostile takeover bid by Petro-Canada subsidiary Nosara Holdings Ltd. should be rejected by Canada Southern shareholders. The Petro-Canada offer is for a cash price of US$7.50 per share, or about US$113 million.

Following up on previously announced plans, the board of directors of the New York Mercantile Exchange Inc. (Nymex) unanimously voted Wednesday to offer both cash-settled and physically delivered Nymex Division energy futures contracts for trading on CME Globex, the electronic trading platform of the Chicago Mercantile Exchange (CME).

Likely responding to the success of the IntercontinentalExchange’s (ICE) electronic trading activity, the New York Mercantile Exchange Inc.’s (Nymex) board of directors voted Tuesday to offer side-by-side open outcry and electronic trading of its benchmark, physically settled energy futures contracts.

As announced a year ago and in anticipation of the current CEO’s retirement next month, Sempra Energy’s board of directors Wednesday officially elected Donald E. Felsinger, 58, as chairman and CEO of the San Diego-based utility holding company. The board also named two other top senior officers.

Broadening its scope in the wake of a pending offer from neighboring South Dakota-based Black Hills Corp., NorthWestern Corp.’s board of directors met Tuesday to “consider potential strategic alternatives to maximize stockholder value,” the company said in a formal announcement. It confirmed that the potential $1.25 billion Black Hills offer was among the alternatives being examined (see Daily GPI, Nov. 29).

The board of directors of Energy Partners Ltd. (EPL) on Wednesday approved an initial exploration and development budget of $360 million for 2006, representing an 18% increase over the 2005 budget of $305 million and an 80% increase over the initial 2005 exploration and development budget of $200 million.

Because of strong activity in the Barnett Shale, Energy Transfer Partners LP said late Monday its board of directors has approved two new pipeline projects, which include expanding its previously announced 264-mile intrastate pipeline project and constructing a new pipe to loop an existing one in the Fort Worth Basin production area.

Following a Monday morning meeting to discuss a revised offer from Battery Ventures., the board of directors of Nymex Holdings Inc. reiterated its commitment to continue moving ahead with its previously-announced transaction with General Atlantic, which was selected last week.

Pioneer Natural Resources Co. said Thursday its board of directors have approved a number of strategic initiatives, such as buying back company stock and selling deepwater Gulf of Mexico properties, to bolster shareholder value and returns.