Fidelity Exploration & Production Co., the exploration arm of MDU Resources Group Inc., is forecasting a double-digit gain in production with the purchase of some natural gas properties in an emerging area of East Texas for $235 million, or $2.42/Mcf of proved reserves.
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MDU E&P Forecasts Gains in Gas-Heavy Output with East Texas Purchase
Fidelity Exploration & Production Co., the exploration arm of MDU Resources Group Inc., is forecasting a double-digit gain in production with the purchase of some natural gas properties in an emerging area of East Texas for $235 million, or $2.42/Mcf of proved reserves.
Rosetta Challenges Calpine Bankruptcy Disclosure Statement
Independent oil and gas operator Rosetta Resources Inc. earlier in September filed an objection to Chapter 11-bound Calpine Corp.’s reorganization plan for emerging from bankruptcy. Rosetta, which purchased Calpine’s oil and natural gas reserves in 2005, has unresolved disputes with the independent power plant operator.
Rosetta Challenges Calpine Bankruptcy Disclosure Statement
Independent oil and gas operator Rosetta Resources Inc. filed an objection to Chapter 11-bound Calpine Corp.’s reorganization plan for emerging from bankruptcy. Rosetta, which purchased Calpine’s oil and natural gas reserves in 2005, has unresolved disputes with the independent power plant operator.
Industry Brief
Tortoise Capital Advisors LLC, whose portfolio includes emerging exploration and production master limited partnerships (MLP), has formed an oil and gas company. Headquartered in Overland Park, KS, Tortoise Gas and Oil Corp. will have equity of $82.9 million and available capital of more than $100 million for direct investments in energy producers. “We formed Tortoise Gas and Oil Corp. primarily to respond to the growing need by private and public U.S. energy production partnerships for timely and flexible direct placement financing to fund internal growth projects and acquisitions,” said Managing Director David Schulte. “We intend to invest directly in privately held companies and publicly traded MLPs operating primarily in the upstream segment, and to a lesser extent the midstream segment, of the energy sector.” Tortoise now has about $10 million invested in High Sierra Energy LP, $10 million in International Resources Partners LP and $7.5 million in EV Energy Partners LP.
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.
Mild Forecasts Cause Most of Market to Slide
The Northeast is emerging more slowly than expected from weekend winter storms that snarled air traffic in that region and others. Nevertheless, Northeast citygate prices saw double-digit declines Monday amid overall softness based on forecasts of mild temperatures in nearly all areas this week. Several scattered points managed to buck the trend with numbers that were flat to more than half a dollar higher.
Questar CEO: ‘Enormous Amount of Gas’ in Emerging, Legacy Rockies Basins
An “enormous amount of gas” in the Rocky Mountains awaits discovery from emerging basins and recovery from legacy assets, which means a lot more money and new pipe will be needed to be poured into the region within the next few years, Questar Corp. CEO Keith Rattie said.
Questar CEO: ‘Enormous Amount of Gas’ in Emerging, Legacy Rockies Basins
An “enormous amount of gas” in the Rocky Mountains awaits discovery from emerging basins and recovery from legacy assets, which means a lot more money and new pipe will be needed to be poured into the region within the next few years, Questar Corp. CEO Keith Rattie said.