Explorer

Excelerate Energy confirmed that its Explorer liquefied natural gas (LNG) tanker began offloading regasified LNG at the Northeast Gateway LNG terminal offshore Boston. A blockage in Algonquin Gas Transmission’s HubLine gas pipeline had prevented the offloading since the tanker arrived in January. Algonquin said its pipeline was back in service on the previous Monday. The cargo is the terminal’s second, an Excelerate spokesman told NGI. The first cargo was received in May 2008. The spokesman said he did not know when the next cargo was expected. Northeast Gateway consists of two submerged buoys that attach to specialized ships capable of regasifying LNG on board and sending it into a subsea pipeline. The HubLine system runs under the ocean floor across Massachusetts Bay and connects to the New England natural gas grid.

Excelerate Energy confirmed Wednesday that its Explorer liquefied natural gas (LNG) tanker began offloading regasified LNG at the Northeast Gateway LNG terminal offshore Boston. A blockage in Algonquin Gas Transmission’s HubLine gas pipeline had prevented the offloading since the tanker arrived in January.

Pinnacle Gas Resources Inc., a junior explorer that focuses on coalbed methane (CBM) resources in the Rocky Mountains, has sold some undeveloped acreage and gas gathering assets in Wyoming for $3.2 million. Some of the proceeds will be used to pay down debt.

Denver-based natural gas explorer Double Eagle Petroleum Co. said Tuesday it agreed to buy Petrosearch Energy Corp., based in Houston, in a $9.3 million stock deal to diversify its onshore assets and to provide a financial cushion.

Canada’s only 100% natural gas energy trust, Calgary-based Paramount Energy Trust (PET), said Tuesday it plans to buy cross-town explorer Profound Energy Inc. in a friendly stock transaction worth an estimated C$113 million (US$90 million).

Onshore natural gas explorer Edge Petroleum Corp. and privately held Chaparral Energy Inc. Wednesday scuttled a merger plan citing “no reasonable expectation” that financing could be completed by the Dec. 31 deadline. The majority owner of Chaparral is co-founder Mark Fischer; Chesapeake Energy Corp. purchased a 32% stake in the company in 2006.

Natural gas explorer SandRidge Energy Inc. has drastically reduced its 2009 capital expenditure (capex) budget and plans to cut its U.S. onshore rig count to 12 by the end of the month, down from 47 rigs in September.

Onshore natural gas explorer CDX Gas LLC has filed for bankruptcy protection in U.S. Bankruptcy Court for the Southern District of Texas (No. 08-37922). The filing, which indicated the producer owes $500 million to $1 billion, would allow the Houston-based producer to restructure its finances and operations. Formed in 1991, CDX and its affiliated companies were acquired in March 2006 by investor group TCW and some co-investors. CDX operates across the United States in the Appalachian, Barnett, Arkoma, Black Warrior, Cahaba, Piceance, Uinta and San Juan basins. It extracts coalbed methane using its patented Z-Pinnate Horizontal Drilling and Completion System, which was developed for the Appalachian Basin operations.

Limited capital resources and low Rocky Mountain natural gas index prices are squeezing Pinnacle Gas Resources Inc., a junior explorer focused on the Powder River Basin. Several coalbed methane (CBM) wells already are shut in, the company has substantially curtailed all new drilling for 2008 and it may reduce drilling through the first half of 2009.