A newly formed joint venture (JV) of Carrizo Oil & Gas Inc. and Avista Capital Partners has closed its first acquisition: 15,000 net acres in the Utica Shale in eastern Ohio and northwestern Pennsylvania at an average cost of less than $1,500/acre, Carrizo said. The deal is the second announcement from the company in the same week as it strengthens its finances to plow ahead in the shales.
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Wellinghoff Tapped as Acting FERC Chairman; Cabinet Sworn In
President Obama Friday tapped Commissioner Jon Wellinghoff, a favorite of Senate Majority Leader Harry Reid (D-NV), as acting chairman of the five-member Federal Energy Regulatory Commission. Earlier in the president’s first week in office Sen. Ken Salazar (D-CO) and Nobel Prize-winning physicist Steven Chu were sworn in at the White House as secretaries of the departments of Interior and Energy, respectively.
Wellinghoff Tapped as Acting FERC Chairman
President Obama Friday tapped Commissioner Jon Wellinghoff, a favorite of Senate Majority Leader Harry Reid (D-NV), as acting chairman of the five-member Federal Energy Regulatory Commission.
DOE’s Richardson Awards New Mexico Contract
The New Mexico Institute of Mining and Technology has received aplum from a favorite son, new Energy Secretary Bill Richardson, whoannounced the award of a $1.5 million DOE contract to determine thebest way to boost gas production from some of New Mexico’s mostdifficult geologic formations.
Downtrend Skips a Beat; Futures Muster Small Gain
Mondays have been bear-traders’ favorite day of the week atNymex with the last five producing losses to start the week. Themarket looked poised to continue that trend yesterday, but strongerprices mixed with concerns the market is nearing the bottombolstered the September contract 2.5 cents for the day. That leftthe prompt month at $1.869.