Focused

The Houston Exploration Co. on Thursday announced three natural gas discoveries in the shallow waters of the Gulf of Mexico (GOM). The wells, which together are expected to produce about 35 MMcf/d, will begin ramping up this year, with the first well set to begin production in August.

David Tuer, the former CEO of PanCanadian Energy Corp., who helped lead the company toward its profitable spinoff as North America’s largest independent producer, is taking the reins of a small investor group to transform a bankrupt Calgary-based pharmaceutical research company into an oil and gas enterprise — with a particular focus on natural gas.

David Tuer, the former CEO of PanCanadian Energy Corp., who helped lead the company toward its profitable spinoff as North America’s largest independent producer, is taking the reins of a small investor group to transform a bankrupt Calgary-based pharmaceutical research company into an oil and gas enterprise — with a particular focus on natural gas.

Focused on efforts to continue its debt load reduction, independent Magnum Hunter Resources Inc. on Thursday said that next month it plans to redeem $30 million of its outstanding 10% senior notes that won’t come due until 2007.

North American exploration and production spending in 2003 will be more focused, shifting mostly toward Canadian and deep-shelf Gulf of Mexico (GOM) natural gas plays where there are “significant” opportunities to replenish U.S. gas supplies, according to a report by RBC Capital Markets analysts.

Calgary-based Canadian Superior Energy Inc. said Monday that it completed an acquisition of a major acreage position in northwestern Alberta, totaling 22 sections of contiguous land located “updip” of the main Ladyfern natural gas field, which complements previously acquired land in this “highly competitive” natural gas play.

Buyers and sellers of natural gas during the California energy crisis are opposed to a FERC staff proposal that would establish a new formula for calculating spot gas prices to be used in assessing the refund obligation of electricity generators. They asked the full Commission to reject staff’s proposed method, arguing that it had failed to show delivered gas prices to the state during the 2000-2001 period — which were based on published price indices — had been artificially inflated as a result of manipulation.

NiSource Inc. will sell off its two-year-old North American natural gas-focused exploration and production businesses, which include Columbia Energy Resources Inc. and affiliate Columbia Natural Resources Inc. (CNR) to focus on its core, regulated generation assets and debt reduction, management said on Friday.

NiSource Inc. will sell off its two-year-old North American natural gas-focused exploration and production businesses, which include Columbia Energy Resources Inc. and affiliate Columbia Natural Resources Inc. (CNR) to focus on its core, regulated generation assets and debt reduction, management said on Friday.