Focuses

Calgary-based Compton Petroleum Corp., which focuses its exploration efforts on extracting shallow and deep natural gas from the Western Canadian Sedimentary Basin, is looking for a buyer — a sales process it expects to complete by this fall.

President Bush Wednesday signed into law energy legislation (HR 6) that focuses on conserving energy and the production of renewable fuels as opposed to the development of traditional oil and natural gas resources. The president’s action comes one day after Congress voted out the measure.

Constellation Energy said Wednesday that it’s new limited liability subsidiary, Constellation Energy Resources LLC, which focuses on the gas production and midstream business, filed a registration statement on Form S-1 with the Securities and Exchange Commission Wednesday regarding a proposed underwritten initial public offering (IPO) of common units.

Denver-based Bill Barrett Corp., which focuses its exploration on Rocky Mountain natural gas, reported 3Q production hit a record 10.1 Bcfe, a 24% jump from the same period of 2004, and an 18% sequential increase over 2Q2005. The independent also reported net income of $13.3 million, well ahead of its $3.9 million net loss in 3Q2004. Cash flow also rose 80% to $47.7 million.

XTO Energy Inc., which focuses its exploration efforts in the Midcontinent, on Wednesday raised its annual production outlook to 24-26% — 2% more than it forecast just two weeks ago (see Daily GPI, April 4), after reporting record natural gas and oil output for the first quarter along with record earnings.

Houston-based Southwestern Energy Co., which focuses its oil and natural gas activities in the United States, on Thursday said it would spend up to $352.7 million, or 24% more, in 2005 for capital investments than it expects to spend this year. The budget includes up to $339 million for exploration and production (E&P) and $13.7 million to improve utility systems. Southwestern plans to drill 380 wells in 2005, up from an estimated 206 wells during 2004. Southwestern also plans to drill 35 exploration and exploitation wells in the onshore Texas Gulf Coast, the Permian Basin and in its other operating areas. Of the $339 million E&P capital budget, $271.2 million will be invested in development drilling, $10 million in exploratory drilling, $26.8 million for land and seismic, $24.0 million in capitalized interest and expenses, and $7 million in equipment, facilities and technology. Southwestern is targeting 2005 production at 61-63 Bcfe, an increase of 13-17% over the company’s forecasted 2004 production. The 2005 targeted oil and gas production includes targeted natural gas production for the Fayetteville Shale play of 2.5-3.0 Bcf, “assuming positive operational results and full utilization of the allocated capital,” the company said.

Houston-based Southwestern Energy Co., which focuses its oil and natural gas activities in the United States, on Thursday said it would spend up to $352.7 million, or 24% more, in 2005 for capital investments than it expects to spend this year. The budget includes up to $339 million for exploration and production (E&P) and $13.7 million to improve utility systems.

Houston-based Southwestern Energy Co., which focuses its oil and natural gas activities in the United States, on Thursday said it would spend up to $352.7 million, or 24% more, in 2005 for capital investments than it expects to spend this year. The budget includes up to $339 million for exploration and production (E&P) and $13.7 million to improve utility systems.

While being bullish about adding major generation assets in its two principal markets in Minnesota and Colorado, Xcel Energy is looking to sell some of its assets in other states where its presence is much smaller, said Xcel COO Dick Kelly, speaking last Wednesday at the Banc of America Securities Energy & Power Conference in Las Vegas.