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World wide liquefaction capacity for natural gas is expected to increase three-fold by early 2011, but only a portion of the incremental capacity will be earmarked for the U.S. market, as the appetite for liquefied natural gas also is soaring in Europe and Asia, according to a new study issued by Energy Ventures Analysis (EVA).

World wide liquefaction capacity for natural gas is expected to increase three-fold by early 2011, but only a portion of the incremental capacity will be earmarked for the U.S. market, as the appetite for liquefied natural gas (LNG) also is soaring in Europe and Asia, according to a new study issued by Energy Ventures Analysis (EVA).

Upstart independent Ultra Petroleum, which has steadily grown its natural gas reserves more than 24-fold in Wyoming in the past five years, expects to see a 37% increase in output this year in the prolific Pinedale Anticline and Jonah fields, the CEO said last week.

Upstart independent Ultra Petroleum, which has steadily grown its natural gas reserves more than 24-fold in Wyoming in the past five years, expects to see a 37% increase in output this year in the prolific Pinedale Anticline and Jonah fields, the CEO said Tuesday.

Closing on its previously announced acquisition, Evansville, IN-based Imperial Petroleum Inc. said Tuesday it has completed the acquisition of approximately 63.3% of the capital stock of Powder River Basin Gas Corp. in exchange for 2.65 million shares of Imperial common stock and a note payable for $200,000.

Virginia Gas Co.’s shareholders last week approved a merger planwhich would allow the company to fold under Bedminster, NJ-basedNUI Corp. as a wholly-owned subsidiary. Under the terms of themerger, NUI Corp. will acquire all of Virginia Gas’ shares ofcommon stock for $4.00 per share in NUI common stock. The exchangeratio will be established at a time more near the merger’scompletion. Based on Virginia Gas’ outstanding shares, thetransaction value of the company’s equity is placed at $22 million.

The 50 largest U.S. oil and natural gas producers reported afive-fold increase in net profits during 1999, spurred byescalating oil and gas prices and lower operating costs, accordingto a new analysis by the energy research firm of John S. HeroldInc.

Apache Corp. will increase its oil reserves five-fold with a deal to acquire producing properties and other assets in Alberta, British Columbia and Saskatchewan, Canada with proved reserves of 87.5 MMBoe from Shell Canada Limited for $524 million. The deal follows one made earlier this year with Shell for Gulf of Mexico assets that more than doubled Apache’s gas and oil production.

Opening up the electric market to retail trade in Canada and theU.S. “will reinforce the trend towards greater use of natural gasin power generation resulting from the development of combinedcycle gas turbine power plants,” according to George Given, authorof a new study by the Canadian Energy Research Institute (CERI).