The founder of now-insolvent Canadian Superior Energy Inc. said he and the company’s CEO were asked to resign last month by the board of directors.
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Pulling energy professional resources provider Skipping Stone out from under the Commerce Energy umbrella, Skipping Stone President Greg Lander and founder Peter Weigand have partnered to acquire the company for an undisclosed sum. Founded by Weigand in 1996, Skipping Stone will continue to focus on the energy industry. The partners are expanding the company’s existing consulting service offerings to add interim management and contract resources, as well as executive search services. “We are pleased with the transaction and believe it results in Skipping Stone being better positioned to serve its clients by returning to its original focus of providing clients with seasoned energy industry veterans to help develop and evaluate strategic alternatives, pursue opportunities and solve problems,” said Lander. The purchase included all of the assets, intellectual property, client contracts and the operational and consulting personnel. Included in the assets is Capacity Center, www.capacitycenter.com, a wholly owned subsidiary that provides interstate gas pipeline capacity release transactions and other capacity and operational information to physical and financial trading companies and the Federal Energy Regulatory Commission. Skipping Stone’s headquarters are in Boston with additional locations in Chicago, Houston, Tampa and Orange County, CA. The company has more than 200 clients worldwide in the natural gas, electricity, renewable energy, software and clean energy technology markets.
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The Commodity Futures Trading Commission (CFTC) Wednesday announced that Greg Mocek, director of the division of enforcement since March 2002, will leave the the agency within 60 days to return to private practice as a partner in the energy and derivatives markets practice group at the law firm of McDermott Will & Emery in Washington, DC. Mocek spearheaded the agency’s investigations of several hundred energy companies, hedge funds and traders in recent years, which resulted in the filing of actions against more than 66 traders and corporations and the assessment of more than $445 million in penalties. Stephen J. Obie, the regional counsel/associate director and regional administrator for the CFTC’s New York office, has been named acting director of the division of enforcement, effective immediately. Obie joined the CFTC in 1998.
Texas Producers, Royalty Owners Seek Investigation of Energy Transfer
The Texas Independent Producers & Royalty Owners Association (TIPRO) has asked Texas Attorney General Greg Abbott to investigate whether Energy Transfer Co. (ETC) manipulated the Houston Ship Channel physical natural gas market in the summer and fall of 2005 in order to profit from natural gas basis swap transactions in the financial market.
Texas Producers, Royalty Owners Seek Investigation of Energy Transfer
The Texas Independent Producers & Royalty Owners Association (TIPRO) has asked Texas Attorney General Greg Abbott to investigate whether Energy Transfer Co. (ETC) manipulated the Houston Ship Channel physical natural gas market in the summer and fall of 2005 in order to profit from natural gas basis swap transactions in the financial market.
Traders Valencia, Singleton Appealing Convictions
Former natural gas traders Michelle Valencia and Greg Singleton — convicted earlier this month of wire fraud related to the reporting of false trade data to industry publications (see NGI, Aug. 7) — are seeking acquittal or a new trial.
Traders Valencia, Singleton Appealing Convictions
Former natural gas traders Michelle Valencia and Greg Singleton — convicted earlier this month of wire fraud related to the reporting of false trade data to industry publications (see Daily GPI, Aug. 7) — are seeking acquittal or a new trial.
Witness: Dynegy Desk Chief Pressured Traders to Make Bogus Price Reports
Former Dynegy Inc. trader Jeff Hornback wrapped up his testimony in a second full day on the stand in the Houston trial of his former Dynegy colleague Michelle Valencia, and Greg Singleton, a former trader with El Paso Merchant Energy.
Pombo Coalition Introduces Endangered Species Reform Bill
A bipartisan coalition led by Resources Committee Chairman Richard W. Pombo (R-CA), Reps. Dennis Cardoza (D-CA), Greg Walden (R-OR) and George Radanovich (R-CA) announced the introduction of legislation to reform the 32-year old endangered species law which critics claim has failed to actually protect endangered species while imposing burdensome regulations on land use.
WIC’s Reversal Project Fails to Attract Market Support
El Paso Corp.’s Wyoming Interstate Company (WIC) said there is insufficient demand for it to move forward with its flow reversal and expansion project, which would have brought as much as 550,000 Dth/d of Powder River Basin production to Kanda, WY, and to Kern River Gas Transmission at the Opal Hub from the Cheyenne Hub in northern Colorado.