Half

The Interior Department’s Bureau of Land Management (BLM) Friday issued a draft proposal to slice in half the public lands available for development in three western states, and to limit activities to early research and development projects for oil shale and tar sands resources.

Hess Corp.’s total crude oil and natural gas production fell in 2011 and it suffered a net loss in the fourth quarter, but company officials said Wednesday they are confident this year will be better as the company commits to developing its growing North American unconventional portfolio.

The Department of Energy’s (DOE) Energy Information Administration (EIA) Monday cut its estimate of the U.S. shale gas resource base almost in half, based on a dramatic drop in Marcellus Shale estimates.

A Maryland panel is recommending that the state impose both a fee and a tax on shale gas development, as well as shift more costs to industry, but it did not propose specific details for any changes.

February natural gas gave up more than half of Friday’s gains Monday as traders cited a lack of cold weather capable of any kind of meaningful change in the storage surplus. At the close February had fallen 5.1 cents to $3.011 and March had skidded 4.8 cents to $3.050. February crude oil shed 25 cents to $101.31/bbl.

Higher-than-expected condensate and natural gas liquids (NGL) volumes from 11 Stone Energy Corp. wells in Wetzel County, WV, will require additional equipment on pipeline facilities, according to the Lafayette, LA, company.

Tight natural gas and shale gas boosted British Columbia’s (BC) reserves numbers to record levels from 2009 to 2010, and more gains are expected as development continues, according to the province’s energy regulator.

Magnum Hunter Resources Corp and Stone Energy Corp. said Monday they plan to jointly develop Marcellus Shale acreage in West Virginia. Separately Stone agreed to commit its share of output from the contract area to a Magnum Hunter pipeline subsidiary.

U.S. oil and natural gas mergers and acquisitions (M&A) in the third quarter jumped 135% from the same period a year ago, with nearly half of the transactions related to shale plays, according to the latest survey by consultancy PwC US.