New wells in the Marcellus Shale kept natural gas production there on the upswing in May, but declines in several other areas kept total U.S. production to 81.84 Bcf/d, just 0.3% higher than the 81.61 Bcf/d reported in May 2012, according to the Energy Information Administration (EIA).
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EnerJex Adds DJ Basin to Texas, Kansas Holdings
EnerJex Resources Inc. has agreed to acquire privately held Black Raven Energy Inc., a Denver-based company with more than 75,000 net acres leased in the Denver-Julesburg (DJ) Basin.
ALJ Finds REX Fuel Tracker Unlawful; Calls for $22.2M Refund
A FERC administrative law judge (ALJ) initial decision has found that the fuel tracking provisions for Rockies Express Pipeline LLC (REX) are not just and reasonable, recommended refunds to shippers of $22.2 million, and endorsed an alternative to the existing tracker, which was found to be overly complex and almost impossible to monitor.
WSI Trims Atlantic Hurricane Forecast
The 2013 Atlantic Hurricane season is likely to be another active one, but conditions have Weather Services International trimming its forecast, just a bit, to 16 named storms, including nine hurricanes, four of them major (Category 3 or higher), from the previous forecast of 19 named storms, including nine hurricanes, five of them major (see Daily GPI, April 9).
Eastern Kentucky Shales Await Higher NatGas Prices
The Kentucky Oil and Gas Association’s (KOGA) first comprehensive research of the economic impact of the oil and gas industry found that the state had 14,632 producing natural gas wells in 2011 and produced more than 3 million bbl of oil in 2012, but the number of horizontal well permits issued has declined each year since 2009.
Chesapeake Shareholders Reelect Board, Reject Declassification
Chesapeake Energy Corp. shareholders reelected the company’s board of directors, but rejected separate proposals to implement proxy access, reincorporate in Delaware and declassify the board, the last of which would have made it easier to replace the entire board in one fell swoop.
Cash Moves Higher on Warmth While July Futures Notches Three-Month Low
The overall cash market added just under a dime on average as forecasts for warmer temperatures, pipeline restrictions and higher power prices at eastern points paved the way for well-bid cash trading. Rocky Mountain quotes were firm as well. At the close of trading July futures fell 2.8 cents to $3.800 and August was off 2.7 cents to $3.821. July crude oil eased 26 cents to $95.77/bbl.
Warren Resources Plans 25 Coalbed Methane Wells in Wyoming
Warren Resources Inc. plans to drill 25 new coalbed methane (CBM) wells in the Spyglass Hill Unit in Wyoming’s Washakie Basin, a sub-basin of the Greater Green River Basin, the New York City-based exploration and production company said.
Morgan Stanley: NGVs Energy Market ‘Wild Card’
Just as a report from Morgan Stanley (MS) was declaring natural gas vehicles (NGV) as the energy market “wild card,” U.S. NGV suppliers continued in late April to roll out more products.
Halcon: ‘Progress On All Fronts,’ But Earnings Miss
Halcon Resources Corp. is still figuring out the Utica/Point Pleasant play while it is making progress on well completions in the Bakken/Three Forks and adding acreage to its recently announced East Texas Eagle Ford play, CEO Floyd Wilson said Thursday.