Cash market prices fell just over a nickel on average Wednesday as weakness at Northeast points led a broad retreat. Natural gas futures were even softer. At the close January futures had fallen 9.8 cents to $3.320 and February sank 8.9 cents to $3.366. January crude oil added $1.58 to $89.51/bbl.
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Court Ruling Prompts Norse Energy to File Chapter 11
Norse Energy Corp. USA filed for Chapter 11 bankruptcy protection on Friday, just days after a New York judge ruled the cash-strapped company had to deposit millions into an escrow account for a legal dispute with a drilling company.
Norse Energy Files Chapter 11 After Court Ruling
The U.S subsidiary of Norwegian producer Norse Energy Corp. ASA filed for Chapter 11 bankruptcy protection on Friday, just days after a New York judge ruled the cash-strapped company had to deposit millions into an escrow account for a legal dispute with a drilling company.
New York Drilling Proposals Draw Mixed Reactions
Supporters of oil and natural gas exploration in New York are in disagreement with the state regulators over just how much of the state would be open to high-volume hydraulic fracturing (HVHF), while an environmental group called the latest proposal “meaningless.” However, a pair of attorneys with extensive knowledge of New York’s regulatory, business and geological climates said they believe unconventional drilling permits will be issued soon.
Court Ruling, NY Moratorium Send Norse Energy into Bankruptcy
Norse Energy Corp. USA filed for Chapter 11 bankruptcy protection on Friday, just days after a New York judge ruled that the cash-strapped company had to deposit millions into an escrow account for a legal dispute with a drilling company.
Producer Has New Hope for Montana’s False Bakken
In Montana in a “forgotten corner of the Williston Basin,” a Texas company is gathering up acreage with the expectation that it can turn what some call the False Bakken into a true gem. And if that doesn’t work, northeast Montana has more to offer in and near the Bakken Petroleum System.
SoCal Paces Broad Advance; Futures Float Higher
U.S. natural gas cash prices on Monday for Tuesday delivery gained about 20 cents on average, making up just about all of Friday’s decline. The gains were widespread and cool weather forecast to grind its way east along with a firmer screen were all the motivation buyers needed. The Mid-Atlantic and West Coast posted the most notable gains. At the close of futures trading December had risen 6.7 cents to $3.570 and January was higher by 6.1 cents to $3.695. December crude oil eased 50 cents to $85.57/bbl.
Upstate New York Officials Ask to Weigh in on Drilling Ban Challenges
More than 50 municipalities across upstate New York’s Finger Lakes region that touch the Marcellus Shale are asking a state appeals court for permission to weigh in on whether they may ban oil and natural gas drilling within their jurisdictions.
Duvernay Shale Auditioning to Be Next Unconventional Star
Canada’s Duvernay Shale has the potential to become one of the “most attractive liquids-rich plays” in North America, according to Wood Mackenzie analysts, who point to ExxonMobil Corp.’s decision this month to pay $3.1 billion for one of the play’s biggest developers as affirmation.
Atlas Fined Again for 2010 Pennsylvania Well Fire, This Time by EPA
A spokesman for the Pennsylvania Department of Environmental Protection (DEP) said the U.S. Environmental Protection Agency’s (EPA) decision to fine an energy company for a 2010 fire could be the first time federal and state regulators have levied fines for the same incident in the Marcellus Shale.