Legacy

The U.S. Environmental Protection Agency (EPA) has withdrawn the “imminent and substantial endangerment order” that it issued against Range Resources Corp. in December 2010 for alleged methane contamination of water wells in North Texas.

With the onshore oil rig count “on fire,” Raymond James & Associates Inc. on Monday raised its U.S. onshore rig forecast for 2011 by 3% and initiated a 2012 forecast that is 9% higher year/year (y/y).

A recent report by the Congressional Budget Office (CBO) concluded that the Wyoming Range Legacy Act — a Senate bill that would place more than 1.2 million acres of the Wyoming Range out of bounds to future oil and natural gas leasing — “would have no significant effect on the federal budget” and would not open currently protected lands to energy development.

A recent report by the Congressional Budget Office (CBO) concluded that the Wyoming Range Legacy Act — a Senate bill that would place more than 1.2 million acres of the Wyoming Range out of bounds to future oil and natural gas leasing — “would have no significant effect on the federal budget” and would not open currently protected lands to energy development.

Houston-based Ultra Petroleum Corp. is exiting the international arena to focus its “full attention” on its legacy asset in the Pinedale Anticline field, CEO Michael D. Watford said. Ultra agreed to sell Sino-American Energy Co., which represents all of its interests in Bohai Bay, China, to SPC E&P (China) Pte Ltd. for $223 million. The reserve volumes sold represent all of Ultra’s international assets and comprise about 1% of its year-end 2006 proved reserves. The sale is expected to close in 4Q2007. Even with the sale of the international assets, Watford said Ultra still expects to deliver more than 20% organic production growth in 2008 and 2009.

Outgoing Alaska Gov. Frank Murkowski’s legacy will not include final plans for a natural gas pipeline, and his potential successors would like it if he would just step aside to let the next governor take up the charge.

Outgoing Alaska Gov. Frank Murkowski’s legacy will not include final plans for a natural gas pipeline, and his potential successors would like it if he would just step aside to let the next governor take up the charge.

When Williams Cos. purchased Barrett Resources Corp. and its legacy assets in the Piceance Basin of the Rocky Mountains in 2001, management probably did not realize how fortuitous a move it would be.

When Williams Cos. purchased Barrett Resources Corp. and its legacy assets in the Piceance Basin of the Rocky Mountains in 2001, management probably did not realize how fortuitous a move it would be.