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November natural gas futures dropped 17 cents in light trading Monday, settling back below the $7 level for the first time in five sessions. The prompt month closed at $6.993, while the rest of the winter strip recorded smaller losses as concerns in the natural gas market remain.

Shareholders have approved Devon Energy’s $5.3 billion purchase of Ocean Energy, which makes Devon one of the largest North American independent producers of oil and gas with an enterprise value of more than $20 billion and 2.2 billion boe of proved reserves.

The long-time director of California’s General Services Department (GS), which makes the state’s bulk natural gas purchases, said last week that he does not expect the GS gas-buying program to be affected by Gov. Arnold Schwarzenegger’s statewide plan to “modernize” California’s purchasing efforts.

The long-time director of California’s General Services Department (GS), which makes the state’s bulk natural gas purchases, said Tuesday that he does not expect the GS gas-buying program to be affected by Gov. Arnold Schwarzenegger’s statewide plan to “modernize” California’s purchasing efforts.

Looking to add significant West Texas oil and natural gas reserves, Midland, TX-based Clayton Williams Energy Inc. (CWEI) has entered into a $187.8 million all-cash merger agreement with Southwest Royalties Inc., a privately owned energy company that is also based in Midland.

Looking to add significant West Texas oil and natural gas reserves, Midland, TX-based Clayton Williams Energy Inc. (CWEI) has entered into a $187.8 million all cash merger agreement with Southwest Royalties Inc., a privately owned energy company that is also based in Midland.

A dramatic rise in the six-year forward futures prices for both crude oil and natural gas within the past couple of years has attracted “relatively little attention” as a trend that “can significantly affect the long-term path of the U.S. economy,” said Federal Reserve Chairman Alan Greenspan Tuesday. Greater focus by the U.S. on liquefied natural gas (LNG) would reverse this price pattern for gas, he believes.

NUI Corp. said it will refund $28 million to Elizabethtown Gas customers and pay a $2 million penalty to the state of New Jersey as part of a settlement agreement reached last Wednesday with the New Jersey Board of Public Utilities (BPU).

NUI Corp. said it will refund $28 million to Elizabethtown Gas customers and pay a $2 million penalty to the state of New Jersey as part of a settlement agreement reached on Wednesday with the New Jersey Board of Public Utilities (BPU). The settlement follows a focused audit performed by the BPU on NUI and its subsidiaries, NUI Utilities, and Elizabethtown Gas.