Master

Quicksilver Resources Inc. is hoping to turn some of its Barnett Shale assets into a cash breadbasket through the creation of a master limited partnership (MLP). Proceeds would be used to pay down Quicksilver debt.

Liquidity-hungry Quicksilver Resources Inc. is creating a master limited partnership (MLP) with a portion of its Barnett Shale assets, the Fort Worth-based producer said Wednesday. Proceeds from an initial offering would be used to retire debt.

Inergy LP said Tuesday it plans to spin off a minority interest in a new master limited partnership (MLP) as Inergy Midstream LP, which initially would own and operate the northeastern midstream natural gas storage and transportation business.

New Jersey Gov. Chris Christie on Tuesday unveiled the state’s draft 2011 energy master plan (EMP), which among other things calls for coal-fired generation to be phased out in favor of natural gas.

The mayor of Dallas has directed city council to form a Gas Drilling Task Force and appointed a former council member to lead the body.

Wyoming Gov. Matt Mead on Monday expressed concerns on Plains Exploration and Production Co.’s (PXP) master development plan for Eagle Prospect and Noble Basin, which calls for drilling 136 wells from 17 pads in the Bridger Teton National Forest. Mead sent a letter outlining his concerns to the supervisor for Bridger-Teton in the U.S. Forest Service (USFS).

Morgan Stanley & Co. last Monday filed a lawsuit seeking damages of $40.6 million from hedge fund Peak Ridge Master SPC Ltd. for allegedly defaulting on bad bets made on natural gas trades.

Morgan Stanley & Co. Monday filed a lawsuit Monday seeking damages of $40.6 million from hedge fund Peak Ridge Master SPC Ltd. for allegedly defaulting on contracts in the natural gas market.

Penn Virginia Resource Partners LP has agreed to buy general partner Penn Virginia GP Holdings LP in a stock transaction valued at about $954.5 million. Radnor, PA-based Penn Virginia Resource, a master limited partnership (MLP), manages natural gas gathering and processing businesses. Penn Virginia GP is controlled by onshore producer Penn Virginia Corp., which owns a 37.6% stake and all of the incentive distribution rights (IDR). The transaction would cancel Penn Virginia GP’s IDRs, which gave it an increasing share of the distributable cash flow that it generated.