Medium

Prices registered medium to large gains at all points to open the week. A large majority of Monday’s upticks were confined to the teens, but they exceeded 20 cents at several Northeast citygates and nearly all western points except those in the Permian Basin area.

Despite cold temperatures both outside and in the latest mediumrange weather outlooks, natural gas prices shuffled lower yesterdayin an extremely quiet trading session. After failing to retestWednesday’s highs yesterday morning, the April contract succumbedto light selling throughout the afternoon. Estimated volume of just32,117 contracts confirmed the thin trading activity.

Bills passed last week by the California legislature capping rates for small and medium-sized San Diego Gas & Electric customers through 2003 and speeding up siting of new power plants were the latest in a two-week series of events aimed at rescuing the state from its power market crisis.

Voluntary curtailments of electrical use by some medium- tolarge-size customers was implemented Wednesday in the northern halfof California as officials and utilities continued to monitorclosely a lingering heat wave in the inland parts of the state,driving natural gas loads to the max for electric generationplants.

Rigel Energy, a medium-sized producer based in Calgary, got the desired results from its summer-long, self-advertising campaign last week in the form of a $C1.2 billion merger offer from Talisman Energy. Rigel’s board of directors said it will recommend acceptance of the offer to the company’s shareholders. Talisman is expected to mail its formal takeover bid offer on Sept. 2, and the offer will be open for acceptance for at least 21 days, Rigel said.

Rigel Energy, a medium-sized producer based in Calgary, got thedesired results from its summer-long, self-advertising campaignyesterday in the form of a $C1.2 billion merger offer from TalismanEnergy. Rigel’s board of directors said it will recommendacceptance of the offer to the company’s shareholders. Talisman isexpected to mail its formal takeover bid offer on Sept. 2, and theoffer will be open for acceptance for at least 21 days, Rigel said.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting June 2.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the Corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting.

As part of a major reorganization plan, the American PetroleumInstitute (API) says it plans to establish a “natural gascomponent” aimed at attracting medium-to-small sized companies asnew members and at retaining current API members.