Picked

The pace of stopgap measures for California’s expected powershortages this summer picked up Tuesday with the governorannouncing rebates to customers cutting their summer power use by20% and Calpine Corp. striking an immediate two-month deal forproviding 550 MW to southern California markets starting todaythrough May 15. The short-term power pact is an interim one withthe state water resources department.

Sources have indicated that President Bush has picked Texasregulator Pat Wood III as his final choice for chairman of theFederal Energy Regulatory Commission, short-circuiting the term ofcurrent Chairman Curt Hebert Jr. “It’s a done deal. The paperwork[for Wood’s nomination] is on the way to the Hill,” a source toldNGI. However, the White House has not formally announced its intentto nominate Wood, and the Senate Energy and Natural ResourcesCommittee still hasn’t received the nomination paperwork.

AEC Oil & Gas Inc. picked up its second group of Rocky Mountain assets last week, announcing its acquisition of the privately held Piceance Basin properties of Billings, MT-based Ballard Petroleum LLC. Ballard’s Mamm Creek field in northwest Colorado is estimated to be worth C$340 million (US$225 million), with 175,000 net undeveloped acres worth about C$35 million and a gas pipeline system worth C$31 million.

AEC Oil & Gas Inc. picked up its second group of RockyMountain assets yesterday, announcing its acquisition of theprivately held Piceance Basin properties of Billings, MT-basedBallard Petroleum LLC. Ballard’s Mamm Creek field in northwestColorado is estimated to be worth C$340 million (US$225 million),with 175,000 net undeveloped acres worth about C$35 million and agas pipeline system worth C$31 million.

Kinder Morgan Energy Partners LP has picked up a 32.5% stake in the Cochin Pipeline System from NOVA Chemical Corp. The 1,900 mile, 12-inch pipeline operates in the Canadian sedimentary basin between Fort Saskatchewan, AL and Sarnia, ON, carrying high vapor pressure ethane, ethylene, propane, butane and natural gas liquids to the Midwestern U.S. and eastern Canadian markets.

Internet commerce system Enermetrix picked up its firstregulated customer this week, when ValuSource Energy, a subsidiaryof Pennsylvania’s Duquesne Light Co., said it would use the networkto serve its business, government and industrial customers. TheEnermetrix system will give DLC’s customers the option to purchasetheir energy online through the Web-based network.

Kinder Morgan Energy Partners LP has picked up a 32.5% stake inthe Cochin Pipeline System from NOVA Chemical Corp. The 1,900 mile,12-inch pipeline operates in the Canadian sedimentary basin betweenFort Saskatchewan, AL and Sarnia, ON, carrying high vapor pressureethane, ethylene, propane, butane and natural gas liquids to theMidwestern U.S. and eastern Canadian markets.

Fueled by hurricane concerns, natural gas futures picked up Monday where they left off Friday as traders continued to hedge against possible supply disruptions in a market already in a delicate supply-demand balance.

Drilling has picked up to a frenzied pace as active natural gasrig numbers continue to skyrocket in the United States and Canada.Rotary rigs drilling int he United States soared by 20 last week toa new record of 736 active gas drilling rigs, according to BakerHughes’ Rig Count report. Currently there are 235 more domesticrigs actively drilling than at the same time last year.