Picks

Denver-based Gasco Energy Inc. said Thursday it had successfully completed a strategic exchange of certain properties located in the gas-rich Uinta Basin with El Paso Corp. In the transaction, Gasco received 2,571 net acres located in its Uinta Basin Riverbend Project in exchange for the contractual right to earn Wasatch rights on 10,850 gross Uinta Basin acres (2,713 net acres).

Despite Equitable Resources’ lower fourth quarter earnings for 2001 when compared to the similar quarter of 2000, UBS Warburg’s Ronald Barone rated the Pittsburgh-based company a ‘strong buy’ due in part to its “significant collar/hedge position,” which will likely mitigate a substantial part of its exposure to the “ongoing weakness in natural gas prices.”

Williams Cos. has named J. Douglas Whisenant as president and CEO of its interstate natural gas pipeline division, succeeding Cuba Wadlington Jr., who died last month at the age of 58 from complications related to cancer.

Williams Companies has named J. Douglas Whisenant as president and CEO of its interstate natural gas pipeline division, succeeding Cuba Wadlington Jr., who died earlier this month at the age of 58 from complications related to cancer.

The Department of Energy (DOE) says that it will fund the bulk of the costs for six new projects to study the exploration and production potential of methane hydrates in the Gulf of Mexico and Alaska’s North Slope region. The total cost of the projects, which will be performed by the energy industry, universities and outside research institutions, has been valued at almost $48 million.

The Department of Energy (DOE) says that it will fund the bulk of the costs for six new projects to study the exploration and production potential of methane hydrates in the Gulf of Mexico and Alaska’s North Slope region. The total cost of the projects, which will be performed by the energy industry, universities and outside research institutions, has been valued at almost $48 million.

Magnum Hunter Resources Inc. on Monday closed its $31.3 million deal announced a month ago to buy the Delaware Basin oil and gas reserves and related assets of Denver-based Mallon Resources Corp. (see Daily GPI, Aug 14). The properties had proved reserves of 41.8 Bcfe on Dec. 31, 2000, and include Mallon’s interest in 23 fields with 141 producing wells and 13,741 net acres.

True to statements last week that acquisitions were on the radar screen (see Daily GPI, Sept. 7), Canadian Hunter Exploration Ltd. said Monday it has acquired a Canadian company and another in Argentina. The Canadian assets, acquired from a private company for C$22.5 million, include property in the Chedderville and Garrington areas of West Central Alberta, adjacent to Canadian Hunter property. Neither acquisition is expected to materially impact Canadian Hunter’s 2001 production forecast.

Calgary-based Advantage Energy Income Fund, which joined the Toronto Stock Exchange May 29, increased its reserve base by 43% this week by acquiring all the shares of an unnamed private oil and gas company for C$57.8 million in cash. The undisclosed acquisition gives gas-heavy Advantage 33% more natural gas reserves, 32% more light oil reserves and 16% more heavy oil reserves.