Junior explorer Triangle Petroleum Corp., which has pinned its hopes on the natural gas potential in Nova Scotia, reported last week that a log analysis of two wells in the Windsor Basin yielded an estimated 89-109 Bcf of original gas in place (OGIP) per section from the Horton Bluff formation.
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Triangle Says Analysis Shows Gas Reserves in Nova Scotia
Junior explorer Triangle Petroleum Corp., which has pinned its hopes on the natural gas potential in Nova Scotia, reported Wednesday that a log analysis of two wells in the Windsor Basin yielded an estimated 89-109 Bcf of original gas in place (OGIP) per section from the Horton Bluff formation.
Futures Impacted by Fund’s Losses Last Week, Settle 4 Cents Lower Monday
October natural gas futures traders couldn’t make up their minds on price direction Monday as some pinned last week’s landslide-like decline to news of significant losses at a sizeable hedge fund. After trading within a range from $4.880 to $5.140, the prompt month ended up closing at $4.942 on Monday, down 4 pennies on the day.
Bill Barrett Production Higher, but Problems Encountered in Wind River
Denver-based independent Bill Barrett Corp., which has pinned its future on finding oil and natural gas in the Rockies, on Thursday reported that production in the second quarter was 8.6 Bcfe, up from 8.1 Bcfe for the same period a year ago. However, the company reported a net loss of $15.9 million, compared with net income of $3 million in 2Q2004 after taking a noncash impairment on some of its Wind River Basin properties.
Reliant Reports $6M Net Loss for Quarter; Names New Chairman/CEO
Reliant Resources Inc. reported last Tuesday a net loss of nearly $6 million for the second quarter, blaming a weak wholesale power market, high natural gas prices and an increase in interest expense associated with a major refinancing package. The loss came as the Houston company announced plans to eliminate about 650 employee positions as part of a cost-cutting move. Reliant Resources stock plunged by $1.10 following the release of the company’s gloomy earnings report.
Producers, Politicians At Odds Over Alaska Pipe Route
In what would be a major blow to Alaska officials, especially Gov. Tony Knowles who has pinned the remainder of his term toward getting an Alaska Highway natural gas pipeline, major producers indicated this week that because the cost would be less, they now favor a North Slope pipeline that would move north, through the Beaufort Sea, instead of across the state.
Producers Indicate North Slope’s Beaufort Route May Get Nod
In what would be a major blow to Alaska officials, especially Gov. Tony Knowles who has pinned the remainder of his term toward getting an Alaska Highway natural gas pipeline, major producers indicated this week that because the cost would be less, they now favor a North Slope pipeline that would move north, through the Beaufort Sea, instead of across the state.