Pleased

Eagle Ford Oil & Gas Corp. has been watching the producer activity around its more than 3,600 acres in Frio County, TX, and is working to raise capital by the end of the year to start drilling some wells of its own, the company said Wednesday.

Noble Energy Inc. CEO Chuck Davidson said he was “really pleased” with the company’s growth in the Denver-Julesburg (DJ) Basin.

Alaska Gov. Sarah Palin said she is pleased that the Superior Court of Alaska has denied a motion filed by Point Thomson leaseholders ExxonMobil, BP, Chevron and ConocoPhillips for a stay that would have allowed them to retain leases while they fight the state’s earlier decision to take the leases back after the companies have failed for years to develop the North Slope field.

Alaska Gov. Sarah Palin said she is pleased that the Superior Court of Alaska has denied a motion filed by Point Thomson leaseholders ExxonMobil, BP, Chevron and ConocoPhillips for a stay that would have allowed them to retain leases while they fight the state’s earlier decision to take the leases back after the companies have failed for years to develop the North Slope field.

UGI CEO Lon R. Greenberg said, “We are pleased that we exceeded our earnings growth goal once again, notwithstanding the extremely warm winter weather of 2002. Our mix of businesses, prudent acquisitions and the dedication of our employees overcame much of the effects of record warm weather. We are confident that a return to normal winter weather will demonstrate the true earnings power of our assets.”

Dominion said Thursday that it has completed the acquisition of Louis Dreyfus Natural Gas Corp. (see Daily GPI, Sept. 11). “We’re very pleased with the quick pace of this transaction. It reflects the strong strategic fit and economic common sense this acquisition represents for Dominion,” said Thos. E. Capps, CEO. “We expect to integrate Louis Dreyfus Natural Gas operations quickly into our own exploration and production business and begin putting these assets to work for Dominion’s bottom line.” The closure follows Dominion’s announcement in September that it would acquire Louis Dreyfus for $2.3 billion in cash, stock and assumed debt. The company said the acquisition increases its proved reserves by more than 60%, to more than 4.6 Tcfe, and increases its production by more than 40%, to more than 450 Bcf annually. The addition of Louis Dreyfus also expands Dominion’s growing energy trading business. Dominion said the acquisition boosts its daily energy production capability to more than 3 trillion Btus. Over the next three years, the company said it expects the acquisition to help double its energy trading and sales volumes over 2000 levels. The company expects gas trading volumes to increase from 1.2 Tcf to 2.4 Tcf annually and electricity trading volumes to increase from 136 million MWh to 265 million MWh annually. Dominion reported that as part of the acquisition, Consolidated Natural Gas Co. (CNG), a subsidiary of Dominion, will guarantee the existing public debt of Louis Dreyfus Natural Gas. CNG’s senior unsecured debt is rated BBB+ by Standard & Poor’s and A3 by Moody’s.

Although El Paso shippers are pleased that the Federal EnergyRegulatory Commission (FERC) finally has recognized that El PasoNatural Gas has been unjustly overselling firm capacity, they areexasperated over the Commission’s proposed solution.

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