Position

Calgary-based Pengrowth Corp. is paying about C$11 million to add more than 28,800 acres (43 net sections) to its position in the Horn River Basin of British Columbia. Pengrowth is paying C$9 million for undeveloped land and C$2 million for the undisclosed seller’s interest in a standing cased well bore. With the agreement, Pengrowth would have a total of 73,147 net acres (113 net sections) in the play. Once the transaction closes, Pengrowth would hold a 10% stake in the Dilly Creek block and a 100% interest in Moss Creek and Gunnel Creek lands.

In an effort to prevent more defections by its membership, the U.S. Chamber of Commerce Tuesday defended and clarified its position on House climate change legislation (HR 2454).

Calgary-based Crescent Point said Monday it will spend close to C$924 million in three transactions to build a substantial position in southern Saskatchewan. With the three acquisitions, the company lifted its 2009 year-end production guidance by 16%.

As the Commodity Futures Trading Commission moves to crack down on excessive speculation in energy markets by imposing position limits, one U.S. senator is eyeing changes in the tax code to cut trading volume, while another will propose a bill to require the reporting of over-the-counter (OTC) derivative trades — including energy transactions — to a central trade repository, making it easier for regulators to keep closer tabs on the market.

As the Commodity Futures Trading Commission seeks to crack down on excessive speculation in energy markets by imposing position limits (see Daily GPI, July 29), a U.S. senator is eyeing changes in the tax code to achieve the same result.

As the Commodities Futures Trading Commission (CFTC) examines the possibility of imposing speculative position limits on “all commodities of finite supply,” the $4.4 billion United States Natural Gas Fund (UNG) moved to reduce its holdings of natural gas futures contracts and indicated that it may not continue to pursue its plans to expand its fund.

The on-again off-again relationship between crude and natural gas markets was definitely back in the on-again position over the long weekend and during Monday’s regular session as a significant drop in crude futures values helped drag the August natural gas contract below pretty strong support at $3.500. Front-month natural gas futures ended up closing out the day at $3.487, down 12.8 cents from Thursday’s regular session close.

A ranking House Republican last Wednesday accused the Environmental Protection Agency (EPA) of suppressing an internal report that didn’t support the agency’s position that greenhouse gases (GHG) contribute to air pollution and endanger public health.

A ranking House Republican Wednesday accused the Environmental Protection Agency (EPA) of suppressing an internal report that didn’t support the agency’s position that greenhouse gases (GHG) contribute to air pollution and endanger public health.