Producer

A major gas pipeline group has asked the federal government toreject a producer petition that seeks to have tariffs imposed oncrude oil imports from four foreign countries accused of illegaldumping.

The fate of a $500 million federal loan guarantee program forsmall oil and gas producers and their suppliers (H.R. 1664), okayedby the Senate earlier this month, is still up in the air as themeasure heads for a U.S. House-Senate conference committee and avote in the House.

The fate of a $500 million federal loan guarantee program forsmall oil and gas producers and their suppliers (H.R. 1664), okayedby the Senate last week, is still up in the air as the measureheads for a U.S. House-Senate conference committee and a vote inthe House.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting June 2.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the Corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting.

Cross Timbers Oil Co. purchased a 50% interest in Spring HoldingCo., a private Tulsa, OK-based oil and gas producer, for $42.5million. The deal is expected to close June 30.

The Federal Energy Regulatory Commission needs to “do a completeoverhaul of its cost of service ratemaking model,” according toproducer attorney Katherine Edwards, because the rates currently inplace on many pipelines no longer reflect the costs.

Avista Corp. affiliate Avista Power and STEAG AG, Germany’slargest independent power producer agreed to form a joint ventureto develop, build and/or buy electric generation assets throughoutNorth America. Initial regions of interest include the Northwest,the Southwest and the Southeast. Projects of interest include thosepowered by natural gas, coal and hydro.

Avista Corp. affiliate Avista Power and STEAG AG, Germany’slargest independent power producer agreed to form a joint ventureto develop, build and/or buy electric generation assets throughoutNorth America. Initial regions of interest include the Northwest,the Southwest and the Southeast. Projects of interest include thosepowered by natural gas, coal and hydro.