Properties

Denver-based Aspen Exploration Corp. said Tuesday that it has acquired two contiguous gas properties located in Colusa County, CA, approximately 100 miles northeast of Sacramento.

Properties in the gas pipeline and storage segment, among the billions of dollars of assets flooding the market from companies looking to raise cash quickly, offer the most value at the fairest prices, according to Entergy Corp. officials who are studying the possibilities.

Properties in the gas pipeline and storage segment, among the billions of dollars of assets flooding the market from companies looking to raise cash quickly, offer the most value at the fairest prices, according to Entergy Corp. officials who are studying the possibilities hard.

Pioneer Natural Resources Co. will operate its first deepwater Gulf of Mexico project, after picking up an additional 30% working interest in the Falcon field development and acreage in the deepwater Gulf of Mexico for $55 million, it said Tuesday. The Dallas-based independent also signed an agreement to purchase the assets and remaining 23% of the rights it doesn’t already own in its core area West Panhandle Field in Texas. The company is in final negotiations on another agreement to acquire the related West Panhandle field gathering system for a total of $138 million. To fund the acquisitions, Pioneer will publicly offer and sell 10 million newly issued shares of its common stock.

Promax Energy Inc. said that based on recent test rates from its southeastern Alberta properties and a thorough review of gas price risk management strategies with its gas marketer, Coral Energy Canada Inc., it has physically hedged an additional 4 MMcf/d of gas at C$4.37/Mcf for three years beginning Dec. 1. This brings the total hedged volume to 12 MMcf/d with 8 MMcf/d at C$4.71 and 4 MMcf/d at C$4.37 for an average of C$4.59/Mcf. The company said approximately 50% of its current production will be hedged with the balance sold to the spot market. Promax Energy is a junior oil and gas exploration and production company focusing on natural gas in southeastern Alberta.

In the midst of injecting 3.5 Bcf of cushion gas, Western Hub Properties indicated last Tuesday that its initial commercial start up for California’s second merchant underground storage project will begin in mid-December with about two-thirds of the project’s 12 Bcf working capacity under contract, according to Western Hub’s California project manager, Jim Fossum.

In the midst of injecting 3.5 Bcf of cushion gas, Western Hub Properties indicated Tuesday that its initial commercial start up for California’s second merchant underground storage project will begin in mid-December with about two-thirds of the project’s 12 Bcf working capacity under contract, according to Western Hub’s California project manager, Jim Fossum.

Expressing frustration but continuing its resolve, Texas-basedWestern Hub Properties is ironing out some “technical issues” offinancing with California regulators and now expects to startconstruction in February on its delayed Lodi gas storage field innorthern California.

Expressing frustration but continuing its resolve, Texas-basedWestern Hub Properties is ironing out some “technical issues” offinancing with California regulators and now expects to startconstruction in February on its delayed Lodi gas storage field innorthern California.