Properties

A subsidiary of ExxonMobil Corp. and two exploration companies last week partnered on a venture to develop Barnett Shale properties in the Fort Worth Basin. Production from six wells drilled to date is expected to ramp up early next year.

A subsidiary of ExxonMobil Corp. and two exploration companies on Monday announced a partnership to develop Barnett Shale properties in the Fort Worth Basin. Production from six wells drilled to date is expected to ramp up early next year.

Bill Barrett Corp. announced plans Wednesday to divest its Williston Basin oil and natural properties, beginning marketing efforts in early 2007 and closing during the second quarter.

Denver-based Western Gas Resources Inc. signed an agreement with an undisclosed seller to buy about 40,000 acres of coalbed methane (CBM) properties and related gathering assets in the Big George fairway of the Powder River Basin of Wyoming for $136.7 million.

Shut-in natural gas production returned rapidly over the Labor Day weekend but progress stalled last week due to damaged processing plants, pipelines and production facilities. As of Friday, some of the more serious damage left by Katrina was on two of El Paso Corp.’s major pipeline systems — Tennessee Gas and Southern Natural, three large Louisiana gas processing plants (Venice, Toca and Yscloskey) and several of Shell’s deepwater platforms (Mars, Mensa, Cognac and Ursa).

Titan Oil and Gas, Inc. said Wednesday that its previously-announced natural gas pipeline to service its expected gas production from its Wilson County, TX properties has been completed. The 4.5-mile long line was built by Midway Pipeline Inc. in order to purchase Titan production.

Equitable Resources announced the closing of a $147 million sale of non-core gas properties to NCL Appalachian Partners, a partnership between Locin Oil Corp. and GE Commercial Finance Energy Financial Services. Equitable sold an estimated 66 Bcf of proved reserves, of which 59 Bcf were developed. Equitable expects that no gain or loss will be recorded and reiterated its 2005 supply sales estimate of 73 Bcf.

Calgary-based Canadian Natural Resources Ltd. said Wednesday it is selling a “large” portion of its overriding royalty interests in several producing properties throughout Western Canada and Ontario for C$345 million to reduce long-term debt and to help finance its fledgling Horizon Oil Sands Project.

Following its announcement to buy two Texas properties on Monday (see Daily GPI, Feb. 1), Moody’s Investors Service analysts affirmed the stable rating outlook of El Paso Corp.’s production holding unit, pending a review of the company’s 4Q2004 and year-end 2004 results.