Proven

The domestic natural gas resource base, both proven andpotential, has dropped slightly over the past two years, butthere’s more than enough available and known gas supply to meetU.S. needs well into the middle of the next century, according to anew study released last week by the Potential Gas Committee (PGC).

The domestic natural gas resource base, both proven andpotential, has dropped slightly over the past two years, butthere’s more than enough available and known gas supply to meetU.S. needs well into the next century, according to a new studyreleased Monday by the Potential Gas Committee (PGC).

Despite record fourth-quarter production, Vastar Resourcesreported 1998 earnings that were down 43% from the previous year.Last year’s earnings were $136.4 million, compared to $240.5million in 1997.

Oneok completed two reserve acquisitions totaling $54 millionwith estimated proven reserves that could exceed 75 Bcfe. Bothdeals are for primarily natural gas reserves in Oklahoma. Acash-for-stock agreement was made to acquire the privately heldOklahoma properties of Anderman Oil Corp., AOL Holdings Inc., andMohan Petroleum Oklahoma Inc. The purchase price is $28.5 million,subject to certain adjustments, with an effective date of Aug. 1,1998. Oneok also will acquire properties from St. Mary Land &Exploration Co. for $25.5 million, subject to adjustments, with aneffective date of Sept. 1.

Transcontinental Gas Pipe Line has not proven its case forrolled-in rates for a series of expansions of its Leidy Line andits southern system dating back to 1984, according to anadministrative law judge who found there wouldbe “substantial”cost shifting.