Coming into expiration Monday, January natural gas futures continued the trend of gains from Christmas week by punching above the psychological $6 resistance line to go off the board at $6.136, up 31 cents from Friday’s close. Taking over as the new front-month contract, February futures also breached $6 on Monday to close at $6.084, up 27.2 cents from Friday’s session.
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Cross Timbers Picks Up East Texas Properties
Independent Cross Timbers Oil Co. is punching up its explorationand production plans in East Texas, announcing an agreement topurchase some of Herd Producing Co.’s gas producing properties inEast Texas and Louisiana for $115 million. The deal includes 500potential drilling locations, with average gross reserve targets of3.5 (2.4 net) Bcf, holding a total resource potential of more than1.2 Tcf.
Cross Timbers Picks Up East Texas Properties
Independent Cross Timbers Oil Co. is punching up its explorationand production plans in East Texas, announcing an agreement topurchase some of Herd Producing Co.’s gas producing properties inEast Texas and Louisiana for $115 million. The deal includes 500potential drilling locations, with average gross reserve targets of3.5 (2.4 net) Bcf, holding a total resource potential of more than1.2 Tcf.