Redistributed

Mitchell Energy & Development replaced 187% percent of thegas and oil reserves it produced in fiscal 1998, even while settinga new high for annual gas sales of 238 MMcf/d.

Canada’s National Energy Board approved six applications foreight licenses to export some 1.2 Tcf of gas for periods of two toten years:

Prices ranged from flat to down a few cents Wednesday, with mostof the softness concentrated in the Gulf Coast, Midcontinent andChicago citygates. Columbia-Appalachia joined those points indeclines of mostly 3-6 cents, but CNG and Northeast citygates weredown only a penny or two. The declines tended to be attributed to”tracking the Nymex,” as a marketer said.

March prices, which had roared off to a strong start on Monday,filtered lower Tuesday leaving traders wondering if March wouldfollow the weather adage and trade out like a lamb. Cash priceswere slipping anywhere from a couple cents to nearly a dime Tuesdayin most markets. In doing so, many spot points achieved in Marchwhat they were unable to do the entire month of February: tradebelow index. Rockies gas, however, remained in high demand, immuneto the overall losses.

Texas Utilities Co. Tuesday acquired 72,560,178 Energy GroupShares at 840 pence/share, representing about 13.9% of The EnergyGroup’s issued share capital. The 840 pence/share offer was thelatest in the bidding war between TXU and PacifiCorp for theBritish Utility.

Marking the start of construction related to projects thatultimately will increase pipeline capacity into New England by morethan 20%, Portland Natural Gas Transmission System (PNGTS) andMaritimes & Northeast Pipeline began a crossing of thePiscataqua River between Newington, NH, and Eliot, ME. The crossingis the first stage in the construction of the PNGTS/Maritimes JointFacilities Project, which represents the southernmost portion ofeach pipeline.

“Total Energy” may be an “unforgettable” brand name in this ageof energy convergence, as the small New York energy services firmTotal Energy Corp. claims, but would someone actually buy the nameand make it their own? Total Energy’s consultant R.J. RuddenAssociates thinks so, though Richard J. Rudden, president of thefirm, admits he’s never heard of a company buying another’s brandname. “I can’t say I’ve heard of that. But I know it’s nothing fora large national energy company to spend tens of millions ofdollars on brand imaging.”

El Paso Natural Gas conceded Wednesday it discontinueddiscounting interruptible transportation early this year, but saidits action was primarily due to its new status as “swing supplier”of California-bound transportation – a position that it says givesit free reign to charge maximum IT rates.

El Paso Energy CEO William A. Wise calls his company’s latestplanned acquisition the “yellow brick road” to deep-water Gulf ofMexico gas development. El Paso said it will buy DeepTechInternational’s interests in Leviathan Gas Pipeline through aseries of transactions worth about $450 million. Leviathan GasPipeline Partners produces, processes, gathers, transports andmarkets oil and gas in the offshore Gulf of Mexico.