Reflect

Gateway Energy Corp. has acquired the Hickory Creek Gathering System from Hickory Creek Gathering LP and Range Texas Production LLC for $3.9 million in cash, adjusted to reflect a transaction effective date of Nov. 1, 2009. The system is in Denton County, TX, in the core of the Barnett Shale and currently services two significant producers, Gateway said. There are 15 producing wells connected to the system with throughput of approximately 11,000 MMBtu/d at a fixed gathering fee. The producers have also identified up to 18 additional drilling locations within dedicated leases for future development. Based on projected 2010 production, Gateway expects the system to increase its revenue in 2010 by approximately $772,000, assuming no additional wells are placed on the system during 2010. “We plan to use the Hickory Creek Gathering System as the base from which we can pursue organic growth opportunities with our current and neighboring producers, as well as to pursue additional acquisition opportunities in the Barnett Shale,” said Gateway CEO Robert Panico. Gateway owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts.

Xcel Energy asked regulators in Colorado to let it lower its natural gas rates to reflect a 24% drop in wholesale commodity costs in July for its residential and small business utility customers. Bills for the month should be down by 12% and 24% for residential and small business customers, respectively.

Houston-based Apache Corp. said Wednesday it is reducing its global workforce to “reflect current activity levels.”

TransCanada Corp. reported net income for fourth quarter 2008 of C$277 million, 47 cents/share, compared to C$377 million, 70 cents/share, for fourth quarter 2007. The results reflect tax benefits and land sale proceeds in the 2007 period. Earnings for 2008 were C$1.3 billion, C$2.25/share, an increase of about 8% compared to 2007. The company increased its quarterly dividend 6% to 38 cents/share.

With U.S. natural gas production on track to grow at least 3.6% in 2008 versus a year ago, producers won’t be able to lay down rigs fast enough to offset the unprecedented growth and thus face a “high possibility” of forced shut-ins and regional basis blowouts next summer, Raymond James & Associates Inc. reported Monday.

Friedman, Billings, Ramsey & Co. Inc. (FBR) has trimmed its forecast for U.S. natural gas prices for the next two years to reflect the “impending flood of shale gas.”

FERC on Thursday granted the request of CenterPoint Energy Gas Transmission Co. to increase the certificated capacity of Phases I and II of its Carthage-Perryville Line (CP Line) by approximately 36,000 Dth/d, to reflect operational changes and to increase the maximum allowable operating pressure (MAOP) from 1,000 psig to 1,168 psig (CP06-85-002). Additionally, the Commission approved a Phase III plan for the line to install additional compression (CP07-41).

FERC on Thursday granted the request of CenterPoint Energy Gas Transmission Co. to increase the certificated capacity of Phases I and II of its Carthage-Perryville Line (CP Line) by approximately 36,000 Dth/d, to reflect operational changes and to increase the maximum allowable operating pressure (MAOP) from 1,000 psig to 1,168 psig (CP06-85-002). Additionally, the Commission approved a Phase III plan for the line to install additional compression (CP07-41).

Chesapeake Energy Corp. has updated its 4Q2006 guidance to reflect gains from lifting a portion of its oil and natural gas hedges and to include debt and equity offerings in the past few weeks. For 2007, the Oklahoma City-based producer has hedged about 27% of its gas output and 66% of its oil production.