Resource

Energy Resource Technology Inc. (ERT), a subsidiary of Houston-based Cal Dive International Inc., said Monday it has acquired “essentially all” of Murphy Oil Corp.’s Gulf of Mexico Shelf properties for $200 million.

While refusing to throw in the towel on competition in U.S. electricity markets, the Electricity Consumers Resource Council (ELCON) last Monday asserted that today’s power markets are plagued by a series of problems — including an inadequate transmission grid and icy relations between federal and state regulators — that must be fixed if restructuring is to successfully advance in the country.

Encouraged by early drilling success from its new coalbed methane (CBM) fields in the Raton Basin, Pioneer Natural Resource Co. expects to increase its natural gas-heavy production by as much as 6% this year, the CEO said Tuesday.

U.S. antitrust regulators on Tuesday cleared the path for Penn Virginia Resource Partners LP’s (PVR) purchase of natural gas gathering and processing assets in Oklahoma and Texas from Cantera Resources Holdings LLC, a portfolio company of Morgan Stanley Capital Partners, for $191 million in cash.

Penn Virginia Resource Partners LP (PVR), best known for its coal and land management operations, said Tuesday it is buying natural gas gathering and processing assets in Oklahoma and Texas from Cantera Resources Holdings LLC, a portfolio company of Morgan Stanley Capital Partners, for $191 million in cash.

Penn Virginia Resource Partners LP (PVR), best known for its coal and land management operations, said Tuesday it is buying natural gas gathering and processing assets in Oklahoma and Texas from Cantera Resources Holdings LLC, a portfolio company of Morgan Stanley Capital Partners, for $191 million in cash.

Penn Virginia Resource Partners LP (PVR), best known for its coal and land management operations, said Tuesday it is buying natural gas gathering and processing assets in Oklahoma and Texas from Cantera Resources Holdings LLC, a portfolio company of Morgan Stanley Capital Partners, for $191 million in cash.

Canadian-based Cypress Hills Resource Corp. and its partners have entered into a farm-in and option agreement with a private Alberta company to re-enter and deepen an existing well in the Lone Pine Creek area of Alberta. The exploration farm-in covers seven sections of land and will target a seismically defined Swan Hills reef complex, with reserves reported to be in excess of 10 MMboe per section in some fields. The parties plan to begin drilling operations as soon as all regulatory approvals are received. The total cost of the project to drill, complete and equip a successful well will be approximately C$750,000, and Cypress Hills will be participating for a 20% working interest in the project. In conjunction with this project, Ted Fostey of Calgary has been appointed president and has been appointed to the board of directors. Cypress Hills also announced that with the farm-in, it expects to soon complete two private placement financings to raise up to C$350,000, which were announced earlier this year.

Houston-based Meridian Resource Corp. said Friday that another one of its Biloxi Marshlands wells should begin production within two weeks. Its first well began production in March and currently is producing 11.5 MMcf/d.