EOG Resources Inc. has retained Meagher Oil & Gas Properties Inc. to sell operated producing properties in Oklahoma’s Lincoln and Oklahoma counties. The package includes an average 99% working interest (80% net revenue interest) in 6,442 net acres in 30 sections of which 2,463 acres are producing. The assets include 19 wells within a six-mile radius producing high-Btu gas from the Pen and Cleveland sands, EOG said. Production is 954 Mcf/d , with 2.5 b/d of oil net projected for June. Estimated net cash flow for June is $270,000. A salt water disposal well and water lines are in place. Upside, said EOG, includes one additional Peru location identified and two Hunton/Oswego extensional locations. The bid due date is May 22; the effective date is June 1. Closing is expected by June 27. Contact Jacque Semple at (918) 481-5900, extension 221.
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PPL Corp. Selling Gas Distribution Business
PPL Corp. will conduct a sales process for its natural gas distribution business, PPL Gas Utilities Corp., and propane business, Penn Fuel Propane, the company said Monday. These businesses represented about 1% of PPL’s overall earnings from ongoing operations in 2006.
Kinder Morgan Picks Advisers to Consider Buyout
Kinder Morgan Inc. (KMI) said the special committee of its board of directors formed to consider a management-led buyout proposal has retained Morgan Stanley and The Blackstone Group as its financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor.
Bullish Factors Gang Up to Keep Natural Gas Inflated
Sparked by continued strength in the petroleum complex along with the release of a bullish Atlantic hurricane forecast, May natural gas futures on Friday retained — and continued to build on — their gains for the week.
Entergy-Koch Ready to Sell Gulf South
With its energy trading unit now sold, Entergy-Koch LP retained Lehman Brothers last week to coordinate offers to sell subsidiary Gulf South Pipeline Co. LP. The Houston-based pipeline is jointly owned by Entergy Corp. and Koch Industries Inc., and is part of the companies’ overall plan to disband their partnership.
Entergy-Koch Ready to Sell Gulf South
With its energy trading unit now sold, Entergy-Koch LP retained Lehman Brothers to coordinate offers to sell subsidiary Gulf South Pipeline Co. LP. The Houston-based pipeline is jointly owned by Entergy Corp. and Koch Industries Inc., and is part of the companies’ overall plan to disband their partnership.
Canadian Superior Hires Counsel to Challenge Mariner Lawsuits
Calgary-based Canadian Superior Inc. said Wednesday it has retained legal counsel to “aggressively” deal with class action lawsuits “threatened or pending” that allege the company made materially false or misleading statements to the public regarding the costs and results of its Mariner drilling operations offshore Nova Scotia.
Denbury Wants to Sell GOM Operations
Dallas-based Denbury Resources Inc. has retained Credit Suisse First Boston to sell its natural gas-rich offshore operations in the Gulf of Mexico (GOM), which up to now have been the company’s secondary focus. The company targeted June 2004 to complete the sale.
NUI Adds Second Financial Advisor in Planned Sale
Bedminster, NJ-based NUI Corp. said it has retained Credit Suisse First Boston (CSFB) as co-advisor on its sale of the entire company. CSFB will join Berenson & Co., which has been assisting the company in its efforts to maximize value for its shareholders.
Weather Still Cold Enough to Generate Modest Rally
A moderation of recently severe winter weather in several market areas is still on the way, but the cold retained enough grip Tuesday to spur small gains of about a nickel or less at a majority of points. Citygates in the Northeast were joined by Florida deliveries in recording larger advances, while western points were mostly flat to 3-4 cents lower.
