Rich

Calgary-based Progress Energy Trust last week acquired some natural gas-rich assets adjacent to its core properties in northeastern British Columbia and northwestern Alberta from the Canadian unit of BG Group for C$526 million. Subsequent to the transaction, Progress sold a partial interest in the Foothills assets to affiliate ProEx Energy Ltd. for C$134.3 million.

Wyoming Bureau of Land Management (BLM) officials would relax wildlife restrictions in most of the natural gas-rich areas of the Jonah field and Pinedale Anticline under a draft plan issued for public comment Friday. Once finalized, the Pinedale Resource Management Plan (RMP) is expected to guide oil and gas development for at least 10 years on more than two million acres of public and private land.

Wyoming Bureau of Land Management (BLM) officials would relax wildlife restrictions in most of the natural gas-rich areas of the Jonah field and Pinedale Anticline under a draft plan to be issued for public comment Friday. Once finalized, the Pinedale Resource Management Plan (RMP) is expected to guide oil and gas development for at least 10 years on more than two million acres of public and private land.

XTO Energy Inc. is on track to boost its natural gas-rich production volumes by 10% over 2006 levels with only a slight increase to capital spending. The independent budgeted $2.4 billion for development and exploration activities, slightly above the $2.1 billion it spent last year, with an extra $200 million earmarked for pipeline infrastructure, compression and processing facilities.

The energy industry won a hard-fought victory Saturday when the Senate overwhelmingly approved legislation to open up parts of the natural gas-rich eastern Gulf of Mexico to oil and gas leasing. The vote came only hours after the House passed the measure Friday by 367-45 (see Daily GPI, Dec. 11).

The adjectives used to describe the Barnett Shale play — “prolific,” “gas-rich,” “abundant” — may have, at times, seemed superfluous. But the simple language EOG Resources Inc. CEO Mark Papa used last week to describe his take on the Texas play may be the most descriptive: “bigger than we expected.”

Calgary-based Provident Energy Trust last week acquired a package of natural gas-rich prospects in the Rainbow and Peace River Arch areas of northwestern Alberta for an estimated price of C$475.9 million (US$420.4 million) after adjustments. The assets, purchased from a private independent U.S.-based producer, are 90% natural gas and currently produce 33 MMcfe/d (5,500 boe).

Calgary-based Provident Energy Trust on Tuesday acquired a package of natural gas-rich prospects in the Rainbow and Peace River Arch areas of northwestern Alberta for an estimated price of C$475.9 million (US$420.4 million) after adjustments. The assets, purchased from a private independent U.S.-based producer, are 90% natural gas and currently produce 33 MMcfe/d (5,500 boe).

With the current production decline rates in the Gulf of Mexico and restricted access to a number of mineral-rich regions across the U.S., producers are having to look in untraditional places to keep up with the country’s thirst for natural gas. On Wednesday, Ladera Ranch, CA-based Victory Energy Corp. said it has secured participation in a joint venture for the Mesa Prospect in New Mexico with Eldorado Exploration.