Rich

Despite a recent industry victory by another company in Wyoming’s rich oil and natural gas region, the Wyoming Oil and Gas Conservation Commission (WOGCC) on Tuesday denied Ultra Petroleum Corp.’s application for increased density drilling in the Pinedale Field.

The Williams Cos. last Wednesday said it signed agreements to operate 10 new rigs as part of its program to step up production in the gas-rich Piceance Basin in western Colorado.

The Williams Cos. said Wednesday it has signed agreements to operate 10 new rigs as part of its program to step up production in the gas-rich Piceance Basin in western Colorado.

A day after announcing it would buy some natural gas-rich acreage in Colorado, Berry Petroleum Co. said Tuesday it has set up a joint agreement with Petro-Canada Resources (USA) Inc. to develop the Coyote Flats Prospect in the Uinta Basin of northeast Utah. Once a defined drilling program is finished, Berry would own half of the 72,000 undeveloped acres.

A day after announcing it would buy some natural gas-rich acreage in Colorado, Berry Petroleum Co. said Tuesday it has set up a joint agreement with Petro-Canada Resources (USA) Inc. to develop the Coyote Flats Prospect in the Uinta Basin of northeast Utah. Once a defined drilling program is finished, Berry would own half of the 72,000 undeveloped acres.

Shell NA LNG LLC is protesting Florida Gas Transmission’s (FGT) proposed tariff revisions related to the interchangeability of Btu-rich regasified liquefied natural gas (LNG) and conventional dry gas on its pipeline system, saying the changes are biased against LNG and would close off the Florida gas market to LNG supply sources.

Oklahoma City-based Chesapeake Energy Corp. last week said it will add 310 Bcfe of estimated proved reserves, 453 Bcfe of estimated probable and possible reserves and 60 MMcfe/d of production through three new acquisitions in the MidContinent and South Texas.

Oklahoma City-based Chesapeake Energy Corp.’s natural gas and oil production grew at a record pace in the second quarter, 29% over a year ago and 10% sequentially, the company reported Monday. The growth is expected to be even stronger in the coming months after Chesapeake announced it would add 310 Bcfe of estimated proved reserves, 453 Bcfe of estimated probable and possible reserves and 60 MMcfe/d of production through three new acquisitions in the MidContinent and South Texas. For the second quarter, Chesapeake generated net income of $85.8 million (31 cents/per diluted common share), compared with $76.3 million (31 cents) in 2Q2003. Analysts had forecast Chesapeake would earn 29 cents/share.

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.