Gulfport Energy Corp. has entered an $87 million agreement to acquire 12,600 net acres in Monroe County, OH, from an undisclosed seller. The undeveloped properties, 50% held by production, are near the company’s core position in the Utica Shale. Gulfport said it would fund the transaction with cash on hand. The bolt-on increases its Utica position to more than 223,000 net acres, with nearly 70% in the dry gas window. The sale is expected to close by the end of December.
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PHMSA Issues Interim Final Rule on Emergency Orders
The Pipeline and Hazardous Materials Safety Administration (PHMSA) on Monday issued an interim final rule that will allow it to issue emergency orders on oil and natural gas pipelines, satisfying a requirement from a comprehensive pipeline safety bill enacted last summer.
Gas Association Slams Proposed Furnace Efficiency Standards Following DOE Revision
The Department of Energy (DOE) released a revised version of its updated efficiency standards for residential gas furnaces late last week, quickly drawing a strong rebuke from industry lobbyists.
Interior Unveils New Rule For Offshore Arctic Drilling Via Floating Vessel
The Department of Interior (DOI) said Royal Dutch Shell plc’s misfortunes in the Arctic served at least part of the basis for a new final rule governing offshore oil and gas exploration by floating vessels in the Beaufort and Chukchi seas. But critics say the new rule will hamper development by making it even more expensive to drill there.
Federal Government Appeals Ruling Against BLM Frack Rule
Attorneys for the federal government have appealed last week’s ruling by a federal judge in Wyoming that the Interior Department’s Bureau of Land Management (BLM) does not have the authority to enforce a rule governing hydraulic fracturing (fracking) on public and tribal lands.
Federal Judge Rules BLM Fracking Oversight Unlawful
In a win for the oil and gas industry and its supporters, a federal judge in Wyoming ruled Tuesday that the Department of Interior’s (DOI) Bureau of Land Management (BLM) does not have the authority to enforce a rule governing hydraulic fracturing (fracking) on public and tribal lands.
CFTC Closes Door to Evasion of U.S. Margin Requirements by U.S. Affiliates Operating Overseas
The U.S. Commodity Futures Trading Commission (CFTC) has issued a final rule that applies to the Commission’s margin requirements for uncleared swaps in the context of cross-border transactions. It would limit the ability of banks and other traders to move swaps business abroad to avoid U.S. trading requirements.
DC Circuit Delays EPA’s Clean Power Case, Calls for Full Court Review
In a surprise move, the U.S. Court of Appeals for the DC Circuit this week canceled the traditional three-judge hearing in a case that could decide the fate of the Environmental Protection Agency’s (EPA) Clean Power Plan (CPP), its landmark rule to limit carbon dioxide CO2 emissions from the nation’s power sector.
DC Circuit Delays EPA’s Clean Power Case, Calls for Full Court Review
In a surprise move, the U.S. Court of Appeals for the DC Circuit this week canceled the traditional three-judge hearing in a case that could decide the fate of the Environmental Protection Agency’s (EPA) Clean Power Plan (CPP), its landmark rule to limit carbon dioxide CO2 emissions from the nation’s power sector.
BOEM Updates, Streamlines OCS Oil, NatGas Leasing Rules
Streamlined rules that update federal oversight of oil, natural gas and sulfur leasing in the Outer Continental Shelf (OCS) are to take effect at the end of May, the Department of Interior’s Bureau of Ocean Energy Management (BOEM) said.