Selling

SM Energy Co. said it has agreed with undisclosed buyers to divest a portion of its Eagle Ford Shale position.

July natural gas continued to trudge lower Tuesday as traders adjusted to moderation in near-term weather forecasts and cited aggressive selling attempting to trigger standing sell orders. At the close July had fallen 6.5 cents to $4.581 and August dropped 6.5 cents as well to $4.613. July crude oil rebounded $2.07 to $99.37/bbl.

The Marcellus Shale industry is driving job growth in Pennsylvania, according to new government figures.

Calgary-based Enerplus Corp. is selling a portion of its Marcellus Shale interests in Pennsylvania, Maryland and West Virginia to an undisclosed buyer for US$575 million.

Increased Marcellus Shale production helped Seneca Resources Corp. offset the production it lost after selling its Gulf of Mexico assets earlier this year, and now the company is again pursuing partnerships to speed up that growth.

EQT Corp. is selling its Big Sandy Pipeline in eastern Kentucky to Spectra Energy Partners LP for $390 million in cash. Most of the sale proceeds are targeted for Marcellus and Huron shale development.

Increased Marcellus Shale production helped Seneca Resources offset production it lost after selling its Gulf of Mexico assets earlier this year, and now the company is pursuing partnerships to speed up that growth.

ExxonMobil Corp. subsidiary XTO Energy Corp. is selling some operated and nonoperated assets in the Gulf of Mexico Shelf, according to the Oil & Gas Asset Clearinghouse, the transaction adviser. Projected net production in August 2011 for the package of assets is 30 MMcf/d of natural gas and 4,200 b/d of oil, with cash flow of $13 million (90% operated). The blocks to be sold include 154 producing wells and 74 platforms at Main Pass/Breton Sound/South Pass; South Marsh Island/Vermilion; East and West Cameron; Eugene Island; Ship Shoal; and High Island. Operators also include Apache Corp. and Eni U.S. Operating Co. Inc. The data room opens May 10, with bids due June 2. Contact Heather Adamson at hadamson@ogclearinghouse.com or (832) 601-7679; or Verna Ray at vray@ogclearinghouse.com or (832) 601-7662.

While the debate over drilling on state land in Pennsylvania is focused on parks and forests, another state landowner is looking to collect revenue by selling public resources to the natural gas industry: the Pennsylvania Fish and Boat Commission (PFBC).