Blaze Energy Corp. said it has settled a dispute with Environmental Energy Services Inc. (EESV), exchanging subsidiary EESV Fayetteville Inc. and associated outstanding notes for EESV’s 76% stake in the company, in a stock deal valued at $1.9 million. Under the first phase of a reorganization plan, the Boise, ID-based company — which is not affiliated with Calgary-based Blaze Energy Ltd. — also accepted the resignations of all but one of its employees and canceled the lease for its corporate offices.
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The U.S. Environmental Protection Agency (EPA) settled a Clean Water Act (CWA) case for wetlands violations, requiring PDC Mountaineer (PDCM) to pay a penalty of $177,500 to resolve violations involving construction activities at Marcellus Shale gas extraction facilities in northern West Virginia. According to EPA, Bridgeport, WV-based PDCM failed to apply for necessary permits to discharge fill materials into wetlands or streams in Harrison County, WV. PDCM, which also agreed to restore and/or complete mitigation projects at four sites in the state pursuant to separate CWA orders, did not admit to violating the CWA. Earlier this month, PDC Energy reported that PDCM, a joint venture of PDC and Lime Rock Partners V LP, completed three horizontal Marcellus wells since mid-September. The wells were expected to be turned-in-line by year’s end, once a permit for a gathering line river crossing is received, PDC said.
Cash prices overall advanced on average of about 9 cents Thursday, and futures settled at the highest point since December 2011. Particular strength was noted in the Midwest and eastern prices rose as cooler temperatures were forecast. California and West Coast prices firmed following repairs to a compressor station.
Most of the Dimock Township, PA, residents who filed a lawsuit against Cabot Oil & Gas Corp., alleging the company contaminated their water wells, have agreed to an undisclosed settlement, according to documents filed in federal court on Monday.
Cash quotes Wednesday latched on to strength derived from exuberant futures bulls and settled a dime higher on average. California points were strong, but the gains were noticed at nearly all trading points. Futures traders see not only covering of existing short positions but also new buying. At the close of futures trading June had added another 7.2 cents to settle at $2.465 after flirting with $2.50. July gained 7.5 cents to $2.550 and June crude oil struggled, settling at $96.81/bbl, down 20 cents.
Alaska Gov. Sean Parnell said Friday the state has settled a seven-year legal battle with several oil and gas producers over Point Thomson leases. All parties have agreed to enter into a complex settlement agreement to develop the huge natural gas field.
The state of Alaska on Friday settled a seven-year legal battle with natural gas and oil producers over the Point Thomson leases, and the operators in turn agreed to develop the huge gas field.
Pacific Gas and Electric Co. (PG&E) and the City of San Bruno, CA, settled their differences Monday with the utility agreeing to pay the city $70 million in the aftermath of the deadly September 2010 natural gas transmission pipeline rupture and explosion in a quiet residential neighborhood about 10 miles south of San Francisco.
ExxonMobil Corp. has settled a lawsuit against the Department of Interior for the government’s decision to cancel Gulf of Mexico (GOM) offshore leases that could yield “billions of barrels of oil.”
December natural gas settled modestly higher Tuesday as traders prepared for a double whammy in the form of a government inventory report and options expiration Wednesday. In addition, December futures expire Monday following an extended holiday period. At the end of the day December had added 1.6 cents to $3.415 and January had tacked on 0.3 cent to $3.561. January crude oil added $1.09 to $98.01.