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Belief that the bottom has been touched and the outlook can only improve for Canadian gas producers is showing even among professional skeptics and declared opponents of wishful thinking in petroleum engineering, geology and economics firms whose stock-in-trade is reserves evaluations.

The market continued to see mixed, mostly near-flat price movement but was showing signs of perking up again by following the previous day’s losses at a majority of points with moderate gains being prevalent Thursday.

A liquids-focused unconventional oil and gas makeover at Houston-based Rosetta Resources Inc. is showing the company in a much improved light as it continues to ramp up its activities in the Eagle Ford Shale of South Texas, CEO Randy Limbacher told financial analysts last week.

April natural gas futures continued lower Thursday following a brief jump as traders digested a report showing an 85 Bcf decline in natural gas inventories, in line with earlier estimates. By the end of the day April was down 4.0 cents to $3.778 and May had fallen 3.5 cents to $3.859. April crude oil fell 32 cents to $101.91/bbl.

A liquids-focused unconventional oil and gas makeover at Houston-based Rosetta Resources Inc. is showing the company in a much improved light as it continues to ramp up its activities in the Eagle Ford Shale of South Texas, CEO Randy Limbacher told financial analysts Monday.

March natural gas futures treaded water Wednesday in anticipation of Thursday’s release of government figures showing a withdrawal that would place inventories below last year and five-year averages. At the closing bell March futures had risen four-tenths of a cent to $4.044 and April futures added 1.1 cents to $4.083. March crude oil fell 23 cents to $86.71/bbl.

March natural gas careened lower Thursday following the release of government inventory data showing usage somewhat below traders’ expectations.

The Arkansas Oil and Gas Commission (AOGC) has extended a moratorium on the drilling of new disposal wells in the Fayetteville Shale by six months while it collects data to determine whether disposal activities contributed to hundreds of small earthquakes in the area.

The Chesapeake Bay, long plagued by pollution from development across its 64,000-square-mile watershed, is showing “some encouraging signs of improvement,” but is still “dangerously out of balance” and needs to be protected from a variety of threats, including natural gas drilling operations in the Marcellus Shale, according to the Chesapeake Bay Foundation’s (CBF) “2010 State of the Bay” report.