Star

Ultra Petroleum, one of the star producers of natural gas in the Green River Basin, reported a record 63% increase in its Wyoming gas production for 2Q2007. Combined gas and crude oil production volume was up 57%, totaling 30.5 Bcfe, from 19.5 Bcfe in 2Q2006, and output in the first six months jumped to 59 Bcfe, up 49% from the first half of 2006. The gains led the Houston-based producer to increase its full-year 2007 production outlook.

Ultra Petroleum, one of the star producers of natural gas in the Green River Basin, reported a record 63% increase in its Wyoming gas production for 2Q2007. Combined gas and crude oil production volume was up 57%, totaling 30.5 Bcfe, from 19.5 Bcfe in 2Q2006, and output in the first six months jumped to 59 Bcfe, up 49% from the first half of 2006. The gains led the Houston-based producer to increase its full-year 2007 production outlook.

The IntercontinentalExchange (ICE), a rising star electronic energy exchange, announced late Thursday it has entered into a definitive merger agreement to acquire the New York Board of Trade (NYBOT), a more than 100-year-old open outcry exchange for sugar, coffee, cocoa, cotton and other commodities and financial products, for $1 billion. The transaction, which is expected to close in the first half of next year, will deliver to NYBOT 10.297 million shares of ICE common stock and $400 million in cash.

The IntercontinentalExchange (ICE), a rising star electronic energy exchange, announced late Thursday it has entered into a definitive merger agreement to acquire the New York Board of Trade (NYBOT), a more than 100-year-old open outcry exchange for sugar, coffee, cocoa, cotton and other commodities and financial products, for $1 billion. The transaction, which is expected to close in the first half of next year, will deliver to NYBOT 10.297 million shares of ICE common stock and $400 million in cash.

Oil sands are emerging as Alberta’s celebrity product, but the province still owes much of a developing economic boom — and the capital to finance the new star — to its long-standing status as Canada’s chief natural gas-producing jurisdiction.

A gas quality problem has been discovered at the Southern Star-Ford receipt point in Ford County, KS, NGPL said. Effective Thursday until further notice, NGPL will not schedule transportation from the point.

Federal Reserve Chairman Alan Greenspan undoubtedly will be the star at Tuesday’s House Energy and Commerce Committee fact-finding hearing that will explore the natural gas supply-demand imbalance situation. But his testimony will be preceded by eight leading executives in the gas industry, who are experts in their own right.

To set the stage for what it hopes will lead to more natural gaspipelines between the Lone Star State and Mexico, the TexasRailroad Commission has been named the lead agency to coordinatepermit requirements for Texas/Mexico cross-border pipelineprojects. The TRC will be responsible for issuing permits andcoordinating other state agencies’ activities.

Don’t get sick of merger-mania quite yet, warns All Star Oilanalyst Fadel Gheit. Burlington Resources is leading the next waveof attractive independent oil and gas producers that are ripe fortakeover, he claims.