States

The United States District Court for the District of Columbiahas struck down a controversial part of the Interior Department’s1997 royalty valuation rule for natural gas, which incorporatedmarketing costs in the valuation. (Civ. No. 98-00531)

The United States District Court for the Western District ofOklahoma has dismissed the securities litigation filed in late 1997against Chesapeake Energy and its officers and directors and ruledin their favor, the company said yesterday. The litigation, whichoriginally consisted of 12 lawsuits but which was consolidated intoone class action suit in 1998, charged that Chesapeake hadmisstated or omitted facts concerning its activities in theLouisiana Austin Chalk Trend from Jan. 25, 1996 through June 25,1997.

There’s a major oil and natural gas boom going on now in one ofthe most unlikely places in the United States – northeasternTennessee.

TransTexas Gas Corp. said the United States Bankruptcy Court forthe Southern District of Texas confirmed the company’s Chapter 11reorganization plan, which takes effect as soon as possible.

There’s a major oil and natural gas boom happening in one of themost unlikely places in the United States — northeasternTennessee.

Anyone who was complaining about a lack of winter likely hasshut up by now, and for good reason. Right on top of the first one,the eastern United States last week was bracing for its second coldsnap of the year.

Canadian natural gas exporters set their 12th consecutive annualsales record in the United States during the contract year thatended Oct. 31. Exports climbed to 3.26 Tcf last year, according toa scorecard kept by the National Energy Board. The new recordimproved by 5% on the previous high of 3.1 Tcf set in the 1997-98contract year.

Canadian natural-gas exporters set their 12th consecutive annualsales record in the United States during the contract year thatended Oct. 31. Exports climbed to 3.26 Tcf last year, shows ascorecard kept by the National Energy Board. The new recordimproved by 5% on the previous high of 3.1 trillion set in the1997-98 contract year.

While only 11 states can boast of legislation requiringstatewide customer choice for gas service, a group of Michiganlegislators have recently acted to boost that total. A package ofseven bills was introduced to the state legislature last week withthe goal of totally deregulating the state’s gas industry by April2005. Rep. Mary Ann Middaugh (R-MI-MIH080), one of the package’ssponsors and chair of the energy and technology committee, said thepackage will be considered when the Michigan House returns toLansing next month.