storage

Moderate natural gas and power prices, adequate gas storage inventories and growing natural gas production are all positive signs as colder weather approaches, FERC staff told the Commission Thursday during the Winter 2013-2014 Energy Market Assessment presentation.

PostRock Energy Corp. is buying about 22,000 net acres of leasehold in Pottawatomie, Cleveland and McCain counties in central Oklahoma for $3 million in cash and $7 million of its common stock. The company is targeting multiple reservoirs, the most significant of which is the Woodford Shale.

In anticipating 1 million b/d of North Dakota crude oil production in the next few months, the state’s chief oil/natural gas overseer said Tuesday that the Bakken Shale has changed world energy dynamics to the point that North America soon may be a net exporter of oil.

A survey of world energy resources conducted by the World Energy Council (WEC) said the rise of shale gas in North America had turned the continent “upside down,” adding that it was one of several principal drivers to shape global energy supply and use over the past 20 years.

Range Resources Corp. announced another record high for quarterly production — this time achieving 960 MMcfe/d for 3Q2013– thanks in large part to the continuing success of its drilling program in the Marcellus Shale.

Natural gas prices for Friday physical delivery on average fell 9 cents in Thursday’s trading. It was a tale of two coasts as West Coast points suffered hefty double-digit losses within a weak power environment and a nominal weather outlook. East Coast locations were mixed with prices a few pennies on either side of unchanged.

A New Jersey Board of Public Utilities (BPU) plan to have ratepayers subsidize the cost to build new natural gas-fired power plants has been ruled unconstitutional by a judge in the U.S. District Court for the District of New Jersey.

A proposed rulemaking that would codify procedures used to implement, collect and distribute the impact fees collected from unconventional natural gas drillers has been issued for comment by thePennsylvania Public Utility Commission(PUC). Comments are being accepted for 30 days beginning Thursday (Oct. 17). The PUC voted to move themeasureby a vote of 4-0, with CommissionerPamela A. Witmerabstaining. The proposed rulemaking addresses unconventional gas well fees; wells subject to fees; producer reporting; fee calculation; and fee collection and distribution. Not addressed in the rulemaking are provisions of Chapter 33, which govern local ordinances that impose conditions, rules or limits on oil or gas operations. The PUC is responsible for implementing Chapters 23 and 33 ofAct 13 of 2012, the Unconventional Gas Well Impact Fee Act, signed into law in February 2012 byGov. Tom Corbett.

General Motors Co. (GM) CEO Dan Akerson said Wednesday that GM plans to introduce next year a bi-fuel natural gas/gasoline version of its Impala passenger car offering a driving range of up to 500 miles.