Struggled

Houston-based and Alaska-focused Buccaneer Energy, which has struggled to fund its Cook Inlet drilling program as its shares have languished, is facing a move to replace its entire board by two dissident shareholder groups that argue the company needs to streamline its operations and tone down its ambitions.

May futures drifted lower in uninspired trading Friday as traders struggled to get orders filled and had to adjust to a low-volatility rangebound market. At the close May futures had inched lower 0.8 cent to $4.204 and June fell 0.5 cent to $4.264. In contrast, May crude oil bounded higher by $1.55 to $109.66/bbl.

As Japan struggled to prevent a catastrophic release of radiation from nuclear facilities destroyed by an earthquake and tsunami, Russia, Qatar and Indonesia all said they were willing and able to step in with supplies of liquefied natural gas (LNG) to take up the slack for lost power generating capacity.

As Japan struggled Monday to prevent a catastrophe at nuclear reactors crippled by the earthquake and tsunami that struck the country last week, both Russia and Qatar said they were willing and able to step in with supplies of liquefied natural gas (LNG) to take up the slack for lost power generating capacity.

The Regulatory Commission of Alaska (RCA) recently approved a seven-year gas supply contract between ConocoPhillips and Chugach Electric Association, which has struggled to secure supply for power generation. Even with the agreement, the gas supply outlook for Chugach and other utilities in Alaska’s Southcentral region is dodgy as production from Cook Inlet is in decline. Supply is so uncertain that last week utilities presented a draft plan to regulators that describes measure they could take in times of gas shortfalls.

The Regulatory Commission of Alaska (RCA) recently approved a seven-year gas supply contract between ConocoPhillips and Chugach Electric Association, which has struggled to secure supply for power generation. Even with the agreement, the gas supply outlook for Chugach and other utilities in Alaska’s Southcentral region is dodgy as production from Cook Inlet is in decline.

Denver-based Gasco Energy Inc., a junior independent that has struggled to stay afloat, Thursday said it will release its only rig later this month and pay an early termination fee to the rig contractor. It also halved its capital expenditure (capex) plan for 2009.

Denver-based Gasco Energy Inc., a junior independent that has struggled to stay afloat, Thursday said it will release its only rig later this month and pay an early termination fee to the rig contractor. It also halved its capital expenditure (capex) plan for 2009.

Unlike the U.S. industrial sector, particularly electric generation, which has struggled with high wholesale fuel commodity costs, oil and gas suppliers enjoyed more favorable credit ratings and profits in the first half of this year, carrying over the same momentum from all of 2007, according to a recent Standard & Poor’s Ratings Services (S&P) report.