Substantial

Southwestern Energy Co., which has proved time and again that making money is possible in some of the onshore natural gas plays, on Monday cut a bargain deal that will nearly double its gassy acreage position in the Marcellus Shale of Pennsylvania.

With projections for natural gas staying “far less expensive” than oil through 2040, substantial growth in gas use for electric generation and various industrial applications is also expected, according to the 2013 Annual Outlook by the U.S. Energy Information Administration (EIA).

The Ohio Oil and Gas Association (OOGA) reported at its annual winter meeting that in 2012 more wells were permitted and completed, and the state saw a substantial increase in the amount of footage drilled.

Continuing to focus ever more sharply on liquids-rich and oil projects, Range Resources Corp. has entered into an agreement to sell for $275 million some of its gassier Permian Basin properties in New Mexico and West Texas.

If left unaddressed, pipeline shortfalls will put Canada’s oil industry at risk and will have “substantial negative impact” on the country’s economy, according to a report issued by the Canada West Foundation (CWF).

The country is in the midst of an “unconventional revolution in oil and gas” whose implications reach well beyond the energy industry, IHS Vice Chairman Daniel Yergin, tells the U.S. House Subcommittee on Energy and Power in pre-filed testimony to be given Tuesday.

Expanding its assets in an area of its primary focus, Midland, TX-based Legacy Reserves LP said Wednesday it has agreed with Concho Resources Inc. to buy $520 million of Concho’s holdings in the Permian Basin. Legacy said it hopes to close the deal before the end of this year.

Reports posted by the Pennsylvania Department of Environmental Protection (DEP) indicate that the state saw substantial growth in natural gas production during the first half of 2012 (IH2012), perhaps more than 82% higher year/year, although production totals from some operators are missing from the latest report and the reporting criteria had changed.

Reports posted by the Pennsylvania Department of Environmental Protection (DEP) indicate that the state saw substantial growth in natural gas production during the first half of 2012, perhaps more than 82%, although production totals from some operators are missing from the latest report and the reporting criteria had changed.