U.S. Has 1.1 Qcfe of Resource, Says Researcher

The U.S. Lower 48 onshore has 1.1 quadrillion cubic feet equivalent (Qcfe) of recoverable resources across 450,000 drilling locations, according to a new analysis by Calgary-based ITG Investment Research, which, not surprisingly, cited the big-name shales for being reserves and production stars.

October 15, 2012

Industry Briefs

UGI Energy Services Inc. and Capitol Energy Ventures Corp. have taken firm capacity on the proposed Commonwealth Pipeline, making them anchor shippers on the project, which is sponsored by Inergy Midstream LP, UGI Energy and Capitol Energy. The contracts are for 10 years at negotiated rates. Commonwealth would provide a path for bringing gas produced in the Marcellus and Utica shale plays to markets in central and southeastern Pennsylvania and the greater Mid-Atlantic region (see Shale Daily, May 8). The proposed interstate pipeline will consist initially of 120 miles of 30-inch diameter pipeline extending from the southern terminus of the Inergy Midstream’s MARC I Pipeline in Lycoming County, PA, to several points of interconnection in southeastern Pennsylvania with other interstate pipelines, including NiSource Gas Transmission and Storage, Texas Eastern Transmission Co., Transco Pipeline, and Eastern Shore Natural Gas Co.

September 27, 2012

EWG Wants More Documents from New York Governor on Drilling Rules

The Environmental Working Group (EWG) this week sued New York Gov. Andrew Cuomo’s administration to obtain documents that would show how the state has drafted its plan to permit high-volume hydraulic fracturing (fracking) and horizontal drilling for unconventional natural gas.

September 21, 2012

Poll Shows Shift in Favor of Fracking Among New York State Voters

Public opinion of hydraulic fracturing (fracking) among voters in New York State has shifted in favor of the practice, according to a Quinnipiac University poll released on Wednesday.

September 14, 2012
ExxonMobil Exec: U.S. Leading ‘Revolutionary’ Natural Gas Boom

ExxonMobil Exec: U.S. Leading ‘Revolutionary’ Natural Gas Boom

It’s no exaggeration that the shale gas boom has “momentous” implications and it is “revolutionary” in an historic perspective, according to ExxonMobil Corp.’s Paul Greenwood, who spoke Tuesday at the LDC Gas Forum Midcontinent meeting in Chicago.

September 13, 2012

Ohio Investment Group Bankrupt, Agrees to Pay SEC $4.5M

A group of companies in Ohio that raised nearly $10 million from investors for oil and natural gas development projects has filed for bankruptcy and has agreed to pay the U.S. Securities and Exchange Commission (SEC) a $4.5 million judgment.

August 14, 2012

Midstreams DCP, Energy Transfer Struggle on Weak NGL Prices

Lower natural gas liquids (NGL) prices weighed down 2Q2012 earnings for both DCP Midstream Partners LP (DPM) and Energy Transfer Equity LP (ETE), the companies’ executives said in separate conference calls with analysts Wednesday.

August 9, 2012

Industry Briefs

Houston-based Vanguard Natural Resources LLC has closed on its acquisition of natural gas and liquids assets in the Arkoma Basin from Antero Resources for an adjusted price of $434.4 million, subject to post-closing adjustments. The effective date is April 1, 2012. The deal was announced early last month (see Shale Daily, June 5). Vanguard funded the acquisition with borrowings under its existing reserve-based credit facility. The borrowing base was increased from $670 million to $975 million in connection with an interim borrowing base redetermination to include the properties from the acquisition. Updated 2012 production and financial results guidance will be included with second quarter results, which are expected to be released on Aug. 2.

July 3, 2012

Feds: National Frack Study Being Conducted Near Lawsuit Site

Federal officials have confirmed that two agencies studying the effects of hydraulic fracturing (fracking) are conducting their work in Washington County, PA, near a Marcellus Shale drilling and impoundment site that is the target of a lawsuit.

June 18, 2012

Ohio Senate Approves New Fracking Rules

The Ohio Senate approved new rules governing hydraulic fracturing (fracking) on Tuesday, part of a lengthy energy bill that makes changes throughout the Ohio Revised Code.

May 17, 2012