Totals

The Utah office of the Bureau of Land Management (BLM) reported that its June oil and gas lease sale on June 25 was the largest ever in the state both in terms of acres leased and total bids received. BLM leased 123 parcels consisting of 203,077 acres, and the sale netted $9.95 million.

The Utah office of the Bureau of Land Management (BLM) reported that its June oil and gas lease sale last Friday was the largest ever in the state both in terms of acres leased and total bids received. BLM leased 123 parcels consisting of 203,077 acres, and the sale netted $9.95 million.

Dominion Exploration & Production is forecasting some significant daily gas production totals from the new Devils Tower field, which started flowing this week. The field, which is located about 140 miles southeast of New Orleans on Mississippi Canyon block 773 in the deepwater Gulf of Mexico, is expected to produce a total of 60 Bcfe of gas and oil net to Dominion over the next 12 months. Pioneer Natural holds a 25% stake in the project.

Burlington Resources Inc. reported an 8.2% increase in third quarter earnings to $79 million, or $0.39 per diluted share, including a net after-tax gain of $0.12 per diluted share from asset sales and accompanying tax benefits. Higher production, including a 10% increase in gas production to 1.8 Bcf/d, and lower cash operating costs, along with higher oil prices and the asset sale and tax benefits, more than offset lower prices for natural gas and higher interest expenses and production taxes. Realized natural gas prices fell to $2.65/Mcf (Henry Hub) from $2.89 in 3Q2001.

Burlington Resources Inc. reported an 8.2% increase in third quarter earnings to $79 million, or $0.39 per diluted share, including a net after-tax gain of $0.12 per diluted share from asset sales and accompanying tax benefits. Higher production, including a 10% increase in gas production to 1.8 Bcf/d, and lower cash operating costs, along with higher oil prices and the asset sale and tax benefits, more than offset lower prices for natural gas and higher interest expenses and production taxes. Realized natural gas prices fell to $2.65/Mcf (Henry Hub) from $2.89 in 3Q2001.

While geologists, engineers and regulators continue to study how much more there can be, producers and exporters are showing that western Canadian natural gas supplies are still growing.

While geologists, engineers and regulators continue to study how much more there can be, producers and exporters are showing that western Canadian natural gas supplies are still growing.