Trust

Denver-based PRB Gas Transportation, Inc. and Calgary-based Enterra Energy Trust said Wednesday that they have finalized the definitive agreement to develop coal bed methane properties in an area of mutual interest in Wyoming and Montana. As reported in July (see Daily GPI, July 13), PRB will have the right to earn up to a 50% working interest in certain properties of Enterra’s recently acquired subsidiary, Rocky Mountain Gas (RMG).

Calgary-based Enterra Energy Trust completed its acquisition of Rocky Mountain Gas Inc. (RMG) last week and entered into another purchase agreement for the outstanding common shares of High Point Resources Inc. for US$250 million.

El Paso Corp. said Tuesday that it has sold its Lakeside Technology Center in Chicago to Digital Realty Trust Inc., which resulted in $140 million in cash at closing. The deal also offers the potential of additional payments to El Paso based on future rental opportunities and other considerations.

North America’s damaged energy trading industry appears to be on the mend at mid-year 2004, as industry players old and new realize the fundamental need for risk management. Some of the names that figured prominently three years ago as the merchant sector began to collapse still remain in NGI’s Top 20 North American Gas Marketer Ranking. However, some shakeout continues as new players with substantial financial wherewithal step forward.

North America’s damaged energy trading industry appears to be on the mend at mid-year 2004, as industry players old and new realize the fundamental need for risk management. Some of the names that figured prominently three years ago as the merchant sector began to collapse still remain in NGI’s Top 20 North American Gas Marketer Ranking. However, some shakeout continues as new players with substantial financial wherewithal step forward.

EnCana Corp. has completed its sale of some heavy-oil assets in east central and southern Alberta to Harvest Energy Trust for US$395 million. The property sale represents about 16,800 boe/d of production after royalties and is made up of predominantly medium- and heavy-oil assets. The sale is part of EnCana’s first tranche of divestitures to reduce its debt. Tristone Capital Inc. served as a financial adviser to EnCana on this transaction.

The “faith and trust” in the commercial reporting of the local cash price for natural gas has collapsed, according to Industrial Energy Consumers of America (IECA), whose members have suffered from the recent high gas prices.

The “faith and trust” in the commercial reporting of the local cash price for natural gas has collapsed, according to Industrial Energy Consumers of America (IECA), whose members have suffered from the recent high gas prices.

PrimeWest Energy Trust Friday announced the closing of the previously announced transaction to purchase certain natural gas and crude oil properties located primarily in the Caroline and Peace River Arch areas of Alberta.