Twist

Pennsylvania Gov. Tom Corbett is looking for a new secretary to lead the Department of Environmental Protection (DEP), but in a strange twist the outgoing secretary, Michael Krancer, is reportedly on a short list of names to replace a state Supreme Court justice who resigned Monday after being convicted on corruption charges.

Ending with an unexpected twist at the end of a bidding war for bankrupt San Antonio-based TXCO Resources Inc.’s oil and gas assets in the Maverick Basin of Southwest Texas, Newfield Exploration Co. and Anadarko Petroleum Corp. — once competitors for the assets — announced a joint transaction last week valued at up to $310 million.

Ending with an unexpected twist at the end of a bidding war for bankrupt San Antonio-based TXCO Resources Inc.’s oil and gas assets in the Maverick Basin of Southwest Texas, Newfield Exploration Co. and Anadarko Petroleum Corp. — once competitors for the assets — announced a joint transaction Tuesday valued at up to $310 million.

One of the nation’s largest banks, Wachovia Corp., is offering a new twist on the “Big Bank Moves in on NatGas Market” story, teaming with a Tulsa, OK, E&P company, Resolute Holdings, parent of Resolute Natural Resources, to offer its customers, both producers and gas users, what they’ve asked for: some stability around their physical gas sales and purchases.

One of the nation’s largest banks, Wachovia Corp., is offering a new twist on the “Big Bank Moves in on NatGas Market” story, teaming with a Tulsa, OK, E&P company, Resolute Holdings, parent of Resolute Natural Resources, to offer its customers, both producers and gas users, what they’ve asked for: some stability around their physical gas sales and purchases.

In a refreshing twist last week, El Paso Natural Gas contract demand (CD) shippers began stepping up to the plate to offer to turn back their unused capacity in an attempt to ease the way for FERC’s planned conversion of full requirements (FR) service to CD service on the pipeline.

In an unexpected twist, the SEC on Friday asked the U.S. Bankruptcy Court for the Southern District of New York to reject Enron Corp.’s hiring of Stephen F. Cooper as CEO, calling the terms of his million dollar contract and bonus guarantee inappropriate. Enron wants court approval to hire the bankruptcy specialist as an independent contractor as interim CEO and chief restructuring officer with an annual salary of $1.32 million a year and a bonus of at least $5 million once the restructuring is completed.

In an unexpected twist, the SEC on Friday asked the U.S. Bankruptcy Court for the Southern District of New York to reject Enron Corp.’s hiring of Stephen F. Cooper as CEO, calling the terms of his million dollar contract and bonus guarantee inappropriate. Enron wants court approval to hire the bankruptcy specialist as an independent contractor, with the title of interim CEO and chief restructuring officer, at an annual salary of $1.32 million a year and a bonus of at least $5 million once the restructuring is completed.

In an ironic twist, the same Oklahoma Corporation Commission (OCC) administrative law judge (ALJ) who had cited Oneok for contempt in May for refusing to turn over documents related to an OCC investigation last Wednesday granted the company’s motion for a stay in the state attorney general’s request that the company be cited for contempt for not turning over the same documents related to natural gas sales made last winter.