Valuable

Participants in the Canadian energy industry are signaling that its switch of drilling targets to oil and natural gas liquids (NGL) will continue and accelerate.

Ohio will devote time and effort to take part in the Marcellus Shale drilling boom, Gov.-elect John Kasich said last week.

Proving that it is unwise to say “never” when talking about commodity market price levels, traders were reminded of the valuable lesson Wednesday as February natural gas futures continued recording new lows and broke below $5 — a number that some traders and analysts thought would “never” be broken on this bear move. The prompt-month contract ended up putting in a $4.940 low before closing the regular session at $4.970, down 21.4 cents from Tuesday’s finish.

While coalbed methane (CBM) has proven to be a valuable resource, Montana Gov. Brian Schweitzer and his government have had their hands full with CBM developers in Canada and Wyoming, whose projects could affect the water quality of some of Montana’s major rivers in addition to the state’s wildlife.

While coalbed methane (CBM) has proven to be a valuable resource, Montana Gov. Brian Schweitzer and his government have had their hands full with CBM developers in Canada and Wyoming, whose projects could affect the water quality of some of Montana’s major rivers in addition to the state’s wildlife.

The principals aren’t talking, but rumors have been swirling in recent weeks about potential buy-out offers for portions of the increasingly valuable energy trading portion of the New York Mercantile Exchange. The latest was a report circulating Thursday that J.P. Morgan Chase & Co. was presenting a proposal to the Nymex board to set up an initial public offering for the Exchange.

Trying to tap one of its most valuable assets to improve its still struggling balance sheet, San Jose, CA-based Calpine Corp. announced Wednesday it plans to establish a new trust centered on its oil/natural gas reserves in western Canada. The company said it has filed a preliminary prospectus with the provincial securities commissions in Canada to form Calpine Natural Gas Trust (CNG Trust).

Nipsco Industries reached the brink of gaining a valuable eastcoast influence Thursday as the SEC approved a merger betweenNipsco and Massachusetts-based Bay State Gas Co. The $780 millionmerger was originally announced in December of 1997. Both sides arereviewing final documentation and no other regulatory matters arepending. Nipsco expects the deal to close today.