Vancouver

A set of private investors has formed a Vancouver, WA-based company to pursue a liquefied natural gas (LNG) receiving terminal at the mouth of the Columbia River on the Oregon side near Warrenton. Oregon LNG last January obtained the management and development rights for Chapter 11-bound Calpine Corp.’s Skipanon project.

Vancouver-based Encore Clean Energy Inc. is targeting the oil and natural gas production industry with new technologies that allow producers to use their wastewater and other byproducts to produce power for operations.

Vancouver-based Encore Clean Energy Inc. is targeting the oil and natural gas production industry with new technologies that allow producers to use their waste water and other byproducts to produce power for operations.

Vancouver-based Valkyries Petroleum Corp. said initial test results for its Canales No. 1 well drilled on the Tiara prospect in South Texas is flowing 2.7 MMcf/d and 70 bbl of condensate a day. The well spudded in mid-April and reached final depth of 9,100 feet in early May. The well will be tied into nearby production facilities, and a full field appraisal program will be carried out over the next few months. Valkyries holds a 20.63% working interest in the Canales No. 1 well. Preparations are under way to drill an offset well in which the company will have a 37.5% working interest. Valkyries also reported that a private placement announced in March has closed. The placement raised gross proceeds of C$2.25 million through the sale of one million units at C$2.25/unit with each unit consisting of one common share of Valkyries and one-half of a share-purchase warrant. Proceeds will be used for general working capital purposes.

Marking the international company’s first venture into the United States, Vancouver-BC-based Valkyries Petroleum Corp. (previously known as Santa Catalina Mining) said it has paid approximately US$1.1 million to acquire a major share in a large natural gas exploration project in one of the newest major gas producing regions in South Texas.

Vancouver-based Epic Oil and Gas Ltd. said that AEC Storage and Hub Services Inc., a subsidiary of Alberta Energy Co. Ltd., has given notice to Epic’s U.S. subsidiaries Rival Resources Inc. and American Safari Resources Inc. that it is terminating its letter of agreement on the Birch Bay Gas Storage Project in northwest Washington State. In October 2000, Epic said AEC completed a four-mile seismic survey over part of the project area. The results of this work did not meet AEC’s expectations and consequently AEC suspended work on the project. In accordance with the terms of the agreement, AEC will pay to Rival and American Safari a substantial portion of a $50,000 “Success Fee.” In conjunction, Rival and American Safari have assigned to AEC thirty-eight oil and gas mineral leases covering 621 acres in the project area. Epic said the AEC decision will not negatively affect progress on Rival and American Safari’s ongoing natural gas exploration program in the same general area of Washington State; in fact the receipt of the Success Fee will assist work. The companies said results of recently completed programs in the area are “very encouraging.” The companies are scheduled to drill some of the best shallow natural gas targets this winter, Epic said.

BC Gas Utility Ltd. has applied to the BC Utilities Commission for a 10% reduction in the commodity charge for natural gas to take effect Jan. 1, 2002. Vancouver-based BC Gas last reduced its commodity charge on Oct. 1 when the BCUC approved a reduction that saw customers’ bills decrease by approximately 11%.

Westcoast Energy Inc. announced Thursday that its securityholders, at a special meeting in Vancouver, overwhelmingly approved its acquisition by Duke Energy. Over 96% of the votes cast were in favor of Duke’s US$8.5 billion bid for the major Canadian pipeline company. The purchase price includes assumption of about $4 billion in debt.

Vancouver-based Epic Oil and Gas Ltd. said Thursday that AEC Storage and Hub Services Inc., a subsidiary of Alberta Energy Co. Ltd., has given notice to Epic’s U.S. subsidiaries Rival Resources Inc. and American Safari Resources Inc. that it is terminating its letter of agreement on the Birch Bay Gas Storage Project in northwest Washington State.