Verdict

Natural gas and oil exploration firms hung on to free access to Canadian offshore and northern geological treasure maps in a landmark Alberta court verdict against a property rights crusade by a Calgary seismic survey enterprise.

Natural gas and oil exploration firms hung on to free access to Canadian offshore and northern geological treasure maps in a landmark Alberta court verdict against a property rights crusade by a Calgary seismic survey enterprise.

There were a few holdouts for higher prices on Wednesday, but the verdict was unanimous Thursday: declines across the board, including several multi-dollar plunges in the Northeast. As expected, this week’s burst of cold proved to be relatively brief. Warming trends will either be already under way or beginning Friday in most of the U.S., Eastern Canada and portions of Western Canada.

“One down, two to go” could be Eatontown, NJ-based Metromedia Energy’s (MME) slogan after the natural gas marketer sought and received a temporary injunction from the Virginia State Corporation Commission (VSCC) that prohibits Washington Gas Light Co. (WGL) from returning Metromedia’s 128 commercial and industrial Virginia customers back to utility gas sales service on Feb. 1.

One down, two to go could be Eatontown, NJ-based Metromedia Energy’s (MME) slogan after the natural gas marketer sought and received a temporary injunction from the Virginia State Corporation Commission (VSCC) that prohibits Washington Gas Light Co. (WGL) from returning Metromedia’s 128 commercial and industrial Virginia customers back to utility gas sales service on Feb. 1.

Exxon Mobil Corp. will appeal a record $3.5 billion verdictannounced yesterday by an Alabama jury, which found the oil companyhad defrauded the state and underpaid royalties on natural gas wellleases in state waters. The case centered on charges that theenergy giant had underpaid up to $87.7 million in royalties on theMobile Bay natural gas project in the Gulf of Mexico.

Vectren Corp. announced that the Indiana Supreme Court hasoverturned an appeals court verdict and affirmed the Sept. 12, 1997order of the Indiana Utility Regulatory Commission (IURC), that thegas supply agreements between utilities Indiana Gas and CitizensGas and Coke and their joint venture marketing affiliate, ProLianceEnergy, are in the public interest.

Vectren Corp. announced that the Indiana Supreme Court hasoverturned an appeals court verdict and affirmed the Sept. 12, 1997order of the Indiana Utility Regulatory Commission (IURC), that thegas supply agreements between utilities Indiana Gas and CitizensGas and Coke and their joint venture marketing affiliate, ProLianceEnergy, are in the public interest.