Went

Tennessee said it was ceasing enforcement Tuesday of a Balancing Party’s Maximum Allowable Volume.

The gas futures rocket ran out of fuel and apparently had no parachute on Tuesday. April went into free-fall, opening the day down 22.5 cents, and then rapidly sailing straight through the $6 support level and several major trendlines to a hard landing at $5.944, down a grand total of 57.1 cents for the day.

Continuing its strategy of snatching up prime oil and gas producing assets since the company went public earlier this year, Houston-based Rocky Mountain Energy Corp. (RMEC) said it has purchased the Trinidad Coalbed Methane Project for $150,000 or $9.13 per acre.

Continuing its strategy of snatching up prime oil and gas producing assets since the company went public earlier this year, Houston-based Rocky Mountain Energy Corp. (RMEC) said Tuesday that it has purchased the Trinidad Coalbed Methane Project for $150,000 or $9.13 per acre.

As the U.S. Congress went into the night with what could be its final, and very lengthy, session for the year, there was still a chance the pipeline safety legislation, the only remaining piece of the once comprehensive energy bill, might squeak through attached to another measure. As of press time late Wednesday it was still a possibility.

Oil and natural gas-rich Kern County in the southern end of California’s San Joaquin Valley went to court last week to uphold Occidental Petroleum Corp.’s past and future property tax bills on the former U.S. Naval Petroleum Reserve at nearby Elk Hills. At stake is up to $73 million of past taxes that Oxy argues should be refunded, along with future tax bills of $7.5 million annually.

Oil and natural gas-rich Kern County in the southern end of California’s San Joaquin Valley went to court last week to uphold Occidental Petroleum Corp.’s past and future property tax bills on the former U.S. Naval Petroleum Reserve at nearby Elk Hills

The weather forecasters say Lilli, a category 4 when it went through the Gulf of Mexico production area, could rival Andrew, a category 5 hurricane in 1992 that devastated a wide swath of Florida before cutting across the Gulf, toppling 34 oil and gas platforms, leaving 28 leaning, and causing over a billion dollars in damage, not counting the loss of production revenue (see NGI’s storm chronicle — located under special reports on intelligencepress.com).

Tulsa-based Oneok Inc. went where no man has gone before in second quarter 2002 earnings, marking a 56% increase for its marketing and trading operations segment, which, combined with solid returns in distribution, led to a gain in net income of 64% over the second quarter last year.