Working

More than a year after West Virginia-based Trans Energy was working to dispel bankruptcy rumors, the Securities and Exchange Commission (SEC) has fined the company’s former president and CEO, Loren E. Bagley, and its former vice president and CFO, William F. Woodburn, $20,000 apiece for making false and misleading statements to its investors, including statements about its Chapter 7 bankruptcy.

More than a year after West Virginia-based Trans Energy was working to dispel bankruptcy rumors (see Daily GPI, Dec. 29, 2000), the Securities and Exchange Commission (SEC) has fined the company’s former president and CEO, Loren E. Bagley, and its former vice president and CFO, William F. Woodburn, $20,000 apiece for making false and misleading statements to its investors, including statements about its Chapter 7 bankruptcy.

What a difference a year makes for Pacific Gas and Electric Co., still working its way through Chapter 11 bankruptcy proceedings, but facing kinder, gentler wholesale gas and electricity prices. As a result, the San Francisco-based utility began the new year with a retail natural gas price of 39 cents/therm, a 72% drop in commodity costs, noting that for the first time in many months, “prices are beginning to stabilize and are more reflective of natural gas costs during the past five years.”

What a difference a year makes for Pacific Gas and Electric Co., still working its way through Chapter 11 bankruptcy proceedings, but facing kinder, gentler wholesale gas and electricity prices. As a result, the San Francisco-based utility begins the New Year with a retail natural gas price of 39 cents/therm, a 72% drop in commodity costs, noting that for the first time in many months, “prices are beginning to stabilize and are more reflective of natural gas costs during the past five years.”

Tri-Valley Oil & Gas Co. (TVOG) said Thursday that it has begun farming out working interest units in its Oil Creek play near Coalinga, CA. TVOG said it has mapped a potential of six separate pay zones to 12,500 feet in the exploratory wildcat prospect, which is north along the trend of the giant Kettleman North Dome Field. The company speculates an unproved potential of up to 125 million barrels of oil and up to 375 Bcf of natural gas from the multiple targets. Project costs are estimated in the range of $3.5 million, including drilling and completing the initial test well.

Calgary-based AltaGas is acquiring a 90% working interest in the 30 MMcf/d Cygnet-Prevo natural gas plant and associated 100-kilometer gathering system located near Red Deer, AB. Current throughput at the plant is 18 MMcf/d, and the facilities will be operated as part of AltaGas’ existing Bonnie Glen complex. With the acquisition and current activities, the midstream independent’s total gross processing capability in the Bonnie Glen area will be 80 MMcf/d. Closing is expected before July 31. According to the company, the Cygnet-Prevo system lies in a successful multi-zone producing region of the Western Canadian Sedimentary Basin. The gathering system encompasses about nine townships (83,915 square hectares), making it “well positioned to capture additional development in this area.”

Calgary-based AltaGas said Tuesday it would acquire a 90% working interest in the 30 MMcf/d Cygnet-Prevo natural gas plant and associated 100-kilometer gathering system located near Red Deer, AB. Current throughput at the plant is 18 MMcf/d, and the facilities will be operated as part of AltaGas’ existing Bonnie Glen complex.

Mexican officials are working to add 10 new power generationprojects this year alone to guarantee the country has an adequatesupply of electric power through 2006. Energy Minister ErnestoMartens said that based on current capacity and ongoing projects,the country only has sufficient power to meet its growth demandthrough 2004.

Working to find ways to ease the burden of high gas prices on its constituents, the Georgia Public Service Commission (GPSC) unanimously approved an additional $50 refund for low-income senior citizens on their bills for March. Low-income seniors are already receiving $10 refunds on their January, February and March bills, while all consumers are receiving $14 refunds on their February and March bills.