Something of interest if anyone cares lol
PENNACO NATURAL GAS, was bought out buy Marathon Oil at $19 / share 2001
LOL
The Denver Business Journal - July 5, 2006
Oil and gas company PRB Energy Inc. said Wednesday it has bought about 630 coal-bed methane wells on 29,500 acres from Pennaco Energy Inc., a subsidiary of Marathon Oil Co., part of the USX-Marathon Group (NYSE: MRO).
Of the 630 wells, fewer than 200 are currently producing at a rate of between 2.5 to 3 million cubic feet per day. PRB said it plans to improve production by bringing shut-in wells back to a productive status.
Robert W. Wright, PRB's chairman and CEO, said in a statement that the acquisition shows promise but the true potential of the wells, as well as the cost of bringing the shut down wells back into production, will take time to assess.
"These are several of the factors that make forecasting difficult at this time. It is our belief that by the end of the third quarter, we will have an understanding of the growth potential of the properties and should be in a far better position to provide updated 2006 guidance," Wright said in the statement.
PRB Energy Inc. will become the new name of PRB Gas Transportation Inc., the company announced Thursday.
PRB Energy, Inc., an independent energy company, engages in oil and gas exploration and development, and mid-stream operations in the Rocky Mountain States. It provides gas gathering, processing, and compression services on properties it operates and for third party producers. The company owns and operates natural gas gathering systems and coal-bed methane gas wells in the Powder River Basin of Wyoming. It owns approximately 200 miles of gas pipelines. As of December 31, 2005, the company had proved reserves of approximately 396 MMcf of natural gas, as well as had working interests in 10 productive wells. In addition, it offers management services, including technical and administrative support services. The company was founded in 2003. It was formerly known as PRB Transportation, Inc. and changed its name to PRB Gas Transportation, Inc. in 2004. Further, the company changed its name to PRB Energy, Inc. in June 2006. PRB Energy is headquartered in Denver, Colorado.
looks like rgbl should be knocking on their door for biz
sure have a lot of capped wells with water issues
maybe PBR will be the better buy small float should turn around big time if they can start uncapping existing wells with rgbl tech |
