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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: grayhairs who wrote (2817)	5/28/1999 2:44:00 PM
From: johnlag	Read Replies (1) \| Respond to of 15703

Through the $2.15, just like snack food.

To: grayhairs who wrote (2817)	5/28/1999 8:09:00 PM
From: Bearcatbob	Respond to of 15703

Man you Canadians got gas! Friday May 28, 6:00 pm Eastern Time Turf wars brewing over northern Canada natural gas By Jeffrey Jones CALGARY, May 28 (Reuters) - New and impressive natural gas finds in Canada's rugged Northwest Territories are already fueling turf wars between governments and pipeline companies over the right to move the supply to rich southern markets. The biggest salvo so far was fired this month by the Northwest Territories government, which aims to entice TransCanada PipeLines Ltd. (Toronto:TRP.TO - news) to extend its huge Alberta pipeline network into the N.W.T., a move that would wrench the network from Alberta's energy regulator and put it in the hands of the federal regulator. The issue appears likely to touch off another in a long line of federal-provincial battles over resource jurisdiction. Westcoast Energy Inc. (Toronto:W.TO - news), meanwhile, already operates a pipeline in an area not far from the recent big discoveries at Ft. Liard in the southern N.W.T., and has aligned itself with the local Native band in hopes of being gas mover of choice. The Ft. Liard producers, whose multimillion-dollar exploration efforts have yielded three finds in the last 18 months rivaling many in the U.S. Gulf of Mexico, say they have not decided on a favorite option yet. But the eight companies that form the Liard Valley Producers Group want the issue resolved long before their mid-2000 target for pumping the gas to Canadian and U.S. markets. ''Negotiations are ongoing, but really what we want to do is come up with the most viable option for the producers, whether it be Westcoast or someone else for that matter,'' said Jan Horejsi, vice-president of group member Ranger Oil Ltd. (Toronto:RGO.TO - news), which made the first of the three finds in 1998. Two weeks ago, Chevron Corp. (NYSE:CHV - news) and its partners announced a C$16-million Ft. Liard well had the capability to produce up to 100 million cubic feet a day from gas reserves of as much as 600 billion cubic feet. On Thursday, Paramount Resources Ltd. (Toronto:POU.TO - news) and Berkley Petroleum Corp. (Toronto:BKP.TO - news) said that a recent well tested at 45 million cubic feet a day -- still several times more than the average well drilled in the provinces to the south -- and had estimated reserves of 250 billion cubic feet. The mountainous Ft. Liard area, about 25 miles (40 km) north of the British Columbia border, is known for risky and expensive drilling, and many analysts bet it is Canada's next major supply area. The N.W.T government, in a letter it sent to Canada's National Energy Board on May 7, said it wanted TransCanada to build an extension of its Alberta system, formerly NOVA Gas Transmission, to move the new supply from the Ft. Liard area. The letter is a powder keg. The move would require the NEB to take over regulation of the system from Alberta's Energy and Utilities Board because it would cross a provincial border. A major portion of the AEUB's staff are responsible for various regulatory aspects of the pipeline system in Alberta, a province which jealously guards control of its resources. ''It's in all likelihood going to become a legal issue and we'll just have to see where it all goes,'' AEUB spokesman Greg Gilbertson said. For its part, TransCanada is treading lightly, saying the sensitive issue has to be discussed by all of those involved. But spokesman Gary Davis said, ''The (western Canadian producing region) does not stop at provincial borders, so TransCanada is going to play in overall development of the basin and we're vitally interested in development of natural gas resources in the Northwest Territories.'' The NEB is regulator for the rest of TransCanada's pipeline systems, such as its cross-Canada mainline. The federal body is also responsible for Westcoast's system, which is British Columbia's main mover of gas. Westcoast, which has a line operating at well below capacity from nearby Pointed Mountain to its Fort Nelson, B.C. gas plant, said it had joined with the Acho Dene Koe First Nations band to pursue development opportunities in the region. ''With these discoveries, obviously the time value and the current economic circumstances say that you want to move it as quickly as you can, so our intent is to be their quickly and to move quickly,'' Westcoast spokesman Bob Foulkes said. ($1=$1.47 Canadian)