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Critical, Forward-Looking Analysis of the Upstream Oil and Gas Industry
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Cost Watch February 2011

Cost Watch

25 Mar 2011

On a year over year basis, downside pressures abated as the market for drilling, services and equipment reached a tentative supply/demand balance. As a result, the cost series that we track stabilized at levels at or slightly below 2009. This was true despite numerous reports of shortages of service capacity.

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Market Outlook & Capital Strategies in North American Unconventional Gas and Oil

Market Outlook

15 Mar 2011

The Nymex gas futures price chart is shown here to provide perspective on recent gas prices relative to their previous patterns both at cyclical highs and at prior stable market environments.

First month gas futures have averaged only slightly more than $4/mmbtu over the last twelve months. While this is double the relatively sustained price plateau that was experienced prior to late 2000 it is still well below the price assumptions that appear to be underlying most companies' expectations for the future and the current long-term Nymex prices after 2012.

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Land Programs, Investment Plans & Exploration Activities

Land Programs

23 Feb 2011

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EQT Corporation

Finance

22 Feb 2011

In its just released analyst presentation EQT Corporation announced that it will consider outside capital including upstream or midstream JVs or the sale of non-core assets.

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Kitimat LNG Acquisition

A&D

22 Feb 2011

Apache and EOG will acquire full ownership of the Pacific Trail Pipelines Limited partnership, picking up the 50% they do not already own from Pacific Northern Gas (PNG). Pacific Trails will build the 287 mile 36 inch pipeline to the Kitimat LNG plant. PNG will operate and maintain the pipeline for seven years with potential renewals.

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Chesapeake Fayetteville Shale Divestiture

A&D, Unconventional Resources

21 Feb 2011

Chesapeake recently announced plans to divest all of its Fayetteville shale assets with expectations that it will capture in excess of US$5 billion in pre-tax proceeds from the sale. Proceeds are expected to be used to retire senior notes and borrowings under a revolving bank credit facility.

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Nexen Looking into Canadian Shale Gas JV

A&D, Unconventional Resources

21 Feb 2011

Nexen announced plans to follow EnCana's lead by seeking out a JV alliance to develop 300,000 shale gas acres in British Columbia. Nexen holds a 100% interest in the acreage at this time and it acquired 175,000 acres in 2010 in the Cordova and Liard basins. The company is at an early stage of development of its land position.

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PetroChina Enters JV with EnCana

A&D, Unconventional Resources

21 Feb 2011

PetroChina has acquired half of EnCana's interest in the Cutbank Ridge unconventional gas play in British Columbia and Alberta.  PetroChina will pay US$5.4 billion to acquire 635,000 net acres in the play, 255 Mmcfe/d production, plus a share in 700 Mmcf/d of processing capacity, 3,400 km of pipelines, and a natural gas storage facility.  PetroChina has the option to spread the cost of the acquisition over time.

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CNOOC and Chesapeake Enter Second JV Alliance in Liquids-Weighted Unconventional Resources

A&D, Unconventional Resources

21 Feb 2011

CNOOC has agreed to acquire a 33.33% interest in Chesapeake Energy's 800,000 net acres in the Denver-Julesberg and Powder River Basins.

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Korean Oil & Gas Expansion Program

A&D

20 Feb 2011

Korea Gas Corporation (KOGAS) will acquire a 20% working interest in the Umiak oil and gas field located in Canada's Arctic Mackenzie Delta area. KOGAS will pay US$20 million at closing. The company will pay another US$10 million when and if the Mackenzie Valley Pipeline proceeds or if the field achieves commercial status by some other means.

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