Fort Worth company to buy shale acreage
A Fort Worth-based company said Thursday that it will buy about 55, 600 acres in the Fayetteville Shale from Southwestern Energy Co. for $ 520 million.
The agreement is to acquire producing properties, leasehold acreage and gathering infrastructure, XTO Energy Inc. said.
As a result of the transaction, XTO will have more than 300, 000 acres in the shale.
XTO expects the acreage to hold more than 1 trillion cubic feet equivalent of natural gas. The company will move in four drilling rigs this year and at least two more in 2009. The transaction is scheduled to close May 5. A news release from Southwestern said the sale reduced its holdings of 906, 700 acres in the shale by about 6 percent.
Also, Boardwalk Pipeline Partners said Thursday that its subsidiary entered a binding agreement with XTO to transport 300 million cubic feet per day of natural gas on a new pipeline it’s building across Arkansas. Fee on throwaway bags for shoppers proposed
SEATTLE — Paper or plastic ? Seattle Mayor Greg Nickels and City Council President Richard Conlin say the answer is neither.
The two are proposing a 20-cent fee on disposable shopping bags at grocery, drug and convenience stores. Their plan, announced Wednesday, also calls for a ban on foam takehome containers, plates and cups at restaurants.
The proposal requires the City Council’s approval.
Conlin and Nickels say paper and plastic bags and foam containers are bad for the environment, and they hope charging a fee will encourage people to bring reusable bags when they shop.
The 20-cent fee per bag would be divvied up — 5 cents for the retailer, 15 cents for the city. But retailers grossing less than $ 1 million a year will keep the entire 20-cent fee.
The virtually indestructible plastic bags take years to break down and commonly end up in landfills. Arkansas 20 off 1. 85; 12 stocks lose ground
The Arkansas 20, a priceweighted index that tracks public companies based in the state, slipped 1. 85 to 185. 43 Thursday.
Twelve stocks traded lower, five moved higher, and three remained unchanged.
Equity Media slumped again, falling 19 percent on 12 times its normal volume. Equity’s stock has dropped 86 percent since its 52-week high of $ 5 in May.
P. A. M. Transportation Services Inc. fell 8. 7 percent in light trading.
Volume on the index was 35. 9 million shares. The average daily volume is 43. 2 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
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