Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, February 15 2002? No. 484
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $20.79
| Brent            |  $20.69
| Butane           |  $ 0.39 
| Fuel Oil #2      |  $ 0.55   
| Louisiana        |  $21.75  
| Medit.           |  $19.69  
| Propane Non-tet  |  $ 0.32   
| Propane Wet-tet  |  $ 0.32  
| W. Tx Int Cush   |  $21.23 
| W. Tx Sour       |  $20.00 

| Euro in US equiv |  0.8743
-------------------------------------------------------------
Todays Petro Bulletins
 * Newfield Exploration and Nuevo Energy Post 4th Quarter Losses on 
Writedowns
 * Brigham Exploration Announces 306% Reserve Replacement and $1.23 
F&D Cost for 2001; $24 Million Capital Budget for 2002
 * Southwestern Energy Announces Record 2001 Financial and Operating 
Results and  Revised 2002 Guidance
 * Georg von Canal Challenges Purported Removal from The American 
Energy Group as President and Chairman
 * TEPPCO Partners Priced Offering for $500 Million of 7-5/8% Senior 
Notes Due 
February 2012
 * Conoco Canada Resources Announces Redemption of Preferred Shares 
and Medium Term Notes
 * Chart Industries to Build LNG Fueling Station for Santa Monica
 * Imperial Petroleum Announces Purchase of Block of Shares of 
Warrior Resources and Proposed Acquisition of Warrior Resources 
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR 
Holdings, L.L.C., is conducting an open season for firm storage 
services at its new high-deliverability, salt cavern, natural gas 
storage facility, known as the Southern Pines Energy Center. The open 
season will begin at 9:00 a.m. CDT on February 4, 2002, and will 
continue until 5:00 p.m. CDT on March 4, 2002. The project is located 
at the border of Mississippi and Alabama with access to the major 
pipelines serving the Mid-Atlantic and the Southeastern United 
States. The facility is ideally located to serve as a transportation 
and storage hub for shippers on any one of nine major pipelines that 
will be interconnected directly or indirectly to the project. 
Information on the facility and the Open Season is available on our 
web site at 
http://www.sgr-holdings.com 
or contact us at 713-914-8188
--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Mar 02 0.5615 0.5510 0.5562 +0.0022 
Apr 02 0.5645 0.5555 0.5584 +0.0002 
May 02 0.5640 0.5580 0.5594 +0.0002 
Jun 02 0.5670 0.5600 0.5624 +0.0002 
Jul 02 0.5690 0.5660 0.5669 +0.0002 
Aug 02 0.5740 0.5720 0.5739 +0.0002 
Sep 02 0.5840 0.5810 0.5824 +0.0002 
Oct 02 0.5909 0.5900 0.5909 +0.0002 
Nov 02 0.6075 0.5925 0.5984 +0.0002 
Dec 02 0.6150 0.5970 0.6054 +0.0002
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 21.40 21.52 21.05 21.23 +0.05 
Apr 02 21.75 21.80 21.40 21.52 +0.00 
May 02 21.80 21.90 21.55 21.63 +0.01 
Jun 02 21.82 21.85 21.55 21.62 +0.00 
Jul 02 21.72 21.75 21.52 21.56 -0.02 
Aug 02 21.60 21.69 21.46 21.51 -0.03 
Sep 02 21.50 21.65 21.37 21.46 -0.04 
Oct 02 21.50 21.50 21.43 21.43 -0.04 
Nov 02 21.40 21.50 21.20 21.40 -0.04 
Dec 02 21.55 21.55 21.35 21.37 -0.04
-------------------------------------------------------------
Crude Oil Futures Up Slightly

    Crude oil futures for March delivery on the NYMEX edged up $0.05 
to $21.23 per barrel yesterday as the market seemed unsure of which 
way to move. Traders are still concerned that escalating tensions 
between the US and Iraq could produce supply disruptions later this 
year. But, at the same time, they are worried about the ever-growing 
crude inventories reported by both the API and EIA this week. 
President Bushs statement that the US is looking at ways to overthrow 
Saddam Hussein has temporarily overridden bearish fundamentals, even 
with stockpiles brimming and the failure of OPEC and other producing 
countries to stick to their self imposed quotas. OPEC, excluding 
Iraq, pumped more than 1 million bpd over their limit last month. And 
it is widely thought that Russia is skirting its commitment to cut 
150,000 bpd by increasing exports of products. Products ended up 
mixed yesterday. Heating oil futures for March delivery on the NYMEX 
added $0.0022 to $0.5562 per gallon. March gasoline futures on the 
NYMEX lost $0.0064 to $0.6026 per gallon. In London, Brent crude oil 
futures for April delivery on the IPE were down $0.10 to $20.82 per 
barrel.
-------------------------------------------------------------
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.6050  -0.0478 ? ? ? 
18 Month Strip ?2.7050  -0.0434 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.245 | 2.180 | 2.186 | -0.059 |
| APR   | 2.310 | 2.240 | 2.246 | -0.064 |
| MAY   | 2.380 | 2.328 | 2.328 | -0.060 |
| JUN   | 2.455 | 2.400 | 2.405 | -0.053 |
| JUL   | 2.510 | 2.476 | 2.476 | -0.047 |
| AUG   | 2.580 | 2.533 | 2.533 | -0.047 |
| SEP   | 2.575 | 2.539 | 2.539 | -0.048 |
| OCT   | 2.610 | 2.571 | 2.571 | -0.047 |
| NOV   | 2.825 | 2.801 | 2.801 | -0.042 |
| DEC   | 3.040 | 3.015 | 3.016 | -0.038 |
| JAN   | 3.130 | 3.108 | 3.108 | -0.036 |
| FEB   | 3.070 | 3.050 | 3.051 | -0.033 |
-------------------------------------------------------------
BP Shares Jump Higher


    Shares of BP jumped 3.5% higher yesterday on increased Middle 
East tensions that were prompting some switching out of Shell, which 
last week had disappointing earnings. Volume was very high. Last 
Tuesday BP reported lower 4th quarter earnings, but were above 
analysts' forecasts that also gave a positive outlook, particularly 
on reserve replacement and output growth. In contrast, Shell's 4th 
quarter numbers were at the lower than expected. 
-------------------------------------------------------------
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-------------------------------------------------------------
Compromise Proposed for California Exempted Leases 


    A compromise has been proposed to the stalemate between 
California and the federal government over 40 offshore California oil 
and natural gas tracts that the White House wants to open for new 
development. New oil drilling off California's coast has been banned 
since 1989, but oil production has continued at existing state and 
federal tracts. California says that it has the right to review the 
environmental impact of any proposed new exploration under a 1998 
Clinton era law. But the tracts were exempted from the ban on new oil 
drilling because the leases were so old, some going back about 20 
years. In 1999 the Secretary of the Interior extended the companies' 
leases and ordered an environmental impact review. The current 
administration contends that because the tracts were exempted, it is 
possible to drill on those leases. California filed a lawsuit to halt 
new production and won a court order blocking new drilling pending 
full review. That order is currently under appeal in a circuit court. 
Government estimates show the leases, which are near Santa Barbara's 
coast, could hold 1 billion barrels of oil. The area also holds 
reserves of natural gas. A California Senator has proposed 
legislation to remove the exemption and establish the area as an 
ecological preserve. In return, the leaseholders would be offered 
credits, which could run anywhere from $1 billion to $2.8 billion to 
be used for bids on lease tracts in the central and western Gulf 
already scheduled for development. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
APR 02 20.92 21.40 20.80 20.82 -0.10 
MAY 02 21.05 21.37 20.97 20.98 -0.07 
JUN 02 21.10 21.10 20.79 20.80 -0.01 
JUL 02 20.72 20.95 20.69 20.69 -0.01 
AUG 02 20.70 20.92 20.63 20.67 -0.01 
SEP 02 20.68 20.71 20.61 20.65 -0.01
OCT 02 20.66 20.76 20.62 20.62 -0.01
NOV 02 20.64 20.75 20.57 20.59 -0.01
DEC 02 20.60 20.74 20.45 20.55 -0.02
JAN 02 20.57 20.60 20.45 20.49 ?0.02
------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3195 0.3175 0.3175 +0.0050 
Apr 02 0.3200 0.3200 0.3200 +0.0050 
May 02 0.3200 0.3100 0.3200 +0.0050 
Jun 02 0.3225 0.3025 0.3225 +0.0050 
Jul 02 0.3225 0.3000 0.3225 +0.0050 
Aug 02 0.3250 0.3100 0.3250 +0.0050 
Sep 02 0.3400 0.3125 0.3400 +0.0050 
Oct 02 0.3400 0.3150 0.3400 +0.0050 
Nov 02 0.3425 0.3175 0.3425 +0.0050 
Dec 02 0.3425 0.3250 0.3425 +0.0050
-------------------------------------------------------------
Cabot Finalizes Year-End Reserves and Provides Drilling Results

    Cabot Oil & Gas has announced the final results of its year-end 
reserve audit. Total proved reserves increased 13% to 1,154.1 Bcfe at 
December 31, 2001, compared to 1,018.7 Bcfe in the prior year.  
Driving this increase was 113.5 Bcfe from drilling additions and 
146.8 Bcfe from acquisitions. The drilled additions and the acquired 
reserves were added at a cost of $1.68 per Mcfe. Revisions, caused 
primarily by lower pricing ($2.65 per Mcf on the last day of 2001 
versus $9.63 per Mcf on the last day of 2000), removed 42.7 Bcfe from 
reserves and added $.33 to the overall finding cost level. The 
Company replaced 268% of production during the year. The 2001 capital 
program included $144.3 million (versus $75.2 million in 2000) for 
drilling and dry hole, along with $32.5 million (versus $16.2 million 
in 2000) for lease acquisition and seismic that will benefit future 
years.  
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 173.75 170.00 170.25 + 1.00 
APR 02 174.75 171.75 172.25 + 1.75 
MAY 02 176.00 173.50 173.50 + 2.00 
JUN 02 177.50 175.25 175.25 + 2.00 
JUL 02 177.25 177.00 177.00 + 2.00 
AUG 02 179.50 178.50 178.75 + 2.00
SEP 02 181.75 180.50 180.50 + 2.00
OCT 02 183.50 182.25 182.25 + 2.00
NOV 02 184.50 183.25 183.25 + 2.00
DEC 02 185.00 183.50 183.50 + 2.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.6150 0.5980 0.6026 -0.0064 
Apr 02 0.6850 0.6680 0.6732 -0.0062 
May 02 0.6900 0.6780 0.6802 -0.0052 
Jun 02 0.6880 0.6815 0.6822 -0.0042 
Jul 02 0.6790 0.6767 0.6767 -0.0039 
Aug 02 0.6710 0.6635 0.6647 -0.0032 
Sep 02 0.6510 0.6457 0.6457 -0.0032 
Oct 02 0.6177 0.5815 0.6177 -0.0027 
Nov 02 0.6077 0.5810 0.6077 -0.0027 
Dec 02 0.6120 0.6052 0.6052 -0.0027
-------------------------------------------------------------
Baker Hughes Posts 4th Quarter Profit
  
    Baker Hughes said that it made a 4th quarter profit of $126 
million, or $0.37 per share, compared to last years 4th quarter loss 
of $41 million, or $0.12 per share due to strong international 
drilling business. In the 4th quarter of 2000, Baker Hughes lost $41 
million, or $0.12 per share. However, it warned that its 2002 
oilfield revenue would be 5% - 7% below that of 2001, because a mild 
winter, conservation and sluggish economy will keep the lid on energy 
demand and impact drilling in the US during the first half of this 
year. In 2002 spending in North America will drop by 15% - 20% from 
2001 levels. Baker Hughes expects international oil and natural gas 
exploration to grow slightly, because of its long-term nature and it 
is funded by big, integrated oil companies with a strong cash flow 
and less vulnerability to daily price swings. Baker Hughes said it 
expects 2002 operating profit to be about $1.10-$1.25 per share, 
below the $1.29 average estimate of analysts. Excluding one-time 
charges, earnings rose to $132.8 million, or $0.39 per share, from 
$81.0 million, or $0.24 per share a year ago, compared to an average 
estimate of analysts of $0.35 per share. One-time charges include a 
$10.3 million write-down related to its 30% stake in Western Geco for 
obsolete equipment, a $6.8 million charge for impairment of 
exploration and production properties and a one-time gain of $4.2 
million gain related to its exiting the exploration business in 2000. 
Fourth quarter revenue was $1.376 billion, slightly down from $1.384 
billion a year ago. Baker Hughes shares closed  flat on the NYMEX 
yesterday.
-------------------------------------------------------------

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-------------------------------------------------------------

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.13  |
| ANR SE                  | 2.23  |
| Carthage TG             | 2.21  |
| Chicago Citygate        | 2.25  |
| Columbia Gulf Onshore   | 2.23  |
| Dominion South Point    | 2.47  |
| Henry Hub               | 2.27  |
| Houston Ship Channel    | 2.28  |
| Katy Hub                | 2.22  |
| NGPL LA Pool            | 2.22  |
| NGPL - Midcontinent     | 2.14  |
| NGPL STX                | 2.17  |
| NGPL TX/OK              | 2.17  |
| NNG Demarc.             | 2.20  |
| Niagara                 | 2.41  |
| Sonat Tier 1            | 2.21  |
| TCO IPP Pool            | 2.36  |
| Tetco ELa               | 2.21  |
| Tetco M-3               | 2.54  |
| Tetco STX               | 2.14  |
| TGP Zone 0              | 2.16  |
| TGP Zone 1 (500 Leg)    | 2.21  |
| TGT Zone SL             | 2.24  |
| New York Citygate       | 2.56  |
| Transco Station 65      | 2.27  |
| Transco Zone 6 (NY)     | 2.57  |
| Trunk ELa               | 2.19  |
| Western Region          
| California Border       | 2.26  |
| El Paso Keystone        | 2.13  |
| El Paso San Juan-Blanco | 2.14  |
| Waha Hub                | 2.17  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.92  |
| Dawn Hub/Union          | 2.31  |
| Northwest Stanfield     | 2.07  |
| Wyoming Pool            | 2.04  |
| Opal                    | 2.03  |
| PGT-Malin               | 2.16  |
| Sumas                   | 2.01  |
          Flow Date 2/15
-------------------------------------------------------------
Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

	WTI 		
	    Futures	  Days Left	   Implied
Month	Settlement	to Exp    	Volatility
Apr    $21.52       29          46.4% 
May    $21.63       62          45.0% 
Jun    $21.62       61          43.0% 
Jul    $21.56      123          42.5% 
Aug    $21.51      153          41.6% 
Sep    $21.46      182          39.3% 
Oct    $21.43      215          37.8% 
Nov    $21.40      245          36.7% 
Dec    $21.37      274          34.9% 
Jan    $21.34      305          33.1%
 
HEATING OIL    
      Futures     Days left   Implied 
Month Settlement  to Exp      Volatility 
Mar   $0.5562       11        44.9% 
Apr   $0.5584       39        42.3% 
May   $0.5594       70        45.5% 
Jun   $0.5624      103        38.7% 
Jul   $0.5669      131        38.1% 
Aug   $0.5739      162        35.7% 
Sep   $0.5824      194        34.1% 
Oct   $0.5909      223        33.5% 
Nov   $0.5984      256        32.3% 
Dec   $0.6054      281        32.2%

 UNLEADED  
       Futures    Days left   Implied
Month Settlement   to Exp    Volatility
Mar   $0.6026       11        47.3% 
Apr   $0.6732       39        48.3% 
May   $0.6802       70        43.3% 
Jun   $0.6822      103        41.4% 
Jul   $0.6767      131        39.6% 
Aug   $0.6647      162        34.8% 
Sep   $0.6457      194        34.2%

 Natural Gas 
	       Futures	                Implied
Month	Settlement	Days Left    
Volatility                            
Mar	$2.186        11	        61.9%
Apr	$2.246    	  39	        52.8%
May	$2.328	     70	        46.8%
Jun	$2.405	    103	        42.8%
Jul	$2.476	    131	        42.7%
Aug	$2.533	    162	        43.9%
Sep	$2.539	    194	        44.9%
Oct	$2.571	    223	        44.4%
Nov	$2.801	    258	        44.9%
Dec	$3.016	    284	        44.4%
-------------------------------------------------------------
Nexen Not Looking for Merger
  
    Nexen says it has the prospects and finances to grow without 
merging with another company, such as the one Alberta Energy and 
PanCanadian are planning. The PanCanadian and AEC merger would create 
the world's largest independent exploration and production firm, 
fueling speculation about which companies might be the next to merge. 
Nexen, which operates in Canada, the Gulf of Mexico, Nigeria, South 
America and Yemen, had been listed by some as a possible target. But 
the object of the AEC-PanCanadian merger is to become large enough to 
attract US investors and erase the stock-market discount that 
Canadian companies have endured. However, Nexen may find that 
discount harder to deal with after AEC and PanCanadian close their 
deal because it will be much smaller than the combined company, to be 
called EnCana. Nexen earned C$30 million, or C$0.16 per share, down 
from C$147 million, or C$1.15 per share a year earlier due to weak 
oil and natural gas prices. Analysts had expected earnings of C$0.03 
per share on average. Cash flow fell to C$220 million, or C$1.15 per 
share, from C$439 million, or C$3.51 per share. Nexen produced 
273,000 barrels of oil equivalent per day in the 4th quarter, a 7% 
increase from a year earlier. It received an average C$25.22 per 
barrel for its oil, a drop of 35% percent, and natural gas for C$3.15 
per Mcf, down 62% from the last quarter of 2000. This year, Nexen 
expects to spend C$1.24 billion on its operations, 11% lower than in 
2001. The company is looking to boost full-year output by 6% to 
284,000 barrels of oil equivalent per day. 
-------------------------------------------------------------
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-------------------------------------------------------------
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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 34.99 points to 7526.39
The CRB Index slipped 0.04points to 191.97
The US Dollar decreased 0.02 points to 118.58
The Dow advanced 12.32 points to 10001.99
The S&P 500 fell 2.03 points to 1116.48
The Nasdaq was down 15.79 points to 1843.37
March NYMEX Crude Oil rose 0.05 to 21.23
Canadian-US Exchange gained 0.0014 to 1.5920
-------------------------------------------------------------
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