Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, December 21 2001? No. 449
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $18.97
| Brent            |  $18.83
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.54   
| Louisiana        |  $18.80  
| Medit.           |  $18.46  
| Propane Non-tet  |  $ 0.30   
| Propane Wet-tet  |  $ 0.30  
| W. Tx Int Cush   |  $18.68 
| W. Tx Sour       |  $17.05 

| Euro in US equiv |  0.9008
-------------------------------------------------------------
Todays Petro Bulletins
 * US Petroleum Corporation Completes Acquisitions of: North Okemah 
Hunton Prospect; Philadelphia Creek Prospect; Deep Oil and Natural 
Gas Rights on Cook Ranch; and Deep Oil and Natural Gas Rights Under 
Nuyaka, Oklahoma
 * European Commission Approves 2 Separate Deals; One by BP and Other 
by Shell Involving Major Petrochemical Pipelines in Western Europe
 * ChevronTexaco to Run Nigerian NNPC Petrol Stations
 * Maynard Oil Still in Talks with Potential Buyers
 * Internal Revenue Service Issues Favorable Tax Ruling on Canadian 
Pacific Spin-Off and Exchange for Shares in PanCanadian Energy 
Corporation
 * Puma Energy Acquires Ramani Field Rights; Azeri Joint Venture 
Definitive Agreement Signed
 * Fox Energy Completes Sale of Oil and Natural Gas Properties
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
JAN 02 0.5770 0.5440 0.5449 -0.0164 
FEB 02 0.5825 0.5500 0.5516 -0.0163 
MAR 02 0.5780 0.5490 0.5501 -0.0168 
APR 02 0.5715 0.5490 0.5466 -0.0158 
MAY 02 0.5645 0.5460 0.5421 -0.0138 
JUN 02 0.5660 0.5460 0.5431 -0.0133 
JUL 02 0.5685 0.5530 0.5486 -0.0133 
AUG 02 0.5730 0.5590 0.5551 -0.0133 
SEP 02 0.5825 0.5700 0.5636 -0.0128 
OCT 02 0.5925 0.5775 0.5721 -0.0128
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
JAN 02 19.25 19.45 19.07 19.36 -0.44 
FEB 02 19.90 20.15 19.17 19.28 -0.52 
MAR 02 20.20 20.40 19.48 19.57 -0.48 
APR 02 20.44 20.45 19.60 19.71 -0.45 
MAY 02 20.49 20.49 20.15 19.83 -0.57 
JUN 02 20.55 20.65 19.90 19.94 -0.42 
JUL 02 20.59 20.59 20.00 20.01 -0.42 
AUG 02 20.55 20.78 20.55 20.08 -0.42 
SEP 02 20.77 20.77 20.77 20.16 -0.41 
OCT 02 20.35 20.85 20.75 20.24 -0.40 
-------------------------------------------------------------
Crude Oil Futures Fall on Profit Taking

Crude oil futures for February delivery on the NYMEX dipped $0.52 to 
$19.28 per barrel yesterday in some late pre-holiday profit taking. 
Heavy selling set in late as speculative funds bet against OPEC's 
ability to shore up crude prices in the face of an economic slump 
that has zapped demand. The sell-off occurred despite the increased 
likelihood that OPEC will proceed with a 1.5 million bpd reduction in 
exports. Oman has raised their production cut pledge from 25,000 bpd 
to 40,000 bpd, leaving non-OPEC producers just 37,500 bpd short of 
the cartels demand that they slice a combined 500,000 bpd from 
output. Many say that OPEC is unlikely to bicker over the relatively 
small shortfall. Crude prices had risen earlier in the week as colder 
temperatures in the Northeast lowered petroleum stockpiles. Forecasts 
that Northeastern temperatures will be near or below normal over the 
Christmas holiday provided support for the market. Gasoline and 
distillate inventories fell during the week of December 14th, 
according to data released by the EIA and API. Gasoline futures for 
January delivery on the NYMEX lost 0.0078 to $0.5503 per gallon. 
January heating oil futures on the NYMEX fell $ 0.0164 to $0.5449 per 
gallon. In London, Brent crude oil futures for February delivery on 
the IPE were down $0.34 to $19.13 per barrel. 
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.8533  +0.0495? ? ? ? 
18 Month Strip ?2.9594  +0.0482? ? ? 
| Month | High  |  Low  | Close | Change |
| JAN   | 2.700 | 2.601 | 2.686 | +0.070 |
| FEB   | 2.725 | 2.665 | 2.708 | +0.058 |
| MAR   | 2.720 | 2.665 | 2.711 | +0.053 |
| APR   | 2.690 | 2.650 | 2.691 | +0.048 |
| MAY   | 2.760 | 2.690 | 2.741 | +0.046 |
| JUN   | 2.789 | 2.740 | 2.799 | +0.044 |
| JUL   | 2.840 | 2.790 | 2.842 | +0.044 |
| AUG   | 2.890 | 2.840 | 2.887 | +0.046 |
| SEP   | 2.880 | 2.840 | 2.892 | +0.046 |
| OCT   | 2.910 | 2.860 | 2.914 | +0.046 |
| NOV   | 3.100 | 3.020 | 3.099 | +0.046 |
| DEC   | 3.280 | 3.230 | 3.269 | +0.046 |
-------------------------------------------------------------
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-------------------------------------------------------------
Conoco Acquires Statoil's Vietnamese Offshore Interests 


    Conoco has agreed with Norway's Statoil to purchase a portion of 
its interests in the $1.3 billion Nam Con Son natural gas project, 
offshore Vietnam, raising Conoco's total acreage position in Vietnam 
to 6.05 million gross acres, or 3.2 million net. The purchase 
included Statoil's 50% interest in Block 05.3, extending over 462,000 
acres. BP holds the remaining 50% percent interest. Conoco also 
acquired Statoil subsidiary, Statoil Vietnam, which owns a 16.33% 
stake of the 240 mile Nam Con Son pipeline to move natural gas to an 
industrial complex near Ho Chi Minh City. Other stakeholders in the 
pipeline are BP with 32.67%, who will turn over operatorship to 51% 
owner, PetroVietnam after the first 5 years of production. Natural 
gas delivery is scheduled to begin next year. The company currently 
is the largest acreage holder of any foreign energy company in 
Vietnam. Conoco's current total production in Vietnam is about 50,000 
bpd of oil equivalent, or 10,000 bpd net, from the Rang Dong Field in 
Block 15-2 in the Cuu Long Basin. Added future production is expected 
when the Sutu Den Field in Block 15-1, also in the Cuu Long Basin, 
comes on-stream in late 2003. Early estimates of Sutu Den's initial 
future production are around 65,000 bpd. 
-------------------------------------------------------------
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-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 19.40 19.86 19.04 19.13 -0.34 
MAR 02 19.22 19.78 18.78 18.82 -0.48 
APR 02 19.20 19.56 18.84 18.84 ?0.46 
MAY 02 19.28 19.55 18.89 18.89 -0.47 
JUN 02 19.40 19.65 19.01 19.01 -0.45 
JUL 02 19.50 19.74 19.11 19.11 -0.43 
AUG 02 19.59 19.85 19.21 19.21 -0.43 
SEP 02 19.31 19.31 19.31 19.31 -0.42
OCT 02 19.73 19.73 19.39 19.39 -0.42
NOV 02 19.79 19.79 19.46 19.46 -0.41
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Jan 02 0.3225 0.3100 0.3150 -0.0100 
Feb 02 0.3200 0.3150 0.3150 -0.0100 
Mar 02 0.3275 0.3175 0.3175 -0.0100 
Apr 02 0.3225 0.2950 0.3225 -0.0100 
May 02 0.3275 0.3100 0.3275 -0.0100 
Jun 02 0.3275 0.2900 0.3275 -0.0100 
Jul 02 0.3325 0.2950 0.3325 -0.0100 
Aug 02 0.3400 0.3100 0.3400 -0.0075 
Sep 02 0.3500 0.3275 0.3500 -0.0100 
Oct 02 0.3500 0.3275 0.3500 -0.0100
-------------------------------------------------------------
Conoco to Clean Up Oil Refinery Pollution


    Conoco has reached an agreement with the Justice Department to 
spend  $95 million - $110 million on pollution control equipment at 
its oil refineries. The DOJ has reached similar deals with Navajo 
Refining and Montana Refining, subsidiaries of Holly Corp, to spend  
$16 million - $21 million for pollution controls at their refineries. 
The settlements are part of the EPA's effort to reduce air emissions 
from refineries. The agreement affects Conoco's refineries located in 
Lake Charles, Louisiana; Ponca City, Oklahoma; Commerce City, 
Colorado and Billings, Montana. Conoco will also pay a $1.5 million 
fine under the Clean Air Act and spend about $5 million on 
environmental projects in communities around the refineries. The new 
environmental projects will reduce annual emissions of nitrogen oxide 
by about 3,210 tons, sulfur dioxide by 4,000 tons, volatile organic 
compounds by 100 tons and particulate matter by 400 tons. Navajo and 
Montana Refining will pay a $750,000 civil penalty and spend about 
$1.5 million on environmental projects. The government has reached 
similar agreements over the past year with Motiva Enterprises, 
Equilon Enterprises, Deer Park Refining Limited Partnership, Marathon 
Ashland Petroleum, Koch Petroleum Group, BP, Amoco and Arco. 
-------------------------------------------------------------
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-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
JAN 02 173.25 168.50 170.25 - 2.25 
FEB 02 174.75 170.00 171.75 - 2.00 
MAR 02 175.25 170.50 172.00 - 2.00 
APR 02 175.50 171.00 172.75 - 2.00 
MAY 02 175.50 171.50 173.00 - 1.75 
JUN 02 176.75 172.75 174.00 - 1.25 
JUL 02 177.75 175.50 175.50 - 1.25 
AUG 02 179.25 177.00 177.00 - 1.25 
SEP 02 180.50 178.50 178.50 - 1.25
OCT 02 181.75 180.00 180.00 - 1.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
JAN 02 0.5740 0.5450 0.5503 -0.0078 
FEB 02 0.5820 0.5540 0.5567 -0.0109 
MAR 02 0.5910 0.5685 0.5697 -0.0091 
APR 02 0.6500 0.6305 0.6300 -0.0088 
MAY 02 0.6550 0.6310 0.6345 -0.0085 
JUN 02 0.6540 0.6370 0.6345 -0.0085 
JUL 02 0.6420 0.6420 0.6420 -0.0080 
AUG 02 0.6350 0.6350 0.6310 -0.0069 
SEP 02 0.6185 0.6185 0.6185 -0.0059 
OCT 02 0.5960 0.5960 0.5960 -0.0060
-------------------------------------------------------------
Oman Paves Way for OPEC Cut


    An announcement by Oman that it will increase its production cut 
commitment from 25,000 bpd to 40,000 bpd, seemingly assures that OPEC 
will proceed with a plan to remove 2 million bpd from the world oil 
market as of January 1st in order to support sagging crude oil 
prices. OPEC members have said they will cut exports by 1.5 million 
bpd, but only on the condition that non-aligned producing countries 
also reduce production by 500,000 bpd. Oman's announcement raises the 
non-member total to 462,500 bpd. Insiders say that OPEC would be 
unlikely to quibble over the shortfall. The average price for the 
cartels basket of crudes was $17.80 on Wednesday, far below their 
target range of $22  $28 per barrel. OPEC's official quota is 23.2 
million bpd, but the cartels members have yet to reach compliance 
with the quota since it went into effect on September 1st. 
-------------------------------------------------------------
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-------------------------------------------------------------
Iraq to Renew Oil Agreement with Jordan
  
    Iraq's Oil Minister says there was no obstacle to renewing its 
annual oil agreement with Jordan. The minister of the 2 countries met 
to renew the annual oil agreement with Iraq worth more than $700 
million. Iraq has agreed to supply Jordan with 5.5 million tonnes of 
crude oil and petroleum products next year. Jordan's oil purchases 
from Iraq are exempted from UN sanctions. Earlier this month, Jordan 
said it was seeking bids from foreign firms to build a pipeline to 
transport Iraqi crude to its sole refinery that would replace the 
current cumbersome export of crude by trucks. It is planned that the 
$350 million pipeline will extend from the Iraqi pumping station in 
Haditha, 160 miles northwest of Baghdad to Jordan's refinery of 
Zarga, northeast of Amman. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.45  |
| ANR SE                  | 2.52  |
| Carthage TG             | 2.53  |
| Chicago Citygate        | 2.44  |
| Columbia Gulf Onshore   | 2.56  |
| Dominion South Point    | 2.71  |
| Henry Hub               | 2.60  |
| Houston Ship Channel    | 2.58  |
| Katy Hub                | 2.52  |
| NGPL LA Pool            | 2.50  |
| NGPL - Midcontinent     | 2.38  |
| NGPL STX                | 2.45  |
| NGPL TX/OK              | 2.49  |
| NNG Demarc.             | 2.43  |
| Niagara                 | 2.75  |
| Sonat Tier 1            | 2.52  |
| TCO IPP Pool            | 2.69  |
| Tetco ELa               | 2.54  |
| Tetco M-3               | 3.00  |
| Tetco STX               | 2.48  |
| TGP Zone 0              | 2.46  |
| TGP Zone 1 (500 Leg)    | 2.53  |
| TGT Zone SL             | 2.58  |
| New York Citygate       | 3.00  |
| Transco Station 65      | 2.62  |
| Transco Zone 6 (NY)     | 3.00  |
| Trunk ELa               | 2.50  |
| Western Region         
| California Border       | 2.54  |
| El Paso Keystone        | 2.39  |
| El Paso San Juan-Blanco | 2.39  |
| Waha Hub                | 2.46  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.40  |
| Dawn Hub/Union          | 2.73  |
| Northwest Stanfield     | 2.45  |
| Wyoming Pool            | 2.30  |
| Opal/Kern River         | 2.30  |
| PGT-Malin               | 2.55  |
| Sumas                   | 2.48  |
          Flow Date 12/21
-------------------------------------------------------------
Korean Refinery Utilizes ExxonMobil Sulfur Removing Process 
  
    ExxonMobil Research and Engineering has announced the license and 
successful startup of SCANfining, ExxonMobil's proprietary gasoline 
sulfur reduction process, at LG-Caltex's Yosu, Korea refinery. 
SCANfining selectively removes sulfur from catalytically cracked 
naphtha with little octane loss. SCANfining, which uses a 
proprietary, selective catalyst, RT 225, jointly developed by EMRE 
and Akzo Nobel Catalysts, reduces the loss of octane-rich olefins and 
hydrogen consumption. The LG-Caltex SCANfining unit processes 20,000 
bpd of catalytic naphtha. SCANfining was retrofitted into an existing 
naphtha hydrotreater, requiring minimal capital investment. The 
retrofitting was accomplished in 2 months. LG-Caltex, a joint venture 
between the Koreas LG Group and ChevronTexaco, is one of Korea's 
largest oil refiners and petrochemical producers, with a refinery 
capacity of 650,000 bpd of crude oil. 
------------------------------------------------------------
?Energy Seminars, Inc. Announces Key Seminar Offerings for January:


Energy Seminars will be going to Florida and Calgary in 2002!

Click to www.energyseminars.com to see our 2002 schedule.


Register on-line at http://www.energyseminars.com or call Registrar 
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Phone: 281-362-7979
FAX: 281-296-9922
-------------------------------------------------------------
Enbridge Take Control of Frontier Pipeline

    Enbridge has increased its stake in Frontier Pipeline. It is now 
the majority owner of the pipeline used to transport crude oil to the 
Salt Lake City area. Enbridge will pay $28.9 million to BP Pipelines 
for an additional 34% stake in Frontier, increasing its ownership 
share to just under 78%. Anschutz holds the remaining 22%. The 16-
inch pipeline runs to the Utah border from Casper, Wyoming, and has a 
capacity of 65,000 bpd, most of which is destined for refineries near 
Salt Lake City. 
-------------------------------------------------------------

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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 46.12 points to 7454.97
The CRB Index rose 0.48 points to 190.15
The US Dollar tumbled 0.13 points to 115.62
The Dow declined 85.31 points to 9985.18
The S&P 500 fell 9.63 points to 1139.93
The Nasdaq was down 64.35 points to 1918.54
February NYMEX Crude Oil lost 0.52 to 19.28
Canadian-US Exchange added 0.0033 to 1.5775
-------------------------------------------------------------
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