Bakken Formation Pipeline Expansion: Enbridge Energy (EEP)

By Tim - http://oilshalegas.com

Enbridge Energy Partners L.P. (EEP) has announced a pipeline expansion in the Bakken Shale located in North Dakota, Montana, and Canada.

Enbridge Announces Next Bakken Pipeline Expansion Program

Enbridge Energy Partners L.P. (NYSE: EEP) ("EEP") and Enbridge Income Fund (TSX: ENF.UN) ("ENF") announced today that they are proceeding, subject to customary regulatory approvals, with a joint project to further expand crude oil pipeline capacity to accommodate growing production from the Bakken and Three Forks formations located in Montana, North Dakota, Manitoba and Saskatchewan. The Bakken Expansion Program will increase takeaway capacity from the Bakken play by 145,000 barrels per day (bpd), which can be readily expanded to 325,000 bpd at low cost. EEP and ENF are affiliates of Enbridge Inc. (collectively "Enbridge").

Enbridge's Bakken Expansion Program will involve U.S. projects which will be undertaken by EEP at a cost of approximately US$370 million; and Canadian projects which will be undertaken by ENF at a cost of approximately Cdn $190 million. The expansion program will originate at Beaver Lodge Station near Tioga, North Dakota, in the heart of the Bakken, and will follow existing EEP and ENF rights of way to terminate at and deliver to the Enbridge mainline terminal at Cromer, Manitoba

Full Article

For more shale news, visit http://www.blackberrystocks.blogspot.com/

For more updates on the stock market, visit http://daytradingstockblog.blogspot.com/

Marcellus Shale - Bradford, Tioga, Lycoming, Potter, Clinton PA

The Marcellus Shale is growing fast as we enter 2010. Natural Gas driller Ultra Petroleum Corp. (UPL) announced earlier this week that the company will be expanding in Northern Pennsylvania soon.

Ultra Petroleum Corp. (NYSE: UPL) today announced that it has signed a purchase and sale agreement to acquire approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale, from a private company. Following the acquisition, Ultra Petroleum will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations. Ultra Petroleum expects to pay roughly $400.0 million for the assets which will be financed using debt.

The company started 2009 with 288,000 gross (152,000 net) acres in the Marcellus. Through a combination of land acquisitions and swaps, including today’s announcement, Ultra Petroleum has added over 192,000 gross acres, nearly doubling its position to approximately 480,000 gross (250,000 net) acres. The company’s expanding core position is concentrated around Tioga, Bradford, Lycoming, Potter, Clinton and Centre counties in north central Pennsylvania.

Link - http://www.ultrapetroleum.com/pressreleases/12212009.pdf


For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free