Wednesday, February 11, 2009
Albuquerque Journal North
Journal Staff Writer
"A Houston-based oil and gas company is no longer pursuing plans to drill in the Galisteo Basin southeast of Santa Fe. With the economy in turmoil and state and county drilling regulations in flux, Tecton Energy CEO Bill Dirks said Tuesday the company is selling its mineral leases.
“If we get a buyer, we'll sell,” Dirks said in a brief Journal interview.
Johnny Micou of the group Drilling Santa Fe said he is pleased that Tecton is giving up its bid. “They shouldn't have been entering the basin in the first place,” Micou said, contending that the limited amount of resources there didn't justify the company's plans.
Micou said he and other advocates will remain engaged on oil and gas issues. He pointed to legislation that died in a state committee last week that would have prohibited local governments from regulating oil and gas.
Tecton was met by a groundswell of opposition when, in 2007, it announced plans to explore within the basin, where little oil and gas had been found before.
The Santa Fe County Commission responded by recently passing one of the nation's toughest drilling laws, while the state Oil Conservation Division is also working on special rules meant to protect the basin. " More (Subscription required) >>>>
Albuquerque Journal North
Journal Staff Writer
"A Houston-based oil and gas company is no longer pursuing plans to drill in the Galisteo Basin southeast of Santa Fe. With the economy in turmoil and state and county drilling regulations in flux, Tecton Energy CEO Bill Dirks said Tuesday the company is selling its mineral leases.
“If we get a buyer, we'll sell,” Dirks said in a brief Journal interview.
Johnny Micou of the group Drilling Santa Fe said he is pleased that Tecton is giving up its bid. “They shouldn't have been entering the basin in the first place,” Micou said, contending that the limited amount of resources there didn't justify the company's plans.
Micou said he and other advocates will remain engaged on oil and gas issues. He pointed to legislation that died in a state committee last week that would have prohibited local governments from regulating oil and gas.
Tecton was met by a groundswell of opposition when, in 2007, it announced plans to explore within the basin, where little oil and gas had been found before.
The Santa Fe County Commission responded by recently passing one of the nation's toughest drilling laws, while the state Oil Conservation Division is also working on special rules meant to protect the basin. " More (Subscription required) >>>>
Posts
No comments:
Post a Comment