?• Houston-based CDX Gas LLC has filed for Chapter 11 bankruptcy protection in Houston. The company reports it will continue normal business operations through the process while it develops a reorganization plan with its senior and junior secured lenders, as well as its senior subordinated note holders, to restructure debt and to resolve liquidity issues.
In August, CDX retained Credit Suisse Securities (USA) LLC and Jefferies Randall & Dewey to seek strategic alternatives, including the possible sale of the company or its assets. The company focuses on unconventional gas resources in coal, shale and tight-gas sandstone formations with operations in Appalachia, the Barnett shale, and the San Juan, Black Warrior and Arkoma basins.

• Calgary-based Ausam Energy Corp. (Toronto Venture: AZE; OTCBB: ASMEF) and subsidiary Noram Resources Inc. have filed Chapter 11 bankruptcy petitions in Houston. Ausam holds prospects in Texas, Louisiana, Mississippi, Alabama and Arkansas through Noram.

• The boards of Transocean Inc., Houston, (NYSE: RIG) Weatherford International Ltd., Houston, (NYSE: WFT) and Foster Wheeler Ltd., Houston, (Nasdaq: FWLT) have unanimously voted to move the companies’ incorporation to Switzerland.

• Stavanger, Norway-based energy venture-capital firm Energy Ventures has invested in Houston-based Oxane Materials Inc., a Rice University nanotechnology spin-off. The investment will fund the commercialization of OxFrac, an ultralight ceramic proppant with the potential to help increase North American gas production.
Energy Ventures believes OxFrac will increase oil and gas recoveries, particularly in unconventional shales, by increasing effective fracture length, enhancing control over created fracture geometry and reducing the environmental impact of hydraulic fracturing. The proppant will be commercially available in 2009.

• Questar Pipeline Co., a subsidiary of Questar Corp., Salt Lake City, (NYSE: STR) and Enterprise Products Operating LLC, a subsidiary of Enterprise Products Partners LP, Houston, (NYSE: EPD) report that service has begun on the White River Hub pipeline, which connects Enterprise’s gas-processing plant with four interstate gas pipelines.
The White River Hub services more than 2.5 billion cu. ft. of gas per day between Enterprise’s Meeker plant with pipelines owned by Questar, Rockies Express Pipeline LLC, Northwest Pipeline GP and TransColorado Gas Transmission Co. Two more pipelines, the Wyoming Interstate Co. and Colorado Interstate Gas systems, are expected to be connected during this quarter.

• TXCO Resources Inc., San Antonio, (Nasdaq: TXCO) reports it has reduced its operating levels in some South Texas projects and plans to decrease its 2009 capex program in light of current market conditions.
TXCO chief executive James E. Sigmon says, “TXCO has outstanding long-term growth opportunities. However, due to the unstable financial and commodity-price environment we currently face, we have refocused our efforts and are taking proactive steps designed to improve the company’s liquidity and financial strength going forward, including selective asset divestitures and holding active discussions with our lenders.”

• Petro Resources Corp., Houston, has slashed its 2009 capex budget from $19 million to $10.7 million, a change of nearly 43.7%. The company cites a slowdown in drilling operations by its exploration partners for the decrease and says it is minimizing its expenditures in the Williston Basin of North Dakota. Petro says it is currently producing approximately 700 bbl. of oil per day from its projects, a 75% increase since the beginning of 2008.

• Kistefos AS, Oslo, Norway, has requested that two of its executives be appointed to the board of Trico Marine Services Inc., Houston (Nasdaq: TRMA). Kistefos is Trico’s largest shareholder, owning 22.8% of the company.
Kistefos reports it has asked Trico to voluntarily appoint executives Christen Sveaas and Age Korsvold to its board but that it is prepared “to take all appropriate steps to accomplish our election to the board, including by shareholder action at a special meeting of shareholders if necessary.”
Kistefos says it has requested the appointments because of Trico’s poor performance, including its market capitalization decreasing 90% in the past eight months and its debt increasing to more than $800 million.

• Doral Energy Corp., Midland, Texas, (OTCBB: DENG) has amended its previously announced 1-for-25 reverse split of common stock to 1-for-6.25. Doral chief executive Everett Willard “Will” Gray II says, “After announcing our earlier reverse split, the board of directors realized that the small number of shares that would be left outstanding could result in a lack of liquidity for Doral’s existing stockholders. We believe that a 1-for-6.25 split will still allow us to meet our goal of creating a more attractive capital structure for potential new investors, while balancing our existing stockholders’ desires for market liquidity. This will allow Doral’s management to execute its organic and M&A growth strategies for 2009.”

• Mining company AM Oil Resources & Technology Inc., Valencia, Calif., (OTCBB: AXPI) reports it is now an oil and gas recovery technology business and has appointed new directors to its board. AM will now use, sell and produce patent and patent-pending technologies and provide environmentally safe and cost-effective apparatus designed to maximize oil production in oil fields in both domestic and international markets.?

• Allis-Chalmers Energy Inc., Houston, (NYSE: ALY) chairman and chief executive Micki Hidayatallah sold 112,114 shares of Allis-Chalmers common stock to meet margin calls. The company reports that the sale was involuntary. Says Hidayatallah, “It is with great regret that I have had to sell such a substantial part of my holdings in Allis-Chalmers. The company continues to perform within expectations. Our liquidity position remains strong and we will continue to execute our strategy of growth and profitability.”
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• Mesa Royalty Trust, Austin, Texas, (NYSE: MTR) reports it has been granted another trading period extension from the New York Stock Exchange to allow for continued trading after failing to file its annual report.

• Houston-based Seismic Ventures Inc. has formed a direct hydrocarbon-detection services division and named Stephen R. Rutherford division director. Rutherford has experience in research and operations positions with Getty Oil Co. and Tenneco Oil Co. and was geophysical supervisor in charge of the geophysical special projects group for Anadarko Petroleum Corp.

• Clayton Williams Energy Inc., Midland, Texas, (Nasdaq: CWEI) has terminated substantially all of its existing oil and gas derivative contracts for cash proceeds of $99.3 million. The terminated contracts covered approximately 2.6 million bbl. of oil and 15.2 billion Btu of gas production for the months of January 2009 through December 2010. Proceeds from these transactions were used to pay a portion of Clayton Williams’ outstanding bank debt.

• The Meridian Resource Corp., Houston, (NYSE: TMR) reports that it has fallen below listing criteria for the New York Stock Exchange. Meridian plans to fix the deficiency and return to compliance within the six-month cure period prescribed by the NYSE. Meridian’s business operations, credit agreements, other debt obligations and reporting requirements are unaffected by this notification.

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