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NY seeks information from gas companies -source

Andrew Longstreth Reuters 08/18/2011 08:51
NY seeks information from gas companies -source - USA - New York - Business - energy


New York's attorney general has sent subpoenas to three energy companies seeking information about the profitability of their natural gas wells, according to a source close to the investigation.



The subpoenas, from Attorney General Eric Schneiderman, are part of a broader inquiry into the oil and gas industry. Earlier this year, Schneiderman's office subpoenaed five energy companies for information on how the companies described to their investors the environmental impact of fracking, a controversial gas-drilling technique.

The three companies involved in the latest round of subpoenas are Range Resources Corp (RRC.N), Cabot Oil and Gas Corp (COG.N), and Goodrich Petroleum (GDP.N), according to the source, who asked not to be identified because the investigation is ongoing.

Schneiderman's office also sought additional information from Chesapeake Energy Corp (CHK.N), which was one of the five companies subpoenaed earlier.

Schneiderman is seeking information about the life of the gas wells, how long the companies can extract oil before they have to start fracking again, and how they calculate and record their oil reserves, according to the source.


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