This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Tribute Resources files gas storage applications 2009-09-22 15:19 ET - News Release Ms. Jane Lowrie reports TRIBUTE RESOURCES INC. ANNOUNCES FILING OF NATURAL GAS STORAGE APPLICATION WITH THE ONTARIO ENERGY BOARD
Tribute Resources Inc. has filed an application with the Ontario Energy Board (OEB) to designate the Bayfield and Stanley pools in Huron county, Ontario, as natural gas storage reservoirs. It is the intent of Tribute to develop the first two of the Huron county pools with estimated working storage capacity of six billion cubic feet, for possible gas injection in April, 2012.
Tribute has formed the Huron Bayfield LP and Bayfield Resources Inc. as investment vehicles for the future development of the Bayfield pools and potential additional natural gas storage reservoirs in Huron county. Tribute currently owns a 100-per-cent interest in both entities. Tribute plans to transfer the natural gas storage and petroleum and natural gas rights for the Bayfield pools to the Bayfield LP in exchange for units in the Bayfield LP. The funds required to develop the pools will then be raised through a sale of partnership units in the Bayfield LP to third parties. Tribute has sufficient working capital on hand to finance the designation and initial engineering of the Bayfield pools. However, the construction of storage pools is very capital intensive and additional financing will be required for construction of wells, pipeline and compression facilities.
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