A new study of the Barnett shale foresees reliable supply with slowly declining production through the year 2030, said the Bureau of Economic Geology (BEG) at the University of Texas at Austin and financed by the Alfred P. Sloan Foundation, a New York philanthropic grant-making institution.

BG Group signed an agreement to sell its interests in shallow, noncore, conventional producing assets and acreage in the Cotton Valley formation in East Texas and North Louisiana to EXCO Resources, Dallas, for $132.5 million.

Chesapeake Energy Corp. plans to sell midstream assets in the Marcellus, Utica, Eagle Ford, Haynesville, and Niobrara to Access Midstream Partners for $2.16 billion in a transaction expected to close by Dec. 31.

BHP Billiton Petroleum is considering whether to write down its US shale gas assets by the end of the quarter, as it already plans to cut the number of shale gas wells it drills in the coming months, the company’s chief executive officer told the Australian Petroleum Production & Exploration Association conference in Adelaide.

Leasing spurred by the oil and gas potential of the emerging Jurassic Lower Smackover Brown Dense limestone has spread to East and West Carroll parishes, together with St. Tammany the state’s only parishes without hydrocarbon production.

Forest Oil Corp., Denver, has returned a drilling rig to its acreage in the Haynesville shale play of East Texas and Northwest Louisiana.

Oil and natural gas producers have begun work on developing a third expansive play in Louisiana, giving the state one proved and producing formation and two that are being watched closely, according to Scott Angelle, secretary of Louisiana’s Department of Natural Resources.

LNG Energy Ltd., Vancouver, BC, entered into a term sheet with a unit of TransAtlantic Petroleum Ltd., Dallas, to earn a 50% interest in a future shale gas production concession in northwestern Bulgaria.

Southwestern Energy Co., Houston, said it has accumulated 460,000 net acres prospective for oil in Upper Jurassic Lower Smackover Brown Dense limestone along the Arkansas-Louisiana state line.

BHP Billiton Petroleum will acquire Petrohawk Energy Corp., Houston, for $12.1 billion, giving the Australian firm operated positions in the US Eagle Ford and Haynesville shale resource plays and the Permian basin.

The White House followed through on US President Barack Obama’s promise to eliminate oil and gas incentives and preferences with a fiscal 2012 federal budget request that would increase direct taxes on the industry by an estimate $3.472 billion next year and $43.612 billion over 10 years.

Acadian Gas LLC, owned by Duncan Energy Partners (66%) and Enterprise Products Partners (34%), let a contract to Willbros Group Inc. for the construction of a portion of its Acadian Haynesville Extension Project.