October 31, 2009 02:30 AM UTC

McPenry's Smoldering Pants

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• by: ClubTwitty

( – promoted by ClubTwitty)

One thing Josh Penry and Scott McInnis have in common is their campaign messaging that Gov. Ritter has destroyed and driven out the oil and gas industry in Colorado.

Colorado’s energy sector has been dealt a second blow in the form of restrictive new rules and regulations.

Josh Penry

And…

“The governor made a bet that he could go after the oil and gas industry,” McInnis said.

Ritter appointed new members to the oil and gas commission and pushed through regulations that are the toughest in the country, [McInnis] said.

“That’s not right,” he declared. “That’s not good management.”

Colorado has gone from the top of the list of good states for the oil and gas industry to do business with to the very bottom, and the industry has “imploded,” McInnis said.

It’s an argument not supported by any fact, and disproved–actually–by a wealth of countervailing data, but no matter if it wins votes.  

One of the best sources to find out what the industry really thinks about their future prospects in Colorado is, well, the industry.  Not in their PR campaigns and public missives of woe, but in their shareholder communications.

In one such report, out today, Williams Companies paints the rosiest of pictures regarding it’s Colorado plans to make massive bank drilling the Piceance.  Funny, it fails to disclose even mention to shareholders that ‘burdensome’ oil and gas regulations in Colorado have driven them from the state.

“We’re opportunity-rich, which leads to sustained growth ahead,” Malcolm said, singling out projects in Colorado’s Piceance Basin and in the Marcellus Shale area of Pennsylvania.

…Williams is confident about commodity price assumptions two years out showing oil at about $80 per barrel and natural gas up to $6.50 per million British thermal units from the current price of about $4.50. Those estimates are still well below 2008’s historic highs but strong enough to generate healthy profits, company officials said.

Williams plans $4 billion worth of projects through 2011, officials said. The

Piceance Basin offers thousands of low-risk locations still to develop beyond what’s already drilled, the CEO added.

“This is world-class resource,” Malcolm said, comparing it to Williams’ stakes in the Marcellus, Barnett and Woodford shales. “In our view, none of them has exceeded the quality of our core Piceance position.”

..”We’re adding fuel to our earnings engine,” he said.

It’s one thing to be wrong, it’s another to keep spreading lies when it has been noted time and again that you are doing so.  

Mr. Penry and Mr. McInnis–When will you tell the truth?  Or are you really that cynical, willing to manipulate economic fears to gain power and stroke your egos?  Inquiring minds want to know.