Nerox Finds Gas
IRVINE — Nerox Energy Corp. said it found 23.5 billion cubic feet of natural gas at its Jonesville coal mine near Anchorage, Alaska, which it may use to generate electricity. The market for Alaskan natural gas is limited because no pipelines exist to ship the fuel to larger markets.
The Irvine-based energy company said it may build a power plant, burning the gas on site.
Nerox said the discovery will reduce costs of producing coal from the Jonesville mine. The coal is shipped to California and Pacific Rim countries.
Nerox shares rose 12 cents to 32 cents in trading of 898,700 shares, about 19 times the three-month daily average.
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