Here is an interesting read on the current state of the Nat Gas market. I particularly like the Casey Research that is pasted below.

(Thanks to Peter Grandich for the link: http://grandich.agoracom.com/)

http://www.stockhouse.com/Columnists/2009/Jul/23/Is-natural-gas-cheap-

Marin Katusa, who heads the Casey Research energy team, answers the question by, correctly, cataloging the opportunities according to geography.

In North America
1. Geothermal -- the most interesting of the alternative energy sources, by a wide margin.

2. Nuclear.
3. Oil.

In Europe

1. Unconventional gas has, by far, the most upside.
2. Unconventional oil.
3. Small hydro (such as run of river).

In Africa

First and foremost, you want to avoid infrastructure plays (pipelines, refineries, etc). Then you want to look for areas with huge oil potential, which have been held off the market by concerns over political risk. I like what Lukas Lundin is doing in Ethiopia, Somalia, and Kenya, hunting for “elephants” with the idea of eventually selling the discoveries off to the Chinese.

In Asia,
1. Liquid Natural Gas (LNG)
2. Coal Bed Methane (CBM)