Consolidated Edison and Orange and Rockland Utilities passed a
milestone on their way to merging with approval of the transaction
Friday by the New York Public Service Commission (NYPSC). The
merger also has been approved by the New Jersey and Pennsylvania
regulators and FERC. Con Ed plans to acquire all O&R's common
stock for $58.50 per share, or about $790 million. O&R will
become a wholly-owned subsidiary of Consolidated Edison and will
continue to operate as a separate company. The utilities are
awaiting the approval of the Securities and Exchange Commission and
completion of the Hart-Scott-Rodino Act review by the U.S.
Department of Justice and expect to close the transaction by next
Denver-based Gulf Canada Resources' new, 100% owned gas
processing plant in the Steen area of northwestern Alberta is fully
operational and was flowing 33 MMcf/d of gas from three wells at
the end of the first quarter. Another well will begin production
shortly, and two additional wells can be tied in next winter. The
Steen plant, which is about 25 miles below the northern border of
Alberta, began operations March 26, two months ahead of schedule.
Gulf has drilled eight successful wells surrounding the plant site.
At year-end 1998 the company had booked 72 Bcf of proved gas
reserves. In addition, Gulf has drilled two nearby discoveries that
will add more production capability and reserves and has identified
up to ten additional winter 1999-2000 drilling locations. The plant
is expected to produce about 30 MMcf/d but can be expanded.
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