Columbia Gas Transmission sold its Project Penny gathering
pipeline and compressor facilities in Pennsylvania and New York to
Norse Pipeline for $21.5 million. Norse is an affiliate of Schanson
Energy LLC, the energy investment arm of Schanson Capital
Management of Los Angeles, and Nornew Inc., an integrated oil and
gas exploration company focused mainly on the Appalachian Basin and
the Maritime provinces in Atlantic Canada. Norse Pipeline's
domestic operations are based in Houston and Jamestown, NY. Project
Penny consists of seven compressor station locations and about 341
miles of gas pipeline in northwestern Pennsylvania and southwestern
New York. Constructed in the late 1970s and early 1980s, the
Project Penny facilities have no direct connection to Columbia
Transmission's other pipeline facilities and are not necessary for
the company to provide its core services of interstate gas
transportation and storage. The purchase of Project Penny makes
Norse Pipeline the largest gas gatherer in the northern Appalachian
Basin, with access to about 6,500 gas wells in New York and
Pennsylvania and the capacity to gather more than 100,000 Mcf/d.
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