Caminus Corp., headquartered in New York City, has completed itsacquisition of Houston-based Nucleus Corp. of Texas for $19.6million, consisting of $13.7 million in cash, 261,334 newly issuedshare of common stock of Caminus and stock options. Caminussupplies software systems for trading and risk management innatural gas and electric power throughout North America and Europe.Nucleus supplies software systems for energy trading in NorthAmerica.

Burlington, MA-based Essential.com, an online energy and communicationsmarketplace, entered into a reseller agreement with Niagara MohawkEnergy Marketing (NMEM). Under the agreement, Essential.com will sellelectricity supply from NMEM throughout the Mid-Atlantic and Northeastregions. The company will also provide customers with online billing,payment and customer care services. Essential.com’s onlinemarketplace offers electricity, heating oil, propane gas, internetaccess, telephone services and satellite TV.

Canadian Occidental Petroleum Ltd.’s subsidiary CXY EnergyOffshore released details of a new oil and gas discovery in theshallow waters of West Cameron 170 in the Gulf of Mexico. Thecompany reported the 17,125 foot A-6 discovery well encountered 180feet of net oil and gas pay in five main pay sands. The well’sproduction tested at a rate of 4,300 b/d and 9 MMcf/d of naturalgas. The discovery well has been tied into production facilitiesand is currently producing 2,100 b/d and 6.5 MMcf/d pending furtherconstruction. “The Gulf of Mexico is a core area for us and we arecommitted to significant growth in this basin,” said Vic Zaleschuk,CEO of Canadian Occidental. “Short cycle time, high return projectslike West Cameron provide steady near term growth.” CXY owns a 78%working interest in the well, which is located 30 miles offshoreLouisiana. The company plans to commit to follow-up drilling earlynext year.

Tulsa-based Beta Oil & Gas, which first stated its intentionsto merge with Red River Energy back in November of last year,announced that the $23.5 million deal will close today (see Daily GPI,Nov. 23, 1999). The combined companywill continue to do business as Beta Oil & Gas and will haveassets in the neighborhood of $50 million. The union will also produceapproximately 10 MMcf/d of natural gas equivalent. The deal reflects a112% increase in Beta’s assets, and a 186% increase to the company’sproduction level. Beta assumed about $7.6 million of Red River’sexisting debt, and issued approximately 2.25 million shares of BetaCommon stock. Beta Oil & Gas is an independent company which isinvolved in production, exploration, acquisition and development ofoil and gas properties.

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