Coral Energy expanded its gas and power marketing enterprisewith two West Coast acquisitions, which complement its Canadian gassupply position.
Coral bought all of the assets of Mock Energy Services,effective April 1, from a partnership principally held by Conoco.Mock’s gas marketing volumes totaled about 250 MMcf/d, the majorityunder term contracts primarily to industrial customers. Coral alsobought the outstanding equity interest in its subsidiary, CoralRedwood, effective Jan. 30. Coral Redwood was formed in January1997 as a 50/50 joint venture of Coral and Redwood Resources Inc.Coral Redwood’s gas marketing volumes totaled about 200 MMcf/d.Coral spokesman Jimmy Fox said he couldn’t discuss why the companychose to acquire the remaining 50% of Coral Redwood.
Following the acquisitions, Coral will market under its namerather than the Mock and Redwood names. In addition, Coral willhave established marketing offices in the San Francisco, LosAngeles and San Diego areas. Terms of the transactions were notannounced.
“These acquisitions will better consolidate Coral’s focus in theWestern market,” said Coral CEO Murry Gerber. “With our growingCanadian gas supply, Coral is well positioned to expand its energypresence in the area, particularly in California and the PacificNorthwest.” Coral has added about 1 Bcf/d of Canadian supplies inthe past year through its alliance with Shell Canada and itsacquisition of Cibola Canada.
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