Nevada Energy Inc. signed an offer to purchase from ConsolidatedBeacon Resources Ltd. two separate onshore exploration agreementscovering a combined total area of about 82,000 net hectaresnorthwest of Truro, Nova Scotia. Nevada will have a 75% workinginterest in 27,970 gross hectares and a 100% working interest in60,936 gross hectares and will be the operator. The agreementsrequire the operator to expend capital to fulfil the earningrequirements under the terms of the work programs as required bythe Nova Scotia Petroleum Directorate. Significant offshore gastests have been documented in the 5 MMcf/d range with establishedoil and gas production of 4 MMBoe realized at the onshore StoneyCreek Field within the same depositional basin about 78 milesnorthwest of the lands.

Citing a continued upturn in the area’s economy that has led tonew business growth, Consolidated Edison of New York electricityuse by its three million customers in New York City and WestchesterCounty will reach new heights this summer.

If summer’s heat and humidity reach levels the company hasplanned for, a new record peak demand of 11,650 MW could occur,which would surpass the previous record of 11,013 megawatts set onJuly 15, 1997, by 637 MW. The entire borough of Staten Island, forexample, would be expected to use about 500 megawatts during a peakperiod.

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