Ocean Energy, Inc. said yesterday that it has agreed to sell allof its interests and assets in its East Bay Complex for $86million. The buyer’s identity was not disclosed. The propertiesconsist of South Pass 24, South Pass 27 and South Pass 39 Fields,located in the Mississippi Delta Region of the Gulf of Mexico. Thetransaction is expected to close March 31 subject to normal andcustomary conditions. CEO James Hackett said in a statement thatthe move was made in order to high-grade Ocean’s balance sheet andgain capital so that it could accumulate higher margin inventory.

NewEnergy, one of the nation’s largest energy service providers,announced plans to buy NEChoice LLC (also known as “National EnergyChoice”), which boasts the largest aggregation of municipalities inthe United States. NewEnergy said it is paying $4 million plusadditional stock options. The deal will be completed this week.Nationally, NewEnergy (formerly New Energy Ventures) has providedsavings opportunities to customers in California, Illinois,Pennsylvania, New Jersey and New York. It serves more than 4,000customers and provides more than 2,500 MW of energy to itscustomers around the nation. NEChoice serves 130 Massachusettsmunicipalities and another 20 municipal entities in thecommonwealth. Throughout Massachusetts and New England, NationalEnergy Choice has arranged electricity supply deals for more than350 customers representing more than $140 million in annualelectric bills. National Energy Choice has arranged gas supplydeals for more than 90 customers representing more than $6 millionin gas bills. It is an aggregation company with headquarters inBoston and an office in Oakland, CA. A subsidiary of the AES Corp.,NewEnergy was formed in 1995 to serve customers nationwide.

Providence Energy said it plans to recognize $1.1 million ofinvestment banking fees in the first quarter. The fees relate toits proposed merger with Southern Union, which will reduce earningsfor the quarter and the twelve months by about $0.11 per share.Additional investment banking fees and other expenses relating tothe proposed merger will be incurred during the balance of theyear. “The proposed merger with Southern Union continues to be ontrack and expenses are in line with our expectations,” said CEOJames H. Dodge. “Our businesses, adjusting for warm weather duringthe first quarter, continue to perform very well.” On Nov. 15 thecompany announced its proposed merger, which is to be consummatedduring the late summer.

Panda Oneta Power, LP has been awarded its final air qualityconstruction permit for the 1,000 MW Oneta power plant to belocated between Broken Arrow and Coweta, OK. The 77-acre site isadjacent to an existing Public Service Company of Oklahomasubstation that will be used to carry the plant’s electricity intothe local area and onto the Southwest Power Pool grid system. ThePrevention of Significant Deterioration (PSD) Air QualityConstruction Permit was granted by the Oklahoma Department ofEnvironmental Quality (DEQ) in accordance with rules established bythe U. S. Environmental Protection Agency under Title 40 of thecode of Federal Regulations. Construction is scheduled to beginthis August and be completed in the spring of 2002. Panda OnetaPower LP is a wholly owned subsidiary of Panda EnergyInternational, headquartered in Dallas.

©Copyright 2000 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.