Stamford, CT-based Energy East Corp. said yesterday that its mergerwith CTG Resources Inc. is close to completion (see Daily GPI, Oct. 19, 1999; July 1, 1999) and an exchange of shares orcash is expected soon. Based on preliminary results, ChaseMellonShareholder Services, which is acting as exchange agent, will adjustthe cash portion Energy East’s offer by a factor of 0.99. In exchangefor each share of CTG common stock, CTG shareholders had the option toreceive either $41 in cash or a number of shares of Energy East commonstock valued at $41. Energy East expects ChaseMellon to begindistributing cash and stock soon. Questions regarding the exchange maybe directed to ChaseMellon at (888) 581-9932.

Atlantic LNG Company of Trinidad and Tobago has decided to usePhillips Petroleum’s liquefied natural gas (LNG) technology todevelop two additional trains at an LNG manufacturing facility inTrinidad. The first train at the center, also using Phillips’technology, produces three million metric tons of LNG per year.Trains two and three will each produce 3.3 million metric tons peryear. Phillips’ LNG process uses propane, ethylene and methane tocool and compress natural gas into a liquid state. Bechtel, thecompany that constructed the first train, will also construct traintwo and three. Train two is expected to be in service as towardsthe end of 2002, with train three following in the Fall of 2003.

Cambridge Energy signed a letter of intent to acquire oil and gasproperties in Southern Louisiana from private individuals withsignificant proven, probable and exploratory reserves. The companysaid the overall value of the acquisition is $10 million. Based upon areview of engineering reports on the property, Cambridge energybelieves that the property has 2.2 million bbl of recoverable oilreserves and 11.3 Bcf of gas reserves. 1.7 million bbl of oil and 1.8Bcf of gas have been proven. This marks Cambridge Energy’s second oiland gas acquisition in Southern Louisiana within the last three months(see Daily GPI, June 14). The companyis involved in oil & gas exploration with producing properties inLouisiana and Indonesia.

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