Chicago powerhouse Exelon announced new earnings targets for itsthree principal businesses yesterday, setting targets to grow at arate of about 10% a year through 2003. The company projectedearnings per share of $4.50 for 2001; $4.95 in 2002; and $5.40 in2003. Previous earnings per share had been $4.20 for 2001; $4.60 in2002; and $5.10 in 2003. Reduced amortization, partially offset byhigher spending for operations in its energy delivery business, isthe principal driver for the earnings increase said Exelonofficials. Exelon was formed in September 1999 in the merger ofPECO Energy Co. and Unicom Corp., and is one of the largestelectric utilities and the largest nuclear operator in the UnitedStates.

The Gas Technology Institute (GTI), formed by the merger earlierthis year of GRI and the Institute of Gas Technology, released a104-page report yesterday that presents an overview of the key gassupply trends from the 2000 GRI Baseline Projection. The 2000 GasSupply Insights report outlines the sources of gas supply andprojects what each region will contribute to the anticipated 30 Tcfgas market of the future. The Gulf of Mexico and Western Canada areprojected to be the two largest incremental productioncontributors, followed by the Rockies. The report includes detailon the Gulf of Mexico by water depth interval for both the shelfand slope, and it includes an overview of gas supply trends inAlaska and Canada, and a summary of Mexico. John Cochener, GTIproject manager and principal analyst – resource evaluation, alsosaid GTI will release a comprehensive report soon on Mexico’s gasresources, including projections on development andimports/exports. He said a preliminary conclusion is that rapid gasdemand growth in Mexico likely will soak up Mexico’s increasing gassupply from the Burgos Basin and Cantarell area offshore. For moreinformation contact Cochener at GTI’s Baseline Center in Arlington,VA, (703) 526-7834. The report is $250 for GTI members and $325 fornonmembers, plus shipping and handling.

Denver-based Amalgamated Explorations Inc. and Barrett ResourcesCorp. have agreed to drill oil and natural gas wells in the BooneDome Gas Field area of Wyoming. Under the agreement, Barrett andits partners have the right to drill on Amalgamated leases to earnrights subject to royalty and/or working interest that will beretained by Amalgamated. Also, Amalgamated will have access to theseismic data within one mile of the leases for its own exploratoryand drilling operations. Amalgamated CEO Christian F. “Ted” Murersaid the alliance was a “positive move” that would benefitemployees and shareholders of both companies. Amalgamated recentlyacquired an additional 539 acres in the Boone field, bringing thecompany’s total land position to 1,800 acres there. The acreage iswithin a 100 square mile 3-D shoot under way with Barrett, theoperator, for exploration in the area.

Carbon Energy Corp. is selling its working interests in 40natural gas wells in the Kutz Field in San Juan County, NM toMarkWest Hydrocarbon Inc. for $7.5 million. The sale is expected toclose in early January 2001. Carbon’s net working interestproduction from the property is nearly 2.1 MMcf/d and 6 bbl/d. Itsaverage working interest is approximately 60%. Carbon plans to usethe sale’s proceeds to continue its development drilling program inthe Piceance Basin of Colorado and the Uintah Basin of Utah.

FERC has approved a proposal by Tuscarora Gas Transmission toincrease its mainline capacity and construct a new lateral toprovide up to 10,000 Dth/d of FT for Sierra Pacific Power. Theincreased capacity on the 229-mile mainline line from aninterconnect with PG&E Gas Transmission Northwest at Malin, ORto a meter station near the Tracy Power plant in Storey County, NV,will serve a growing load on the Sierra Pacific system. Over thelast three years SPPC has experienced an annual average increase of4.6% in its customer base. The 15-year contract calls for rolled inpricing. Cost of the project is estimated at $10.2 million.

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