The Oil & Gas Asset Clearinghouse sold more than $18.1million of properties as of its Oct. 25th Hybrid auction, whichfeatured simultaneous floor and Internet bidding in Midland, TX.Based in Houston, the company is a wholly owned subsidiary ofPetroleum Place, an Internet portal and marketplace serving theupstream energy industry. The Clearinghouse said it offered 128lots, consisting of more than 800 wells, including 46 higher valuedproperties. Year-to-date, Internet bidders have purchased more than$25 million properties through Selective Offerings, andparticipation on the Internet also is increasing, said the company.

AltaGas Services Inc., based in Calgary, has filed a Notice ofIntention with the Toronto Stock Exchange to make a Normal CourseIssuer bid. Subject to regulatory approval, the independentmidstream natural gas company may purchase up to 1.46 millionshares, which represents approximately 5% of the 29 million sharesoutstanding. AltaGas said it was putting the bid in place because,in the view of management, recent trading prices for the shareswere not reflecting the company’s value. Assets include natural gasgathering and processing facilities in Alberta and Saskatchewan,interests in two Alberta ethane and natural gas liquids extractionplants, and ownership of AltaGas Utilities Inc., which serves morethan 90 Alberta communities. It also holds a 33% interest in theIkhil Gas Project, the first Canadian commercial natural gasdevelopment project north of the Arctic Circle.

MidAmerican Energy Co. has become the first to be registered asa Certified Retail Electric Supplier in the Cincinnati Gas &Electric Co. territory, enabling the Cincinnati-based company tocompete for electric sales throughout southwest Ohio. Under Ohiolaw, consumers and businesses will be able to choose amongelectricity suppliers beginning Jan. 1, 2001. MidAmerican hasopened an office in Beachwood, OH and is currently contactingcustomers throughout the state. Ohio is the company’s second entryinto the deregulated U.S. market. It also is operating in Illinoisand has sold more than 1 billion KWh there, along with more than 10Bcf of natural gas.

Consolidated Edison Inc. said it would not make a final decision onwhether to proceed with its acquisition of Northeast Utilities untilit has completely reviewed the stringent conditions set forth by theConnecticut Department of Public Utility Control. Con Ed said it alsowould await regulatory decisions in New Hampshire and New York beforedeciding whether to proceed. On Monday, Con Ed issued a statement thatsaid, “We are continuing to analyze the implications of theConnecticut DPUC’s decision relating to our Petition forReconsideration. The department did clarify some features of themerger order in line with our request, but did not change its earlierconclusions on important financial issues.” Con Ed first announced the$7.5 billion purchase of NU in October 1999, which would create thelargest gas and electric utility in the nation with more than fivemillion electric and 1.4 million gas customers in New York and NewEngland. However, the DPUC imposed strict guidelines imposing ratereductions and employment rules among other things (see Daily GPI, Sept. 26).

Houston-based Michael Petroleum has purchased Enogex Explorationfor $7.5 million, picking up interests in 72 producing wells and22,500 acres in the Lobo Wilcox Trend in Webb County, TX. MPCalready operates 61 of the 72 wells purchased. Total provedreserves are estimated to be 16.6 Bcfe, of which 36% are proveddeveloped reserves. Enogex Exploration is a subsidiary of EnogexInc., which is a subsidiary of Oklahoma City-based OGE Energy Corp.

Intercontinental Exchange (ICE), the hard-charging new entry inthe electronic energy trading business says its cash markets innatural gas are averaging between one and two Bcf/d — just onemonth after going live. Since Oct. 19 over 60 Bcf ofphysically-delivered gas has been traded over ICE, whilefinancially-settled gas volumes have reached almost 900 Bcf.

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