Despite market concerns about the ripple effect of California’senergy crisis on nonutility generators, Calpine Corp. on Fridayincreased its diluted earnings per share estimates for the quarterand year ended Dec. 31 to $0.30 and $1.05 per share, respectively.The company also increased its diluted earnings per share estimatefor this year to $1.25 per share. Calpine’s portfolio consists of50 operating power plants in 15 states totaling 4,900 MW. Calpinecurrently operates 26 power plants throughout northern Californiathat generate over 1,200 MW of power. About 600 MW are sold underFERC approved long-term contracts to Pacific Gas & Electric.The balance has been sold forward in the California market to adiversified portfolio of municipal and non-utility wholesalecustomers with strong credit ratings, the company said.

Prize Energy Corp. scarfed up a collection of Permian, GulfCoast and Midcontinent oil and gas properties from Apache Corp. for$65 million late last week. The properties include 12.4 million boeof reserves, made up of 24 Bcf of gas and 8.5 million bbl of oil.The deal is expected to close by Feb. 28. Prize CEO Philip B. Smithsaid the acquisition was part of its strategy to pick up propertiesthat complement its existing asset base and offer opportunities toenhance oil and gas production through exploitation activities.Over the next 12 months, the company intends to divest $25 to $35million of non-strategic oil and gas properties.

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