255M

Progress Fuels Corp., a subsidiary of Progress Energy, said Tuesday it would sell some of its oil and natural gas interests in the Fort Worth basin of Texas for $255 million in cash to an undisclosed buyer. Proceeds from the sale, which is expected to be completed by the end of the year, will be used to reduce debt, the company said.

Progress Fuels Corp., a subsidiary of Progress Energy, said Tuesday it would sell some of its oil and natural gas interests in the Fort Worth basin of Texas for $255 million in cash to an undisclosed buyer. Proceeds from the sale, which is expected to be completed by the end of the year, will be used to reduce debt, the company said.

JP Morgan Chase & Co. and Citigroup Inc. agreed Monday to pay a total of $255 million to settle enforcement proceedings with the Securities and Exchange Commission (SEC) concerning their roles in Enron Corp.’s financial deception. The proceeding also resolved charges that Citigroup had manipulated Dynegy Inc.’s financial statements in connection with its Project Alpha financing.