Acquire

Chevron Corp’s proposed agreement to acquire Texaco Inc. for$35.7 billion in stock would, if given the go-ahead by federalregulators, put the merged company into the “Super Major” League ofproducers worldwide and domestically. It would create the thirdlargest natural gas and oil producer in the United States.

Calgary-based AltaGas said Tuesday it would acquire a 90% working interest in the 30 MMcf/d Cygnet-Prevo natural gas plant and associated 100-kilometer gathering system located near Red Deer, AB. Current throughput at the plant is 18 MMcf/d, and the facilities will be operated as part of AltaGas’ existing Bonnie Glen complex.

Duke Energy has entered into an agreement to acquire a 400 MW merchant generation facility from Enron North America. Acquisition of the Union County, MS, gas-fired facility expands Duke Energy’s Southeast generation portfolio. It also provides additional trading and structured origination opportunities throughout the eastern interconnect. Terms of the transaction were not disclosed. Closing is anticipated to take place in early October. The North American Electric Reliability Council estimates the Southeastern Electric Reliability Council needs an additional 40,000 MW of generation capacity over the next decade to meet peaking demand. Given access to major transmission lines, the Duke Energy facility will be able to serve demand throughout the southeastern and midwestern United States.

UGI Corp. announced that its energy marketing subsidiary, UGI Energy Services Inc., has agreed to acquire the gas marketing business of PG Energy Services Inc., a subsidiary of Southern Union Co., effective July 1, 2001. UGI Energy Services, which does business as GASMARK and POWERMARK, will assume the existing sales and supply agreements for approximately 500 commercial and industrial customers of PG Energy Services. All employees associated with PG Energy customer accounts will join UG Energy Services. Terms of the transaction were not disclosed. The acquisition is expected to increase GASMARK sales volume by over 30%, increasing its annual revenues to over $400 million and making it one of the region’s largest energy marketing companies.

Calgary-based PanCanadian Petroleum Ltd. agreed Friday to acquire cross-town independent Causeway Energy Corp. for C$65 million ($43 million), a deal that includes all of Causeway’s U.S. assets in Montana and Canadian assets in Southern Saskatchewan and Alberta. In the first quarter, Causeway reported an average production of 9,366 Mcf/d, with 99% in natural gas — an increase of 50% over the first quarter of 2000.

The New Power Company made another charge into Ohio last week as it announced it has entered into an agreement to acquire approximately 17,000 residential and small commercial natural gas customers, bringing the total number of customers it serves in Ohio to 167,000.

Calgary-based PanCanadian Petroleum Ltd. agreed Friday to acquire cross-town independent Causeway Energy Corp. for C$65 million ($43 million), a deal that includes all of Causeway’s U.S. assets in Montana and Canadian assets in Southern Saskatchewan and Alberta. In the first quarter, Causeway reported an average production of 9,366 Mcf/d, with 99% in natural gas — an increase of 50% over the first quarter of 2000.

Independent Denbury Resources Inc. said last week it would acquire Covington, LA-based Matrix Oil & Gas, in a deal worth $163 million in cash and stock, including debt. The acquisition, expected to close in July, would boost Dallas-based Denbury’s daily production this year almost 49% over last year, with most of the increase in natural gas. The deal also would increase its presence in the Gulf of Mexico, both onshore and offshore.

Independent Denbury Resources Inc. said Tuesday it would acquire Covington, LA-based Matrix Oil & Gas, in a deal worth $163 million in cash and stock, including debt. The acquisition, expected to close in July, would boost Dallas-based Denbury’s daily production this year almost 49% over last year, with most of the increase in natural gas. The deal also would increase its presence in the Gulf of Mexico, both onshore and offshore.