Acquires

Enterprise Oil, the largest independent exploration andproduction company in Europe, apparently couldn’t resist the marketopportunities in the U.S. any longer. The company paid $127.3million last week for all of drilling company R&B Falcon Corp’sE&P interests in the Gulf of Mexico. The transaction covers a50% stake in the Boomvang field about 100 miles south of Galveston,TX, and a major stake in the Gyrafalcon prospect, which is about100 miles offshore Lousisiana in Green Canyon block 20.

Enterprise Oil, the largest independent exploration andproduction company in Europe, apparently couldn’t resist the marketopportunity in the U.S. any longer. The company paid $127.3 millionyesterday for all of drilling company R&B Falcon Corp’s E&Pinterests in the Gulf of Mexico, which includes a 50% stake in theBoomvang field about 100 miles south of Galveston, TX, and a majorstake in the Gyrafalcon prospect, which is about 100 miles offshoreLousisiana in Green Canyon block 20.

Enron and IBM are teaming up again, but this time in the form of acontract, not a joint venture. (see NGI, May 22 ) Enron EnergyServices, a subsidiary of Enron, has inked a deal with IBM todistribute $350 million in technology services to Enron locations allover the U.S. for the next 10 years.

Independent power company Calpine Corp. of San Jose, CA,completed its acquisition of 80% of Cogeneration Corp. of America’s(CGCA) common stock for about $146 million. The deal growsCalpine’s gas-fired power production by 20% to 2,476 net megawattsof capacity.

Independent power company Calpine Corp. of San Jose, CA,completed its acquisition of 80% Cogeneration Corp. of America’s(CGCA) common stock for about $146 million. The deal growsCalpine’s gas-fired power production by 20% to 2,476 net megawattsof capacity.

FirstEnergy Corp. of Akron, OH, acquired Belden Energy Services,a subsidiary of Belden & Blake Corp. that sells gas to retailcustomers in Ohio. Belden Energy Services, with 1998 revenues of$44 million, is based in North Canton, OH, and would become part ofFirstEnergy Trading Services. Belden, with annual sales of nearly15 Bcf of gas, has about 600 commercial and industrial customers.

Once it acquires Eastern Enterprises, KeySpan Corp. will havelanded a big fish with a full belly as the Weston, MA-based holdingcompany is just now about to digest its third LDC acquisition inless than two years. The friendly deal, announced yesterday, hasEastern going for $64/share or about $2.5 billion.

Once it acquires Eastern Enterprises, KeySpan Corp. will havelanded a big fish with a full belly as the Weston, MA-based companyis just now about to digest its third LDC acquisition in less thantwo years. The friendly deal, announced yesterday, has Easterngoing for $64/share or about $2.5 billion.

Prize Energy, a privately-held Dallas-based producer, increasedits core area production and reserve base yesterday by announcing adefinitive merger agreement with Vista Energy Resources. Thetransaction will create a mid-sized independent oil and gas companynamed Prize Energy Corp. with assets valued in excess of $450million. The merger is expected to be completed in the fourthquarter of this year.