Alternatives

Proposals, alternatives and mitigating measures covering two proposed offshore oil and natural gas lease sales of 1.5 million acres in the eastern Gulf of Mexico (GOM) have been identified by the Department of Interior’s Minerals Management Service (MMS). The two proposed sales under consideration are included in the MMS 2002-2007 oil and gas leasing program. Sale 189 is tentatively scheduled for December 2003, and Sale 197 is proposed for March 2005.

Proposals, alternatives and mitigating measures covering two proposed offshore oil and natural gas lease sales of 1.5 million acres in the eastern Gulf of Mexico (GOM) have been identified by the Department of Interior’s Minerals Management Service (MMS). The two proposed sales under consideration are included in the MMS 2002-2007 oil and gas leasing program. Sale 189 is tentatively scheduled for December 2003, and Sale 197 is proposed for March 2005.

Barrett Resources Corp.’s move to provide “strategic alternatives” to its shareholders, and thus, increase the value if it is taken over, appears to have paid off. This week, the Denver-based independent apparently received at least two more bids to compete with Royal Dutch/Shell Group’s offer of $60 a share. Barrett had set a deadline of Wednesday for other companies to make an offer.

Just days after Houston-based Anadarko said it would boost itsspending in Canada this year (see Daily GPI, Feb. 12), the independent played whiteknight Monday, agreeing to acquire gas-rich Berkley PetroleumCorp. for $777 million, further boosting its Canadian reserves andpulling the rug out from under another Texas-based producer that hadset its sights on the company two months ago.

In an effort to realize more value for its shareholders, PlainsResources has decided to evaluate strategic restructuringalternatives to help increase the value, and value-creating abilityof its upstream and midstream business segments.

Central Hudson Energy Services, with a long-term strategy tooffer a full range of energy supply alternatives, moved toward thatgoal with the purchase this week of Griffith Consumers Co., aheating oil provider with 43,000 retail customers and a significantmarket share in the Washington, D.C. area.

Kansas-based Western Resources is exploring “several strategic alternatives” for its electric utility operations, which include finding a merger partner as it attempts to separate its regulated and unregulated assets and strengthen its market position. If a merger partner can’t be found, Western plans to look at other options for its two electric utilities, KPL and KGE. It may form a strategic alliance with other companies, partner with another electric or gas utility or possibly even sell them outright.

Kansas-based Western Resources is exploring “several strategicalternatives” for its electric utility operations, which includefinding a merger partner as it attempts to separate its regulatedand unregulated assets and strengthen its market position. If amerger partner can’t be found, Western plans to look at otheroptions for its two electric utilities, KPL and KGE. It may form astrategic alliance with other companies, partner with anotherelectric or gas utility or possibly even sell them outright.

CTG Resources Inc., parent of Connecticut Natural Gas, announcedit has retained Paine Webber Inc. to advise it on strategicalternatives to maximize shareholder value, including the potentialsale of the company and acquisitions of nonregulated enterprises toexpand the company’s district heating and cooling activities.