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Unocal Corp. subsidiary Unocal Canada Resources is buying a 46%stake in Calgary-based Northrock Resources Ltd. for C$265 million(US$175 million). The company has average daily gross production of160 MMcf/d of gas and 11,000 b/d of crude oil and gas liquids andholds net proved reserves of 35 million bbl of oil and liquids and363 Bcf of gas. Northrock also has valued its exploration assets(land and seismic) at C$132 million (US$88 million).

Unocal Corp. subsidiary Unocal Canada Resources is buying a 46%stake in Calgary-based Northrock Resources Ltd. for C$265 million(US$175 million). The company has average daily gross production of160 MMcf/d of gas and 11,000 b/d of crude oil and gas liquids andholds net proved reserves of 35 million bbl of oil and liquids and363 Bcf of gas. Northrock also has valued its exploration assets(land and seismic) at C$132 million (US$88 million).

Columbia Gas of Ohio said customers participating in itscustomer choice program have saved $11.8 million-an average ofabout 10% off monthly gas bills-since Columbia introduced theprogram in the Toledo area in April 1997 and expanded it to allcustomers last August. Customers have saved nearly $3 million sincethe expansion.

Anadarko Petroleum said its annual energy production is expectedto grow at an average rate of 18% per year, from 48 million energyequivalent barrels (EEBs) in 1998 to an estimated 92 million EEBsin 2002. The company said the new production forecast is based ondevelopment of known fields and does not include any newexploration discoveries.

Although the power industry has been rocked by sharp pricerun-ups this summer, average real electricity prices are projectedto drop by more than 25% by 2015 largely due to improvedefficiencies and cost reductions brought about by electricityrestructuring, the Gas Research Institute (GRI) said in a new studyissued yesterday.

A class action complaint was filed in the Supreme Court of NewYork in Nassau County against MarketSpan Corp. and former seniorofficers/directors of Long Island Lighting Company (LILCO). Theclass action was filed on behalf of current shareholders ofMarketSpan who were stockholders of LILCO and/or The Brooklyn UnionGas Co. (BU) or its successor, KeySpan Energy Corp. at the time ofthe merger of LILCO and BU.