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Boston-based BEC Energy and Commonwealth Energy System completedtheir merger into $4.5 billion NSTAR Wednesday – one day afterwinning approval for the transaction from the Securities andExchange Commission.

Coho Energy Inc., a Dallas-based independent oil and gasproducer focused on exploitation of underdeveloped oil propertiesin Oklahoma and Mississippi, announced it has filed a petition forChapter 11 bankruptcy protection in Dallas’ Federal BankruptcyCourt. The decision to seek protection was taken by Coho andcertain subsidiaries because the resolution of a restructuringcannot be completed without the protection and assistance of thebankruptcy court, the company said. Timing of the bankruptcy filingwas imposed by several factors including the repayment accelerationof the Company’s $240 million debt by its bank creditors lastThursday (See Daily GPI, Aug. 20), the inability of the banks andthe bondholders (the two large creditor groups) to reach asatisfactory agreement with each other, and the potential for oneof the bondholder’s being granted a summary judgment in its lawsuitagainst Coho for full payment of principal and past due interest.Coho said it is continuing to discuss a solution to its capitalneeds with the banks, the bondholders and other potentialinvestors. The company expects to file a plan of reorganizationwith the bankruptcy court in the near future.

Minneapolis-based Northern States Power Co. will add about 5,000natural gas and 15,000 propane customers in four states through theacquisition of Natrogas Inc., also of Minneapolis. The dealrequires regulatory approval.

The financial troubles of Coho Energy reached a new level lastweek as the Dallas-based company received a formal notice from itslenders that the obligations under its $240 million credit facilityhave been accelerated and the lenders intend to exercise all rightsand remedies to satisfy those obligations.

Paris-based Elf Aquitaine submitted a counteroffer forTotalFina. Elf’s proposal would create two separate pure-play oiland gas and chemicals groups and annual pre-tax synergies of 2.5billion euros within three years of the combination. The dealoffers three Elf shares and 190 euros in cash for every five sharesin TotalFina, representing a premium of 10% to TotalFina’s closingprice on Friday July 16 (ex dividend). The transaction will beaccounted for under US GAAP using purchase accounting.

Jack L. Messman, chairman and CEO of Forth Worth, TX-based UnionPacific Resources Group, will retire and UPR President GeorgeLindahl III will succeed him as well as remain president of thecompany. Messman has led UPR for more than eight years. He joinedthe company in 1991 while it was a subsidiary of Union PacificCorp. He oversaw an initial public offering in 1995 and the fullspin-off of the oil and gas company from Union Pacific in 1996.Lindahl has more than 30 years experience in the oil and gasbusiness and came to UPR in 1987 as exploration manager afterworking for 19 years in exploration and production, primarily as anexecutive with BP Amoco. He has been the company’s president since1996.

Jack L. Messman, chairman and CEO of Forth Worth, TX-based UnionPacific Resources Group, will retire and UPR President GeorgeLindahl III will succeed him as well as remain president of thecompany. Messman has led UPR for more than eight years. He joinedthe company in 1991 while it was a subsidiary of Union PacificCorp. He oversaw an initial public offering in 1995 and the fullspin-off of the oil and gas company from Union Pacific in 1996.Lindahl has more than 30 years experience in the oil and gasbusiness and came to UPR in 1987 as exploration manager afterworking for 19 years in exploration and production, primarily as anexecutive with BP Amoco. He has been the company’s president since1996.

The board of directors for the London-based International Petroleum Exchange urged its members last Wednesday to accept a buy-out offer from five outside investors including British Gas, Distrigas, Enron, Nord Pool and OM Group, rather than accept a proposed merger bid from the New York Mercantile Exchange. The 475 members of the IPE will vote on the sale at an extraordinary general meeting held on July 30. The board threatened to resign if the outside investor sale failed.

The board of directors for the London-based InternationalPetroleum Exchange urged its members Wednesday to accept a buy-outoffer from five outside investors rather than accept a proposedmerger bid from the New York Mercantile Exchange. The 475 membersof the IPE will vote on the sale at an extraordinary generalmeeting held on July 30. The board threatened to resign if theoutside investor sale failed.