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Buys

Carolina Power Buys NC Natural for $354 M

Seeking to become a “one-stop” energy shop and a larger regionalenergy company, Carolina Power and Light (CP&L) announced itsinitial entry into the gas industry with the acquisition of NorthCarolina Natural Gas (NCNG) for $354 million in stock. Theagreement is still pending state regulatory and shareholderapproval, so no closing date has been announced.

November 12, 1998

CMS Buys Panhandle, Trunkline to Feed Midwest Power

CMS Energy surprised the industry early last week when itreached south from its Michigan gas and electric distribution baseto buy the Panhandle Eastern and Trunkline Gas pipeline companies -pipes, storage and LNG terminal – from Duke Energy, locking in itsown supply line to the Midcontinent and Gulf Coast. The companyalso articulated a strategy to capitalize on demand for gas-firedpower generation in the Midwest, and ended the week bydemonstrating it.

November 9, 1998

Mountaineer Buys Washington Gas’s WV Assets

Shenandoah Gas Co., a subsidiary of Washington Gas Light (WGL),agreed last week to sell its natural gas utility assets in WestVirginia to Mountaineer Gas Co. for an undisclosed sum. To ensurecontinued gas service in the area, Shenandoah Gas will providetransportation services through its Virginia pipeline toMountaineer Gas’ newly acquired pipe in West Virginia for sevenyears.

November 9, 1998

Remington Buys 10 Gulf Blocks From UPR

Remington Oil and Gas Corp. acquired interests in 10 Gulf ofMexico offshore blocks from Union Pacific Resources (UPR). Seven ofthe blocks are producing, one is anticipated to come on productionbefore year-end, and two are undeveloped. The blocks are on theoffshore Louisiana and Texas shelf in water depths less than 400feet. Interests vary from 5% to 100%, with all of the producingproperties being non-operated. The effective date of thetransaction is Sept. 1 with an anticipated closing prior toyear-end. Unaudited reserves for the blocks are about 7 BCFe with apurchase price of $7.65 million.

November 2, 1998

CMS Buys Heritage, Takes Stake In Powder River

CMS Energy Corp. went on a shopping spree last week, taking amajor stake in one of the Rocky Mountain region’s hottest newproducing areas, the Powder River Basin, and adding to its growingMidcontinent midstream asset base with the purchase of Heritage GasServices, L.L.C.

November 2, 1998

CMS Buys Heritage, Enters Powder River

CMS Energy Corp. went on a shopping spree yesterday, taking amajor stake in one of the Rocky Mountain region’s hottest newproducing areas, the Powder River Basin, and added to its growingMidcontinent midstream asset base with the purchase of Heritage GasServices, L.L.C.

October 27, 1998

Eastern Enterprises Buys Another LDC, Colonial Gas

At Massachusetts’ Eastern Enterprises, “consolidation” is theword of the day, and of the days to come. Fresh from itsacquisition of Essex County Gas, the Boston Gas parent Monday saidit will buy nearby Colonial Gas Co. at a 27% premium to Colonial’sFriday closing price.

October 20, 1998

Exxon Buys SoCalGas Processing, Offshore Facilities

Exxon Company U.S.A. will buy a coastal processing facility 25miles west of Santa Barbara from a Southern California Gas affiliate for an undisclosed amount, it was announced last week.The plant processes 60 MMcf/d of offshore California natural gasproduced by Exxon’s Platform Honda.

October 19, 1998

Exxon Buys CA Processing Facilities

Exxon Company U.S.A. will buy a coastal processing facility 25miles west of Santa Barbara from a Southern California Gas affiliate for an undisclosed amount, it was announced last week.The plant processes 60 MMcf/d of offshore California natural gasproduced by Exxon’s Platform Honda.

October 19, 1998

Duke Build Canadian Services Arm, Buys Tescor

DukeSolutions, a subsidiary of Duke Energy, has acquiredprivately held Engineering Interface Limited of Toronto and itsmain subsidiary Tescor Energy Services, Inc. The new company willbecome the Canadian operations for DukeSolutions. Terms of theacquisition were not disclosed.

September 18, 1998