Calgary-based Fort Chicago Energy Partners L.P. — which owns a 26% equity in the Alliance Pipeline project — said that its largest unit holder, Gendis Inc., will distribute 8.5 million units to shareholders by Nov. 24. Gendis, based in Winnepeg, will retain 6.2 million units of Fort Chicago following the transaction.
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Alliance Equity Partner Distributing Shares
Calgary-based Fort Chicago Energy Partners L.P. — which owns a26% equity in the Alliance Pipeline project — said that itslargest unit holder, Gendis Inc., plans to distribute 8.5 millionunits to shareholders by Nov. 24. Gendis, based in Winnepeg, willretain 6.2 million units of Fort Chicago following the transaction.
Helene Impact Small; CA Dips Lead Mostly Softer Market
Despite snow in Calgary and modest disruptions of Gulf of Mexicosupplies by Tropical Storm Helene, nearly all points softened a bitThursday, with most of the declines less than a dime. Californianumbers took the biggest hits of more than 20 cents, while tradersof Canadian gas at Aeco, Sumas and Stanfield saw flat to slightlyhigher pricing.
Westminster Sells Canadian Assets to AEC
To expand its exploration and development projects, Calgary’sWestminster Resources Ltd. will sell all of its Canadian oil andgas assets to AEC Oil & Gas for $62.7 million in cash under anagreement reached yesterday by the companies. Closing is set forOct. 19.
TransCanada Picks Up 5 Westcoast Cogeneration Plants
Calgary’s TransCanada Power LP, a unit of TransCanada Pipelines Ltd., last week said it was buying Westcoast Energy Inc.’s interest in five Canadian cogeneration plants in a deal valued at C$512 million. Westcoast, based in Vancouver, is expected to net C$75 million after taxes, and turn its attention toward its new power generation projects.
TransCanada Picks Up 5 Westcoast Cogeneration Plants
Calgary’s TransCanada Power LP, a unit of TransCanada Pipelines Ltd., is buying Westcoast Energy Inc.’s interest in five Canadian cogeneration plants in a deal valued at C$512 million. Westcoast, based in Vancouver, is expected to net C$75 million after taxes, and turn its attention toward its new power generation projects.
TC PipeLines Picks Up 49% of Tuscarora Gas
Calgary’s TC PipeLines LP now owns a 49% interest in the229-mile 20-inch interstate Tuscarora Gas Transmission Co., aNevada general partnership, after paying US$28 million to asubsidiary of TransCanada PipeLines Ltd.
Centrica Closes on Direct Energy Deal
The United Kingdom-based Centrica plc completed the acquisitionof Calgary’s Direct Energy Marketing Ltd. and its primary marketingagent Natural Gas Wholesalers, unveiling the British company’sfirst sizeable venture into the international arena.
Unocal Ups Ownership in Northrock to 96%
Unocal’s Canadian subsidiary, Unocal Canada Management Ltd., hasconsolidated 96% of the shares of Northrock Resources Ltd., underits ownership in its recent bid to complete the acquisition of theCalgary-based oil and natural gas exploration and productioncompany.
Forward Contract Stifles Canadian 88’s Growth
Despite 1999 production revenue increases of 51% and cash flow increases of 43%, Calgary-based Canadian 88 took a sharp hit to its bottom line by a natural gas forward sales contract, which resulted in the company posting a loss of $6.5 million ($0.06 per share). The company had reported earnings of $1.8 million ($0.02 per share) in 1998.