Closed

Dominion has closed the sale of its Canadian natural gas and oil exploration and production (E&P) operations to Canadian-based Paramount Energy Trust and Baytex Energy Trust. The Canadian operations were sold to the trusts in May (see NGI, June 4). The closing price was US$624 million, based on currency exchange rates on Monday. At the end of 2006, the Western Canada operations included 267 Bcfe of proved natural gas and oil reserves, with average production of 60 MMcfe/d. Dominion is in the process of selling almost all of its E&P operations as it refocuses on the power generation and energy distribution, transmission, storage and retail businesses. In early June, Dominion made a deal to sell nearly all of its U.S. onshore E&P properties in a two-way transaction with Loews Corp. and XTO Energy Corp. for $6.5 billion (see NGI, June 11). In late April, the company sold its offshore E&P business to a subsidiary of Italy’s Eni SpA for $4.76 billion. Only Dominion’s Midcontinent properties remain to be sold, and that process is expected to begin in July and be completed by the end of the year. Dominion plans to retain its Appalachian Basin operations, which include 1 Tcfe of proved reserves. The operations are considered lower-risk and a strategic fit with the company’s gas gathering, pipeline and storage systems.

Dominion has closed the sale of its Canadian natural gas and oil exploration and production (E&P) operations to Canadian-based Paramount Energy Trust and Baytex Energy Trust.

The management-led buyout of Kinder Morgan Inc. (KMI) has closed, the company said last week. Trading of KMI’s common stock on the New York Stock Exchange will be suspended and KMI will take steps to delist the shares from the exchange.

The management-led buyout of Kinder Morgan Inc. (KMI) has closed, the company said Wednesday. Trading of KMI’s common stock on the New York Stock Exchange will be suspended and KMI will take steps to delist the shares from the exchange.

Putting an end to the three-day run lower by May natural gas futures, the prompt month on Wednesday closed 7.9 cents higher at $7.497 after meeting expected support down near the $7.400 level. Whether the market has another $8 run in it remains to be seen and will likely be decided to some degree by Thursday morning’s storage report, which some point out could reveal a record-setting withdrawal for the month of April.

Nymex Holdings Inc., the parent company of the New York Mercantile Exchange Inc. (Nymex), on Friday closed on the previously announced purchase of a 10% equity stake in the Montreal Exchange Inc. (MX), Canada’s financial derivatives exchange. As part of the deal, Nymex and MX also announced the creation of the Canadian Resources Exchange Inc. (Carex), their new joint business venture dedicated to the Canadian energy marketplace.

Houston-based Haddington Ventures LLC closed a new private equity fund with total committed capital of $182 million to be invested in the North American midstream sector. The new fund and its related vehicle are Haddington Energy Partners III, LP (Fund III).

QEM Management LP (Quantum) said last week that it has closed Quantum Energy Partners IV LP (QEP IV), a $1.32 billion private equity fund dedicated to the energy industry. QEP IV is Quantum’s fourth private equity fund launched since 1998.

QEM Management LP (Quantum) said Tuesday that it has closed Quantum Energy Partners IV LP (QEP IV), a $1.32 billion private equity fund dedicated to the energy industry. QEP IV is Quantum’s fourth private equity fund launched since 1998.