Closed

Dallas-based Energytec Inc. said Tuesday that it has recently closed the acquisition of a 65-mile natural gas pipeline and 13 associated wells in East Texas. The independent oil and gas company said the acquisition continues its emphasis on East Texas as an area of multiple opportunities suitable to its expertise.

CMS Marketing, Services and Trading (MST) said it closed the sales of its wholesale electric book and related supply portfolio, and its 50% interest in Texon LP. The wholesale power book was sold to Constellation Power Source for $33.8 million with a possible increase to $40 million depending upon future performance of the book.

Cheniere Energy Inc. has closed on two investment agreements for 70% interest in its proposed Freeport, TX liquefied natural gas (LNG) receiving terminal project, bringing the facility one step closer to fruition. The Houston-based Cheniere will retain a 30% interest. In one agreement, Cheniere will sell a 60% stake to Freeport Investments LLC. Freeport Investments, run by Michael S. Smith, agreed to pay Cheniere $5 million in four installments and contribute an additional $9 million for development of the project without further capital contribution by Cheniere. Cheniere and Smith’s company formed Freeport LNG Development LP, a to develop the project. Smith is the CEO of Freeport LNG Development LP. Also, Houston-based Contango Oil & Gas Co. has exercised its option to acquire a 10% interest in the proposal for $2.3 million, payable in installments. Since acquiring the option on the Freeport site, Cheniere has conducted technical, feasibility, marketing, engineering and environmental studies to validate the project. The company holds a 30-year lease at the site and expects to file its application with the Federal Energy Regulatory Commission in March. Cheniere also has secured options on three additional sites for LNG receiving terminals in Sabine Pass, Corpus Christi and Brownsville, TX.

Cheniere Energy Inc. has closed on two investment agreements for 70% interest in its proposed Freeport, TX liquefied natural gas (LNG) receiving terminal project, bringing the facility one step closer to fruition. The Houston-based Cheniere will retain a 30% interest.

Southern Union Co. announced Friday that it closed on the sale of its Southern Union Gas Texas division to Tulsa, OK-based Oneok Inc. for an estimated $420 million.

Southwestern Energy Co. on Tuesday closed the sale of its Mid-continent oil and gas properties in Oklahoma for $26.9 million. The non-strategic assets were sold to an unnamed private company.

Almost a year after Enron Corp. filed for bankruptcy protection, NRG Energy and Reliant Resources find themselves unable to rule out the possibility they won’t ultimately find themselves traveling down the same Chapter 11 path that the former energy trading giant did in December 2001.

CenterPoint Energy Inc. late Tuesday said that its electric utility subsidiary, CenterPoint Energy Houston Electric LLC, closed its previously announced $1.31 billion senior secured credit facility with Warren Buffett’s Berkshire Hathaway and Credit Suisse First Boston. The loan guarantees that the Houston-based utility will meet a key November payment deadline and maintain a $4.7 billion credit facility.

Embattled El Paso Corp. reported Friday it closed out the third quarter in the red, and will begin winding down its ailing energy trading business in an effort to resuscitate the company. The Houston-based company said exiting trading could take up to two years, and would result in an as-yet undetermined number of lay-offs.