Corp

Questar Corp. announced plans to purchase up to $50 million ofits outstanding common stock on the open market or in privatelynegotiated transactions over the next two years.

Unocal Corp. subsidiary Unocal Canada Resources is buying a 46%stake in Calgary-based Northrock Resources Ltd. for C$265 million(US$175 million). The company has average daily gross production of160 MMcf/d of gas and 11,000 b/d of crude oil and gas liquids andholds net proved reserves of 35 million bbl of oil and liquids and363 Bcf of gas. Northrock also has valued its exploration assets(land and seismic) at C$132 million (US$88 million).

LG&E Energy Corp. utility subsidiaries Louisville Gas andElectric and Kentucky Utilities received orders from the KentuckyPublic Service Commission (PSC) implementing performance-basedratemaking (PBR) effective July 2.

Unocal Corp. subsidiary Unocal Canada Resources is buying a 46%stake in Calgary-based Northrock Resources Ltd. for C$265 million(US$175 million). The company has average daily gross production of160 MMcf/d of gas and 11,000 b/d of crude oil and gas liquids andholds net proved reserves of 35 million bbl of oil and liquids and363 Bcf of gas. Northrock also has valued its exploration assets(land and seismic) at C$132 million (US$88 million).

Scana’s South Carolina Pipeline Corp. announced Wednesday itplans to build an interstate pipeline running from South Carolinato North Carolina, and in the process held no punches on promotingits pipeline over the proposed Carolina Light and Power(CP&L)/Sonat Palmetto Pipeline project. Scana did not releasedetails of its proposal, but did say formal descriptions will beannounced in the coming weeks.

Castle Energy Corp. of Radnor, PA, will pick up about 27.5 Bcfeof proved reserves, about 55% gas, when it completes the purchaseof essentially all of AmBrit’s oil and gas properties for about $22million.

Unocal Corp.’s Spirit Energy 76 unit announced a “verysignificant” oil and gas discovery on the Mad Dog prospect in theGulf of Mexico deep-water Green Canyon block 826. The wellencountered 300 net feet of hydrocarbons, mainly crude oil. Aspokeswoman said more specific information about how much of MadDog reserves might be gas is not yet available.

Avista Corp. of Spokane, WA, its first-quarter earnings pershare could fall as much as 15 cents per share below securitiesanalysts’ current consensus first quarter estimate of 49 cents pershare. However, CEO T.M. Matthews said the company is stillcomfortable with analyst expectations of earnings for the year ofbetween $1.55-$1.65 per share

Dynegy Inc. and Chevron Corp. want FERC to either block FloridaGas Transmission’s (FGT) proposed abandonment and sale of 70 milesof mainline and associated facilities in the southern part of Texasor “at a minimum” ensure the continuity of transportation servicethere.