The Oklahoma Corporation Commission (OCC) unanimously approvedthe proposed merger of American Electric Power Co. of Columbus, OH,and Dallas-based Central and South West Corp.
Articles from Dallas
Dallas-based Panda Energy International announced plans to builda 1,000 MW generation plant in Coweta, OK, near Tulsa. The plant’smaximum daily quantity for gas consumption will be about 170,000MMBtu/d. Gas supply and transportation agreements are expected tobe finalized in the next several months.
Pioneer Natural Resources Co. of Dallas announced thetermination of a purchase and sale agreement between Pioneer andCostilla Energy Inc. for the sale of certain oil and gas propertiesto Costilla. As a result of Costilla’s failure to close the April 1agreement, Pioneer has received one million additional shares ofCostilla common stock as liquidated damages.
Providence Gas Co. (ProvGas) was granted a rematch with state regulators and Aurora Natural Gas of Dallas last week but got only a token $5,000 knocked off of a $323,000 fine the state imposed in September for affiliate favoritism and tariff violations. Judge Stephen T. Scialabba also granted the company’s request for rehearing and reconsideration of $300,000 in refunds to marketers ordered in the Aurora Natural Gas LLC v. Providence Gas Co. case (Docket No. D-98-1).
In a move to cut debt and costs by reducing its propertyinventory, Dallas-based Pioneer Natural Resources agreed to sellcertain oil and gas properties to Costilla Energy Inc. for $410million. The transaction will be effective Oct. 1 and is expectedto close by year-end. Despite the recent volatility in oil and gasprices, the company said the price falls within its expectations.
Another class action suit was filed against Triton Energy onbehalf of shareholders alleging the company misrepresented thevalue of its assets and prospects for the company. The most recentsuit, filed in U.S. District Court for the Eastern District ofTexas on behalf of those who acquired common stock on or betweenMarch 30 and July 17, says statements by the company and certainexecutives drove its stock price up during the class period.