CNG Sets New Reserve Additions Record

Consolidated Natural Gas Co. (CNG) set records for both reserveadditions and production for 1998. Reserve additions in explorationand production totaled 413 Bcfe through additions, revisions, andpurchases, topping the company record of 368 Bcfe set in 1985.Included are 39 Bcf of reserves bought from The Peoples Natural GasCo., a CNG distribution company, late in 1998.

February 9, 1999

Shedding E&P Spares MCN Bigger Loss

MCN Energy Group’s plan to shed exploration and productionoperations drained gallons of red ink from its 1998 bottom line,about $273 million worth. Still the company finished the year witha net loss. MCN reported a net loss of $6.2 million, compared withearnings of $112.2 million in 1997. Including results from theE&P unit – discontinued in anticipation of sale – MCN reporteda net loss for 1998 of $279 million, compared with earnings of$142.3 million in 1997. All figures include special charges.

January 29, 1999

Magnum Buying Spirit’s Oklahoma Properties

Spirit Energy 76, Unocal Corp.’s Lower 48 exploration andproduction unit, agreed to sell substantially all of its oil andgas assets in Oklahoma to Magnum Hunter Production Inc. for about$36 million in cash.

November 30, 1998

Amoco Consolidating Offices, Cutting Jobs

Amoco said yesterday it would consolidate its U.S. explorationand production management offices in Houston to cut costs andincrease competitiveness. About 660 E&P management, technicaland administrative jobs in Denver and New Orleans will be affected.Many of the positions will be relocated to Houston, but Amoco saidthere will be some jobs eliminated as well.

November 20, 1998

Swift Deal Marks Change in 1998 Spending Focus

Swift Energy Co. has agreed with Sonat Exploration Co., asubsidiary of Sonat Inc., to purchase for $87.6 million producingoil and gas properties that will increase its reserves by about25%. The deal signifies a redirection of Swift spending plans awayfrom drilling and to acquisition in light of depressed oil prices.

July 7, 1998

Northwest Natural, NESI combine Canadian E&P

Northwest Natural Gas and NIPSCO subsidiary NI Energy Services(NESI) have combined Canadian exploration and productionsubsidiaries into one company, Canor Energy Ltd., to “ramp upgrowth prospects and increase competitiveness.” NW combinedsubsidiary Canor Energy with NESI’s Southlake Energy March 31through the purchase of Southlake’s stock in exchange for shares inCanor. The new Canor is 66% owned by NW Natural and 34% owned byNESI. The combined company has a production volume approaching4,000 boe/d. Natural gas equivalent reserves total more than 120Bcf.

April 16, 1998
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