Formation

Lomak Petroleum and Domain Energy completed their merger andformation of a new company called Range Resources, which will havea 1 Tcf reserve base and $1 billion in total assets. The reservesare 72% natural gas with daily production at 9,248 b/d of oil andliquids and 161 MMcf/d of gas.

California regulators have approved the $6.6 billion merger ofPacific Enterprises and Enova Corp., allowing the formation of acompany that will serve 21 million gas and electric consumers inSouthern California. But the merger partners did not get all theyrequested. The CPUC ruled merger savings of $174.9 million must bereturned to ratepayers and savings of $161.5 million returned toshareholders over the five years following completion of the mergerrather than over 10 years