CMS Energy is handing over its title of largest independent oiland gas producer in Michigan to Quicksilver Resources, the companysaid yesterday. The sale includes all of CMS Energy’s gas and crudeoil exploration and production properties in Michigan, includingthe stock of Terra Energy Ltd., as well as other smaller interestsin Ohio, Kentucky, and Indiana. It covers more than 180,000 netleasehold acres producing 54 MMcfe/d from the Antrim Shale, as wellas from the Niagaran and Prairie du Chien formations. Estimatedreserves and the purchase price were not disclosed. The transactionis expected to close by the end of the first quarter.
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Articles from Hands
Properties Change Hands in Lawsuit’s Wake
McMoRan (MMR) Exploration Co., Phosphate Resource PartnersLimited Partnership (PLP) and its administrative managing generalpartner IMC Global Inc. (IGL) said PLP and IGL have resolved anddismissed with prejudice their lawsuit against MMR and four formerdirectors of Freeport-McMoRan Inc.
Big IPP Calpine Tackling Gas Management
One of the nation’s fastest growing nonutility power plantdeveloper/operators, Calpine Corp., San Jose, CA, is taking ahands-on approach to building a diversified natural gas portfolioto fuel what it eventually hopes is a network of highly efficient,environmentally clean combined-cycle power plants with a collectivecapacity of 25,000 megawatts.
First Auctioned Nuke Changes Hands
Entergy Nuclear grew its nuclear fleet with the first U.S.competitive bid purchase of a nuclear plant. Entergy bought PilgrimStation, a 670-megawatt reactor in Plymouth, MA, from Boston Edisonfor $81 million. The deal closed less than eight months after thecompanies agreed to transfer ownership.
KN Energy Board Hands Reins to Kinder Morgan
Recent basement-dweller KN Energy electrified the energyindustry Friday, announcing what one analyst called the deal of thedecade – a marriage with the brains and bucks of Houston’s KinderMorgan Inc. KN’s Chairman Larry Hall immediately resigned, KinderMorgan Chairman Richard D. Kinder, credited with helping buildEnron’s underpinnings, was named heir apparent, and KN’s stockprice soared nearly 55% in one day.
KN Energy Board Hands Reins to Kinder Morgan
Recent basement-dweller KN Energy electrified the energyindustry Friday, announcing what one analyst called the deal of thedecade – a marriage with the brains and bucks of Houston’s KinderMorgan Inc. KN’s Chairman Larry Hall immediately resigned, andKinder Morgan Chairman Richard D. Kinder, credited with helpingbuild Enron’s underpinnings, was named heir apparent. Theannouncement sent KN’s stock price soaring nearly 55% on Friday.
Court Hands Victory to Amoco, Royalty Owners
Amoco Production Co. of Houston and a large group of royalty owners won a resounding victory at the U.S. Supreme Court last week over the Southern Ute Indian Tribe. The 7-to-1 decision gives Amoco and the royalty owners title to an estimated $200 million worth of coal-bed methane (CBM) gas on the tribe’s reservation in southwestern Colorado and is seen as good news for coal-bed methane development.
Court Hands Coalbed Victory to Amoco, Royalty Owners
The 7-to-1 decision by the U.S. Supreme Court in favor of AmocoProduction Co. in the case that pitted the company and numerousroyalty owners against the Southern Ute Indian Tribe is good newsfor coalbed methane gas production, observers said.
Hot Potato TPC Picked Up By NIPSCO
TPC Corp. is changing hands yet again as PacifiCorp unloads yet another non-core asset. NIPSCO Industries subsidiary NI Energy Services is buying Houston-based TPC for $132.5 million. The deal also involves a payment for working capital to be determined at closing. NI Energy Services also gets PacifiCorp’s 66% interest (held by TPC) in Market Hub Partners LP (MHP).
NIPSCO Buying TPC From PacifiCorp
TPC Corp. is changing hands yet again. This time NIPSCOIndustries subsidiary NI Energy Services is buying Houston-basedTPC for $132.5 million from PacifiCorp. The deal also involves apayment for working capital to be determined at closing. NI EnergyServices also gets PacifiCorp’s 66% interest in Market Hub PartnersLP (MHP)