Hosston

Peoples Adds 59 Bcfe of Proved Reserves, Plans Sale of Power Generation Business

Peoples Energy’s oil and gas production subsidiary, Peoples Energy Production, added about 59 Bcfe of proved gas reserves in the heart of the Cotton Valley/Travis Peak (Hosston) gas trend in East Texas, North Louisiana and Mississippi for $139 million. The company also announced that it has received proposals and is in negotiations to sell its power generation assets (800 MW) and exit that business.

February 24, 2006