Dynegy Builds Canadian Midstream,

Dynegy Inc., formerly NGC Corp. has purchased ComptonPetroleum’s Canadian midstream assets, including 78 miles ofpipelines, and the 82 MMcf/d Mazeppa and 15 MMcf/d Gladysprocessing plants in southern Alberta, for C$60 million. The dealalso includes a transportation, processing and revenue sharingagreement whereby Compton is assured processing and transportationcapacity at set rates and is paid a fee for bringing in new wellsand production.

July 8, 1998

Chesapeake Energy Considering Sale, Merger

Oklahoma-based Chesapeake Energy Corp. is exploring”alternatives to enhance shareholder value, including a possiblesale or merger of the company.” The word comes on the heels of anexpected $250 million second quarter loss stemming from awrite-down due to lower gas and oil prices. The company’s boardalso adopted a shareholder rights plan, or poison pill.

July 8, 1998

Marathon Returning to Canada with Tarragon Deal

Marathon Oil plans to return to Canada with its agreement toacquire Tarragon Oil and Gas Ltd. of Calgary for $1.1 billion,including $340 million of assumed debt. Marathon has not held oilor gas properties in Canada since divesting its Canadian holdingsin 1982.

June 2, 1998

Industry Briefs

ONEOK Resources has signed a definitive agreement with OXY USAto purchase some of its natural gas and oil reserves including morethan 400 wells in Oklahoma and Kansas outside the Hugoton field forapproximately $135 million before adjustments. Net production isapproximately 30 MMcf/d and 400 b/d. The properties havelower-risk development potential for increased reserves. WhileONEOK’s previous reserve acquisitions have been concentrated inOklahoma, this purchase includes significant reserves in Kansaswhere ONEOK recently acquired Kansas Gas Service, an LDC servingtwo-thirds of the state. David Kyle, president and chief operatingofficer of ONEOK, Inc., said the acquisition will almost doubleONEOK’s oil and gas reserve base. The acquisition includes a gassweetening plant located in the Aledo Field in Oklahoma.

March 2, 1998
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