Independent

New York-based Sithe Energies, a privately held leadingindependent power producer, said it has hired Goldman, Sachs &Co. as an advisor in its previously announced intention to sell thecompany.

New York-based Sithe Energies, a privately held leadingindependent power producer, said it has hired Goldman, Sachs &Co. as an advisor in its previously announced intention to sell thecompany.

Statoil Energy, the largest Appalachian Basin gas reserve holderand a top energy marketer and independent power producer, was puton the auction block last week after having failed in its attemptthis summer to find a partner to invest about $1 billion in itsfuture.

Statoil Energy, the largest Appalachian Basin gas reserve holderand a top energy marketer and independent power producer, was puton the auction block yesterday after having failed in its attemptthis summer to find a partner to invest about $1 billion in itsfuture.

Calpine Corp., Texas’ largest independent power producer,announced plans last week to build, own and operate an 800 MWnatural gas-fired cogeneration power plant at Bayer Corp.’schemical facility in Baytown, TX. Permitting for the $335 millionfacility is under way, the company said. The plant is expected tobegin commercial operation in late 2001.

Calpine Corp., Texas’ largest independent power producer,announced yesterday plans to build, own and operate an 800 MWnatural gas-fired cogeneration power plant at Bayer Corp.’schemical facility in Baytown, TX. Permitting for the $335 millionfacility is under way, the company said. The plant is expected tobegin commercial operation in late 2001.

Infinity Inc., the largest oilfield services company in easternKansas and northeastern Oklahoma, and an emerging independent oiland gas producer, acquired a 100% working interest in an additional4,775 acres in Wyoming’s Green River Basin. The new acreage isadjacent to the recently announced property acquired by Infinityand gives the company an interest in a total of 20,595 gross acres.

Crystal Gas Storage Inc. of Shreveport, LA, is reviewing itsoptions, including the possible sale of the company. Theindependent gas storage company hired Goldman, Sachs & Co. toassist with the strategic review and said no transactions arepending. The company said there would be no more announcementsunless and until a deal comes about or the effort is scrapped.Crystal Gas Storage owns and operates, through wholly ownedsubsidiaries, two storage facilities near Hattiesburg, MS, andholds various interests in gas properties, primarily in Arkansasand Louisiana.

Coho Energy Inc., a Dallas-based independent oil and gasproducer focused on exploitation of underdeveloped oil propertiesin Oklahoma and Mississippi, announced it has filed a petition forChapter 11 bankruptcy protection in Dallas’ Federal BankruptcyCourt. The decision to seek protection was taken by Coho andcertain subsidiaries because the resolution of a restructuringcannot be completed without the protection and assistance of thebankruptcy court, the company said. Timing of the bankruptcy filingwas imposed by several factors including the repayment accelerationof the Company’s $240 million debt by its bank creditors lastThursday (See Daily GPI, Aug. 20), the inability of the banks andthe bondholders (the two large creditor groups) to reach asatisfactory agreement with each other, and the potential for oneof the bondholder’s being granted a summary judgment in its lawsuitagainst Coho for full payment of principal and past due interest.Coho said it is continuing to discuss a solution to its capitalneeds with the banks, the bondholders and other potentialinvestors. The company expects to file a plan of reorganizationwith the bankruptcy court in the near future.