Interest

Chevron announced last week it has filed a petition asking theU.S. Supreme Court to hear a $742 million breach-of-contract casefirst brought against Gulf Oil Co. in 1982 by Cities Service Co.,which was bought by Occidental in 1984. Dawn Soper, a Chevronspokesperson, said it is now up to the court to rule on thepetition.

Petrominerals Corp. of Foothills Ranch, CA, completed theacquisition of a 25% interest in a gas field in southwest Wyoming.Current production from the field is 700 Mcf/d (155 Mcf/d net) fromtwo active wells. The company has committed to participate in thedrilling of two additional wells by year-end and has identified twoshut-in wells it plans to return to production later in the year.

The “buy Canadian” bug reached Fort Worth, TX-based QuicksilverResources yesterday as it announced the purchase of controllinginterest in Alberta-based MGV Energy. No terms of the transactionwere disclosed. MGV currently produces 1.2 MMcf/d and has 5 Bcf ofproven producing reserves. The move gives Quicksilver, whichproduces over 50 MMcf/d from developments in Montana, Michigan,Wyoming and Texas, a Canadian presence. “This is the first of manysteps we will undertake in Canada,” said Porter Farrell, aQuicksilver spokesman. “We’ve been very aggressive in establishinga core area up there and are intent on growing it.”

Against the backdrop of NiSource Inc.’s hostile takeover bid forColumbia Energy Group, a number of U.S. and foreign electriccompanies were emerging last week as potential third-party suitorsfor the diversified energy concern.

Against the backdrop of NiSource Inc.’s hostile takeover bid forColumbia Energy Group, a number of U.S. and foreign electriccompanies are emerging as potential third-party suitors for thediversified energy concern.

Nipsco Industries Inc. subsidiary Energy USA Inc. last week completed its acquisition of TPC Corp., including its 66% interest in Market Hub Partners LP. The deal was finalized April 1 and is valued at about $150 million.

Western Resources of Topeka, KS, acquired a 40% interest innational direct marketer Paradigm Direct for $31.2 million. “Thisstrategic transaction provides an excellent opportunity to bridgeour customer bases. Over the past few years we set a course todramatically expand Western Resources’ national footprint. WithParadigm’s marketing expertise, we are positioned to increase theservices we provide these customers and do so efficiently,” saidDavid C. Wittig, Western Resources CEO.

Nipsco Industries Inc. said subsidiary Energy USA Inc. completedits acquisition of TPC Corp., including its 66% interest in MarketHub Partners LP. The deal was finalized April 1 and is valued atabout $150 million.

East Tennessee Natural Gas, a unit of Houston-based El PasoEnergy, is holding an open season for incremental capacity alongits mainline in Tennessee and Virginia. The proposed expansionwould entail construction of mainline pipeline, compression andrelated facilities. Service is targeted to begin Nov. 1, 2000.