Interests

Duke Energy Field Services has agreed to purchase percentageinterests in several non-regulated natural gas gathering systemsand processing plants from subsidiaries of ONEOK Inc., and hascommitted to build a natural gas processing plant with ONEOK insouthern Oklahoma.

Enron Capital & Trade Resources (ECT) agreed to acquireCogen Technologies’ interests in three power plants for $1.1billion and the assumption of about $350 million in non-recoursedebt. ECT will make the acquisition through a special purposeentity in which ECT will own a 50 percent interest. The entity willinvest up to $130 million in equity, with the balance of thepurchase price funded by non-recourse borrowings provided byfinancial institutions. The transaction is expected to close inearly 1999.

A new nonutility natural gas supply network and someenvironmental concessions to local agricultural interests are twonew twists to a major 500 MW merchant natural gas-fired power plantproposed for northern California in proximity to the SacramentoValley gas fields. As a result, the project sponsor, CalpineCorp., has agreed to invest an additional $20-$25 million in theestimated $300 million project to use a more environmentally benignair cooling system at the plant instead of the traditionalwater-based evaporative cooling approach.

A new nonutility natural gas supply network and someenvironmental concessions to local agricultural interests are twonew twists to a major 500 MW merchant natural gas-fired power plantproposed for northern California in proximity to the SacramentoValley gas fields. As a result, the project sponsor, CalpineCorp., has agreed to invest an additional $20-$25 million in theestimated $300 million project to use a more environmentally benignair cooling system at the plant instead of the traditionalwater-based evaporative cooling approach.

Evergreen Resources Inc. last week reached an agreement toacquire Amoco Production’s oil and gas interests in the Raton Basinof Colorado, resolving current litigation matters between the twoproducers.

Union Pacific Resources Group sold its interests in theWattenberg area of Colorado’s Denver-Julesberg Basin toDenver-based United States Exploration Inc. for $41 million. Theproperties, which are in Adams, Arapahoe, Elbert and Weld counties,consist of 336 producing wells, which produced about 5.5 MMcf/d ofgas and 640 barrels of liquids/d in 1997. UPR retained its royaltyinterest in the properties. The transaction closed May 15 and waseffective Jan.1.

Amoco Corp. and Snyder Oil Corp. traded interests in Wyomingproperties to help each company focus its gas operations in theGreen River Basin. Amoco acquired Snyder’s interest in asubstantial portion of the Jonah field in Sublette and Sweetwatercounties. In exchange, Amoco gave Snyder 75% of its interest in theBeaver Creek Unit in Fremont County, WY. Amoco retained 25%interest in Beaver Creek. The deal involved property only.

Five senior AGL Resources officers are leaving the company forearly retirement or other business interests, the company said.Leaving the company are Thomas Benson, President and COO of AtlantaGas Light; Robert Goocher, COO of AGL Resources Services; VerleneCobb, vice president corporate communications; Charlie Lail, seniorvice president operations improvement; and Marvin Wyatt Jr., vicepresident operations support. All but Benson’s position are beingeliminated as part of CEO Walter M. Higgins effort to betterposition AGL for gas deregulation in Georgia, which is scheduled totake place later this year. Higgins took over as CEO in February.AGL said an acting president of Atlanta Gas Light will be announcedwithin the next several days as will other internal reassignments.

Union Pacific Resources Group agreed to pay about $59 millionfor Occidental Petroleum’s interests in four oil and gas fields insouthwest Wyoming, 23 producing wells in Louisiana, increasedownership in the Masters Creek Gas Plant and nearly 127,000 netacres in the Louisiana extension of the Austin Chalk trend.