Canadian 88 Energy Corp. and Canadian Superior Energy Inc., involved in litigation over the past several months that played out loudly and often in the press, announced Friday that “all issues and all litigation between them” — including between former Canadian 88 CEO Greg Noval — have been “fully settled.” Noval is now CEO of Canadian Superior.
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Senate Opposes Attempt to Defer Eastern Gulf Leasing
A Senate bipartisan coalition led by Louisiana lawmakers yesterday overwhelmingly defeated an amendment to postpone oil and natural gas leasing in the eastern Gulf of Mexico.
FERC ALJ Seeks Settlement Conference Data by Today
FERC Administrative Law Judge Curtis L. Wagner asked parties involved in a settlement conference, which resulting from this week’s FERC order extending its power market mitigation program, to provide information to his office on a number of subjects, including a list of forward contracts, as early as today. Daily GPI June 19
El Paso Merchant Ordered to Relinquish Data
FERC yesterday ordered El Paso Merchant Energy to stopstonewalling and turn over protected materials to parties involvedin a complaint case in which it’s alleged the affiliate receivedpreferential treatment when it acquired 1.2 Bcf/d of firm capacityon El Paso Natural Gas.
Plains Resources Settles Class Action Suit
Almost a year after Plains Resources and its subsidiary, PlainsAll American Pipeline L.P., were allegedly involved in”unauthorized trading,” the companies announced yesterday that theyhave reached an agreement in principle for the settlement of twoclass action securities suits. The companies have agreed to payaffected shareholders a total of $29.5 million plus interest forthe unauthorized trading loss disclosed in November 1999.
Entergy Seeks Help for Wholesale Electric Trading Unit
New Orleans-based Entergy confirmed earlier this month that ithas been involved in talks regarding a possible joint venturebetween its wholesale electricity trading unit, Entergy WholesaleOperations (EWO), and another undisclosed company. Entergy said ithopes to make an announcement within five weeks. No other detailsabout a possible deal were given.
Entergy Seeks Help for Wholesale Electric Trading Unit
New Orleans-based Entergy confirmed last week that it has beeninvolved in talks regarding a possible joint venture between itswholesale electricity trading unit, Entergy Wholesale Operations(EWO), and another undisclosed company. Entergy said it hopes tomake an announcement within five weeks. No other details about apossible deal were given.
Industry Briefs
Excelergy, a software solutions company that is currentlyinvolved in projects with Altra, Southern California Gas Co. andEastern Enterprises, announced yesterday that it plans to gopublic. The Boston-based company filed its registration statementwith the SEC last week. All of the company’s shares are beingtendered for sale, Excelergy said. It intends to use the netproceeds for general corporate purposes including working capitaland potential acquisitions. The company specializes in billing andcustomer information software applications. Current products on themarket include the ABP 3000 customer relationship management andbilling software, the eXACT family of business-to-businesstransaction management solutions and the e-Choice NetInternet-based consumer choice solution. When available, copies ofthe preliminary prospectus may be obtained by the IPO’sunderwriter, Deutsche Banc Alex. Brown.
Investor Group Buys MidAmerican Energy Holdings Co.
An investor group including Berkshire Hathaway Inc., a holdingcompany primarily involved in the property and casualty insurancebusinesses, jumped into the energy sector yesterday by purchasingMidAmerican Energy Holdings Co. for over $2 billion. Overall, thetotal enterprise value of the transaction is $9 billion.
Merger Week Rolls on With Nos. 3 & 4
Merger week in the energy industry continued yesterday with twomore convergence combinations in New England. The larger of the twoinvolved Energy East, the parent company of Upstate New York’scombination utility New York State Electric & Gas, buying CMPGroup, parent of Maine’s largest electric utility, Central MainePower, for $1.2 billion in cash and debt. The other transaction wasa $679 million purchase, including assumption of $201 million indebt, of Yankee Energy by its former parent company NortheastUtilities.