Marking

Marking a significant increase from 1998, Burlington Resourcesestimated its replacement of reserves at 140% of total productionat a cost of 72 cents/Mcfe, the company said yesterday. Theseresults compare to 123% of replaced production at $1.10/Mcfe in1998. The bullish production news was dampened somewhat by theannouncement of a $225 million fourth quarter charge because ofperformance-related downward adjustments to some Gulf of MexicoShelf and Permian Basin assets.

Marking its fourth Northeast LDC purchase this year, SouthernUnion (SU) bought Cumberland, RI-based Valley Resources for $160million, including the assumption of debt, the companies said lastweek. The boards of directors for both Valley Resources and SU haveunanimously approved the deal. The merger is expected to becompleted within nine months.

Marking its fourth Northeast LDC purchase this year, SouthernUnion (SU) bought Cumberland, RI-based Valley Resources for $160million, including the assumption of debt, the companies saidyesterday. The boards of directors for both Valley Resources and SUhave unanimously approved the deal. The merger is expected to becompleted within nine months.

Marking a clean sweep through the shareholder votes of its threepotential mergers, Energy East announced yesterday that stockholders of CTG Resources had “overwhelmingly” approved the proposeddeal. Energy East said it expects the CTG merger to be finalized bythe end of the second quarter next year. The CTG shareholdersapproved the transaction yesterday at a special meeting inHartford, CT.

Marking its initial promotion to capture some of the residentialgas market in Georgia, Southeastern States Energy, Inc. (SSE)announced a partnership with PowerTrust.com, an Internet-basedpower services company, to offer customers the ability to sign withSSE through the PowerTrust.com web site. Although the GeorgiaPublic Service Commission (GPSC) will decide market share for thestate’s suppliers on Aug. 11, Beth Perry Sewell, president of SSE,said there is still time to be successful in the Georgia market.

CalEnergy Co. Inc. and MidAmerican Energy Holdings Co. formallyclosed their merger Friday, marking the first time that anindependent power producer has acquired a traditional gas andelectric utility. The Iowa Utilities Board’s (IUB) recent approvalof the deal cleared the way for it to be completed.

Marking the start of a five-year, $400 million Gulf of Mexico(GOM) exploration and production (E&ampP) assault, Conoco announcedthe exchange of interest in several deep-water blocks with Exxonand the debut of the Deepwater Pathfinder, a drillship capable ofreaching 10,000-foot depths. In the exchange, Conoco acquired 50%of 29 Exxon-owned blocks and Exxon acquired 50% of 30 Conoco-ownedblocks. The undeveloped acreage is in Green Canyon, Garden Banks,Walker Ridge and Keathley Canyon. Terms of the transaction were notdisclosed. With this addition, Conoco holds interest in 295 blocksin the GOM, amounting to 1.2 million net acres.

Marking the start of a five-year, $400 million Gulf of Mexico(GOM) exploration and production (E&P) assault, Conocoannounced Monday the exchange of interest in several deep-waterblocks with Exxon and the debut of the Deepwater Pathfinder, adrillship capable of reaching 10,000-feet depths.

Marking the start of construction related to projects thatultimately will increase pipeline capacity into New England by morethan 20%, Portland Natural Gas Transmission System (PNGTS) andMaritimes & Northeast Pipeline began a crossing of thePiscataqua River between Newington, NH, and Eliot, ME. The crossingis the first stage in the construction of the PNGTS/Maritimes JointFacilities Project, which represents the southernmost portion ofeach pipeline.