Following last week’s payment of $75 million in local property taxes, bankrupt Pacific Gas and Electric Co. announced Monday that it had paid $113 million in 2002 franchise fees to 290 cities and counties in which it operates over the northern two-thirds of California.
Articles from Property
Calgary-based Endev Energy Inc. announced Friday that it has acquired five small private companies for C$11.5 million. The companies jointly own an interest in nine oil and gas producing properties located in Alberta.
PrimeWest Energy Trust Friday announced the closing of the previously announced transaction to purchase certain natural gas and crude oil properties located primarily in the Caroline and Peace River Arch areas of Alberta.
El Paso Corp said it closed on oil and gas property sales totaling $525 million in the first quarter of 2002, and is on track to reach $2.25 billion in assets sales by this summer as part of its balance sheet strengthening program.
Stone Energy Corp. has announced that the acquisition of interests in eight producing oil and gas properties and related assets located in the Gulf of Mexico was completed on Dec. 31, 2001. The final aggregate purchase price, as previously announced, was $299.7 million and was financed with net proceeds from Stone’s recently completed offering of $200 million of 8.25% senior subordinated notes due 2011, and borrowings under its bank credit facility.
Stone Energy Corp. announced Wednesday that the acquisition of interests in eight producing oil and gas properties and related assets located in the Gulf of Mexico was completed on Dec. 31, 2001. The final aggregate purchase price, as previously announced, was $299.7 million and was financed with net proceeds from Stone’s recently completed offering of $200 million of 8.25% senior subordinated notes due 2011, and borrowings under its bank credit facility.
Denver-based Evergreen Resources Inc. on Tuesday was awarded the lease rights on three tracts covering 14,908 acres of prospective coalbed methane (CBM) properties in Alaska’s Matanuska Valley. Evergreen was high bidder on the tracts at the 2001 Northern Cook Inlet Basin oil and gas lease sale in September, held by the Alaska Mental Health Land Office.
FPL Group Inc. last week said that it expects to meet consensus earnings per share estimates of $0.76 for the first quarter of 2001, excluding expenses of about $30 million related to its failed merger attempt with Louisiana-based Entergy Corp. (see NGI, April 9). FPL Group will announce its latest earnings results on April 20.
A unit of Williams has sold an interest in a central Utahnatural gas property to Texaco Exploration and Production Inc. forapproximately $8 million. The non-operated interest includes 32producing wells and more than 30,000 net acres in the Ferroncoalbed methane play in Emery and Sevier counties. Williams saidthat Texaco is already the operator on most of the propertiesincluded in the transaction. “We’re designing our reserve basearound Williams’ infrastructure and merchant activities,” saidBryan Guderian, vice president of exploration and production forWilliams. “This allows us to support other parts of Williams’energy business, such as gathering and processing and trading. TheFerron assets simply fell outside our plan.”
To resolve concerns raised by the Federal Trade Commission overthe proposed merger of DTE Energy and MCN Energy, MCN has agreed totransfer a property interest to a unit of Unicom Corp. that wouldallow for the use of up to 20 Bcf of natural gas transportationcapacity annually on MCN’s Michigan Consolidated Gas Co. system inthe relevant distribution area.