Deep drilling in the southwest end of California’s central SanJoaquin Valley is awaiting more testing work to prove that backers’claims of substantial new oil and gas supplies below 15,000-footdepths are, in fact, commercially available.
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Massachusetts’ Eastern Enterprises clearly has embraced theconcept of consolidation and is doing deals to prove it. Fresh fromits acquisition of Essex County Gas, the Boston Gas parent lastweek said it will buy nearby Colonial Gas Co. for nearly half abillion in stock, cash, and assumed debt. The deal grants a 27%premium to Colonial’s closing price preceding the deal’sannouncement.