Reached

Spirit Energy 76, Unocal Corp.’s Lower 48 exploration andproduction unit reached a definitive agreement to sellsubstantially all of its oil and gas assets in Michigan to NewstarEnergy USA Inc. and Omimex Energy Inc. for about $37.25 million incash and 670,000 shares of stock in Newstar Resources, the parentcompany of Newstar Energy.

The Securities and Exchange Commission announced yesterday ithas simultaneously sued and reached settlement with a formerdirector of Portland General Corp. and his friend for insidertrading in connection with the July 1996 merger of the Oregonelectricity company and Enron Corp.

Atlanta Gas Light Services, the retail marketing subsidiary ofGeorgia LDC Atlanta Gas Light, reached a compromise with retailmarketers and state regulators Wednesday, and agreed to change itsname to Georgia Natural Gas Services. The company will retain theuse of its flame logo, however.

Pool marketer Pan-Alberta Gas and a consortium of sevenproducing companies have reached agreement on the terms under whichthe marketing company will be offered for sale to the more than 435Canadian producers in the pool. The announcement of the agreementconfirmed earlier reports that a Canadian coalition was expected towin out over bids from major U.S. marketers.

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.

Statistics recently released by the Oklahoma CorporationCommission (OCC) show gas production in the state last year reachedits lowest level since 1968. However, OCC Commissioner Bob Anthonysaid he sees no cause for alarm and expects little or no furthererosion in production this year forward.

The capacity of natural gas pipelines reached an all-time highof more than 84 Bcf/d or 30.7 Tcf/year in 1997, according to areported released Friday by the Energy Information Administration.”This represents a 15% increase over installed capacity reported in1990,” EIA said in a report: “Deliverability on the InterstateNatural Gas Pipeline System.” Flowing gas increased 24% between1990 and 1996, resulting in a record high 75% utilization rate,while U.S. consumption grew by 17%, fed by a doubling of imports.U.S. production increased 6%.