Resources

Evergreen Resources, Inc. announced Thursday the acquisition of41,000 gross Raton Basin acres from Infinity Inc. affiliate, CISOil and Gas, for $8.5 million. Evergreen estimates this additionwill increase its coal-bed methane proved net gas reserves by 22.5Bcf. The company now holds working majority interest in 200,000acres in the basin. The effective date of the transaction was Dec.31, 1998.

Enron Capital & Trade Resources Corp. (ECT) chose IONATechnologies’ Orbix and OrbixTalk products for real-time energytrading. The new trading system, which enables Enron traders tocapture and process complex deals, currently supports natural gastrading and later will be extended to support electricity and otherenergy commodities. ECT’s trading system, called Sitara, alsoallows traders to perform real-time portfolio and positionmanagement. The new system has been deployed in Houston and will bedeployed worldwide.

Midcoast Energy Resources last week piled more assets onto its growing Texas-Louisiana pipeline empire with two separate deals worth a combined $4.55 million.

Midcoast Energy Resources Inc. grew its Texas asset base withthe acquisition of two gathering systems in two separate dealsworth a combined $4.55 million. Midcoast bought the Mendotagathering pipeline and processing plant from Seagull Energy Corp.for $3.75 million in cash. The Mendota facilities are in RobertsCounty, TX, and include about 35 miles of gathering pipeline, a 10MMcf/d cryogenic gas processing plant and compression facilitieswith a combined 2,400 horsepower. The system gathers gas from morethan 70 active wells and has a total throughput of 7,200 Mcf/d. TheMendota pipeline is located adjacent to the Anadarko system, whichMidcoast purchased from El Paso Energy Corp. in September 1998, andMidcoast plans to integrate the operations of the Mendota andAnadarko systems. Also as part of the transaction, Seagull hasdedicated production from all of its existing acreage in the areato Midcoast for the next five years.

Midcoast Energy Resources has agreed to buy the Gloria pipelinesystem in southeastern Louisiana and the Bruni gathering system inSouth Texas for nearly $7.53 million from Koch Gateway Pipeline.

Midcoast Energy Resources Inc. agreed to buy the Gloria pipelinesystem in southeastern Louisiana and the Bruni gathering system insouth Texas for nearly $7.53 million from Koch Gateway Pipeline Co.

Oneok Inc. and Magnum Hunter Resources Inc. have created astrategic alliance to maximize gas production and developmentopportunities for both companies. Oneok will buy $50 million ofMagnum Hunter convertible preferred stock, becoming a 31% equityowner. Oneok will acquire $10 million of Magnum Hunter’s pendingacquisition of Spirit 76, including reserves and a gatheringsystem. Oneok also will market all of Magnum Hunter’s Oklahomaproduction and have the right to participate in Magnum Hunter’sOklahoma acquisitions.

AGL Resources is capitalizing on the experience gained in theprecedent-setting unbundling of its Atlanta Gas Light subsidiary,organizing a separate partnership to offer all the services acompany will need to move into the competitive market.

After a four-year wait, Cincinnati Gas &amp Electric Co. and PSIResources finally received unconditional approval of their mergerinto Cinergy Corp. from the Securities and Exchange Commission. Afinal decision on the merger was held up by potential Congressionalaction on the Public Utility Holding Company Act.