sale

Sen. Barbara Boxer (D-CA) has called on federal regulators to take legal action against Enron corporate officers for allegedly engaging in insider trading of company stock, and to freeze all proceeds arising from illegal stock sales pending the outcome of the litigation.

NewPower Holdings Inc. on Wednesday disclosed that it is discussing a possible sale of the company to Centrica plc, which is been on a buying spree for North American retail service providers. Centrica, a leading provider of energy and other essential services in the UK, also is the largest retail energy marketer in North America with more than two million customers. NewPower’s 800,000 customers would further add to Centrica’s massive customer base.

NewPower Holdings Inc. on Wednesday disclosed that it is discussing a possible sale of the company to Centrica plc, which is been on a buying spree for North American retail service providers. Centrica, a leading provider of energy and other essential services in the UK, also is the largest retail energy marketer in North America with more than two million customers. NewPower’s 800,000 customers would further add to Centrica’s massive customer base.

NewPower Holdings Inc. last Wednesday disclosed that it is discussing a possible sale of the company to Centrica plc, which is been on a buying spree for North American retail service providers. Centrica, a leading provider of energy and other essential services in the UK, also is the largest retail energy marketer in North America with more than two million customers. NewPower’s 800,000 customers would further add to Centrica’s massive customer base.

Magnum Hunter Resources said a subsidiary has entered into a sale-leaseback transaction on three newly constructed offshore production platforms and associated pipelines that were recently placed into service. The three platforms are located offshore Louisiana in federal waters and are located on OCS Lease Blocks South Timbalier 266, Main Pass 164 and Main Pass 178. The company has received a total of $11.2 million in new funding that has been used for general corporate purposes, including a voluntary reduction under the company’s corporate bank revolving credit facility. No reduction in its existing bank revolving credit commitment resulted from these new lease transactions. The new production platforms are being leased from a syndicate group of lenders led by General Electric Capital Corp. The leases have a primary term of three years and based upon current interest rates, the cost of funds to Magnum Hunter is 5.30% per annum. CFO Chris Tong said, “The financing terms are very attractive to Magnum Hunter given today’s low interest rate environment. With the funding received from the closing of this transaction, our company can re-deploy capital back into our core business of drilling and developing some of our recent new oil and gas discoveries.”

Magnum Hunter Resources Inc. got a little larger on Monday as it reported it has entered into a purchase and sale agreement with Denver-based Mallon Resources Corp. for the acquisition of Mallon’s Delaware Basin oil and natural gas reserves and related assets located in Eddy and Lee counties of southeast New Mexico. As of Dec. 31, 2000 these properties had proved reserves of 41.8 Bcfe. The company said the total purchase price is nearly $32 million.

The terrorist attack on New York delayed a shareholder vote on Montana Power Co.’s planned sale of its gas and power distribution business to NorthWestern Corp. for $602 million in cash and assumption of $488 million in debt. The vote was scheduled to take place on Friday at 1:30 p.m. at the Mother Lode Theater in Butte, MT, however the New York company in charge of tabulating the votes was affected by the terrorist attacks. In addition, the New York Stock Exchange was closed and isn’t expected to open until today.

The terrorist attack on New York has delayed a shareholder vote on Montana Power Co.’s planned sale of its gas and power distribution business to NorthWestern Corp. for $602 million in cash and assumption of $488 million in debt. The vote was scheduled to take place on Friday at 1:30 p.m. at the Mother Lode Theater in Butte, MT, however the New York company in charge of tabulating the votes was affected by the terrorist attacks. In addition, the New York Stock Exchange is closed and isn’t expected to open until Monday.

Nine months after it began looking for a buyer, Canadian 88 Energy Corp. has taken itself off the selling block, announcing last Tuesday that financial and operating results have improved enough to succeed independently as a mid-sized natural gas producer. Company officials also acknowledged that in their opinion, potential buyers weren’t prepared to pay enough for the Calgary-based company’s increased gas production potential.