Secondary

Battling a moves to re-impose the cap on prices paid in the secondary transportation market to California, the Interstate Natural Gas Association of America (INGAA) went on record last week opposing an attempt by Rep. Rick Boucher, D-VA, in a subcommittee mark-up to re-instate the cap legislatively on capacity release and cap transportation rates to the border.

The Woodlands, TX-based Mitchell Energy & Development Corp. reported Monday that the previously announced secondary offering of Class A Common Stock has closed. Under the offering, founder and CEO George P. Mitchell sold 4,681,200 shares at $53.00 per share, including an over-allotment of 181,200 shares purchased by the underwriters. The move follows comments Mr. Mitchell made last Wednesday regarding interest in purchasing the company from potential buyers (see Daily GPI, May, 10). Analysts said last week that with Mitchell selling some of his personal stock, the company would be more attractive to outside investors.

Tennessee lifted a pro rata seal through Secondary Services atthe Transco Rivervale meter Wednesday but replaced it with asimilar one at the Algonquin Mendon meter.

Due to unexpected maintenance on its TL-342 line affectingdeliveries into the PL-1 market, CNG canceled all interruptible andnon PL-1 secondary service Tuesday until further notice.

NGPL deliveries today to the South Joliet (Will County, IL)interconnect with ANR will be limited due to ANR maintenance. SomeFTS secondary services are at risk of not being scheduled, NGPLsaid.