Securities

Petroleum Place Inc. is going public. The Englewood, CO-basedonline marketer for the oil and gas industry yesterday filed noticewith the Securities and Exchange Commission in an initial stockoffering that would raise as much as $100 million. The company alsoannounced it has completed its second round of financing that hasraised $60 million from investors in the financial, and oil and gasindustry. Net proceeds from the equity financing will be used torepay debt under its credit facilities, develop its web site andexpand marketing and sales activities.

The United States District Court for the Western District ofOklahoma has dismissed the securities litigation filed in late 1997against Chesapeake Energy and its officers and directors and ruledin their favor, the company said yesterday. The litigation, whichoriginally consisted of 12 lawsuits but which was consolidated intoone class action suit in 1998, charged that Chesapeake hadmisstated or omitted facts concerning its activities in theLouisiana Austin Chalk Trend from Jan. 25, 1996 through June 25,1997.

It looks like NiSource is going to get a run for its money inthe second round of a bidding war for Columbia Energy Group.Columbia informed the Securities and Exchange Commission last weekthat it has received “preliminary indications of interest fromnumerous third parties” during an ongoing open house on the companyand its assets.

The Virginia Corporation Commission (SCC) has given finalapproval to the merger of Dominion Resources Inc. (DRI) andConsolidated Natural Gas Co. CNG). The SCC said it is satisfied therecent approval of the merger by the Securities and ExchangeCommission (SEC) is not inconsistent with the Virginia commission’sprevious orders. The SCC reserved the opportunity to review the SECorder to ensure that Virginia’s ability to safeguard Virginiaratepayers was maintained. The merger means the control of VirginiaNatural Gas (VNG), a subsidiary of CNG, will transfer to DRI, theparent company of Virginia Power.

It looks like NiSource is going to get a run for its money inthe second round of a bidding war for Columbia Energy Group.Columbia informed the Securities and Exchange Commission yesterdaythat it has received “preliminary indications of interest fromnumerous third parties” during an ongoing open house on the companyand its assets.

Burlington Resources Inc. this week filed updated pro forma financial information with the Securities and Exchange Commission (SEC) regarding its pending acquisition of Poco Petroleums Ltd. to include third quarter results of combined operations. Shareholders of Calgary-based Poco yesterday approved the C$2.6-billion takeover that would create North America’s fourth-largest gas producer.

Burlington Resources Inc. this week filed updated pro formafinancial information with the Securities and Exchange Commission(SEC) regarding its pending acquisition of Poco Petroleums Ltd. toinclude third quarter results of combined operations. Shareholdersof Calgary-based Poco yesterday approved the C$2.6-billion takeoverthat would create North America’s fourth-largest gas producer.

Duff & Phelps Credit Rating Co. has assigned ratings tosecurities issued by Kelvin Ltd. (Kelvin) that represent thefirst-ever securitization through the capital markets of aportfolio of weather-related risks aggregated by Koch EnergyTrading.

The Public Utility Commission of Ohio (PUCO) filed a statementwith the federal Securities and Exchange Commission (SEC)supporting the merger of Dominion Resources Inc. and ConsolidatedNatural Gas Co. The PUCO told the SEC that the agency wouldcontinue to exercise jurisdiction over the regulated activities ofThe East Ohio Gas Co., CNG’s gas distribution company in Ohio, andthat the merger would have no impact on its ability to protect theinterests of Ohio ratepayers. The PUCO’s approval is not needed,but the commission conducted a review at the request of East OhioGas.