Sells

Progress Fuels Corp., a subsidiary of Progress Energy, said Tuesday it would sell some of its oil and natural gas interests in the Fort Worth basin of Texas for $255 million in cash to an undisclosed buyer. Proceeds from the sale, which is expected to be completed by the end of the year, will be used to reduce debt, the company said.

Progress Fuels Corp., a subsidiary of Progress Energy, said Tuesday it would sell some of its oil and natural gas interests in the Fort Worth basin of Texas for $255 million in cash to an undisclosed buyer. Proceeds from the sale, which is expected to be completed by the end of the year, will be used to reduce debt, the company said.

The Oil & Gas Asset Clearinghouse sold more than $39 million in properties at the hybrid auction held Nov. 10 in Houston, offering 282 lots for sale. About 330 registered bidders competed for properties, with 32% bidding via the Internet.

Progress Fuels Corp., a subsidiary of Progress Energy, said Tuesday it would sell some of its oil and natural gas interests in the Fort Worth basin of Texas for $255 million in cash to an undisclosed buyer. Proceeds from the sale, which is expected to be completed by the end of the year, will be used to reduce debt, the company said.

The Oil & Gas Asset Clearinghouse sold more than $39 million in properties at the hybrid auction held Nov. 10 in Houston, offering 282 lots for sale. About 330 registered bidders competed for properties, with 32% bidding via the Internet.

Kinder Morgan Inc. (KMI) has sold its 300-mile TransColorado Gas Transmission system to affiliate Kinder Morgan Energy Partners LP (KMP) for $275 million, including $210 million in cash and 1.4 million KMP common units. CEO Richard D. Kinder said the sale should be immediately accretive to earnings and cash flow at KMP, producing first-year distributable cash flow of $35 million. It also is expected to be modestly accretive to KMI earnings.

Kinder Morgan Inc. (KMI) has sold its 300-mile TransColorado Gas Transmission system to affiliate Kinder Morgan Energy Partners LP (KMP) for $275 million, including $210 million in cash and 1.4 million KMP common units. CEO Richard D. Kinder said the sale should be immediately accretive to earnings and cash flow at KMP, producing first-year distributable cash flow of $35 million. It also is expected to be modestly accretive to KMI earnings.

Dynegy Inc. on Tuesday completed the sale of its Sherman, TX-based gas processing facility to Dornick Hills Midstream Ltd., which is based in Dallas. The transaction resulted in a pre-tax gain for Dynegy of $17 million.

Dynegy Inc. on Tuesday completed the sale of its Sherman, TX-based gas processing facility to Dornick Hills Midstream Ltd., which is based in Dallas. The transaction resulted in a pre-tax gain for Dynegy of $17 million.