Sheet

A new inventory of natural gas and oil on 99 million acres of federal land in 11 major geographic areas of the United States found that only 13% of the gas and 3% of the oil resources are recoverable under standard leasing terms, such as minimizing impacts on environmental and cultural resources.

After spending the past two years shedding assets to shore up its balance sheet, Dynegy Inc. on Tuesday announced it is buying Sithe Energies and Sithe Independence LP from Exelon Corp., which includes a 1,042 MW combined-cycle power generation facility near Scriba, NY, four natural gas-fired merchant facilities in New York and four hydroelectric generation facilities in Pennsylvania.

El Paso Corp. said Friday that it eliminated about $815 million of non-recource debt on its balance sheet by closing the sale of Utility Contract Funding (UCF) to Bear Stearns’ Houston Energy Group for $21 million. UCF assets include a power contract that was restructured as part of the company’s previous power restructuring activities. El Paso said it will take a pre-tax charge of $100 million on the sale based on the company’s investment in the equity of this entity.

Rapidly expanding Crosstex Energy LP, a Texas-based midstream natural gas company, Thursday said it had completed the previously-announced acquisition of the LIG Pipeline Co. and its subsidiaries (LIG Inc., Louisiana Intrastate Gas Co. LLC, LIG Chemical Co., LIG Liquids Co. LLC and Tuscaloosa Pipeline Co.) from American Electric Power (AEP) for $76.2 million.

Trying to tap one of its most valuable assets to improve its still struggling balance sheet, San Jose, CA-based Calpine Corp. announced Wednesday it plans to establish a new trust centered on its oil/natural gas reserves in western Canada. The company said it has filed a preliminary prospectus with the provincial securities commissions in Canada to form Calpine Natural Gas Trust (CNG Trust).

Making further strides in strengthening its balance sheet, AGL Resources Inc. reported net income of $18.9 million, or $0.29 per diluted share, for the second quarter of 2003, reflecting a 54% improvement over the $12.3 million, or $0.22 per basic and diluted share, recorded for 2Q2002.

Making further strides in strengthening its balance sheet, AGL Resources Inc. on Thursday reported net income of $18.9 million, or $0.29 per diluted share, for the second quarter of 2003, reflecting a 54% improvement over the $12.3 million, or $0.22 per basic and diluted share, recorded for 2Q2002.

Continuing ongoing efforts to bolster its balance sheet, Reliant Resources Inc. on Wednesday disclosed that it has entered into a definitive agreement for the sale of its 588 MW Desert Basin plant in Arizona to the Salt River Project Agricultural Improvement and Power District (SRP) for $288.5 million.

As part of El Paso Corp.’s work to strengthen its balance sheet, the company has sold $10 million worth of South Louisiana condensate and crude terminalling and gathering assets to Plains All American Pipeline LP, a master limited partnership based in Houston.