Swaps

Cabot Oil & Gas Corp. said it “high graded” its portfolioyesterday with the announced sale of Appalachia properties toEnervest Management Co. for $46.2 million, and the subsequentpurchase of proved reserves in the Wyoming Green River Basin worth10.3 Bcfe. Cabot said proceeds from the sale were used both to helpfund the Wyoming acquisition and to repay debt. So far this yearCabot has sold 73.9 Bcfe of non-strategic reserves for $60 millionacross all regions.

Spirit Energy 76, Unocal Corp.’s U.S. Lower 48 exploration andproduction unit, signed a letter of intent to trade most of itsRocky Mountain oil and gas assets for 5.8 million shares of TomBrown Inc. and $5 million in cash. The total value of the deal wasabout $76 million. Unocal will hold 16.52% of the outstandingcommon stock of Tom Brown based on the number of shares to beissued. The agreement also gives Unocal a seat on Tom Brown’s boardand the option to increase its ownership up to 19.5% through openmarket purchases.

Spirit Energy 76, Unocal Corp.’s U.S. Lower 48 exploration andproduction unit, signed a letter of intent to trade most of itsRocky Mountain oil and gas assets for 5.8 million shares of TomBrown Inc. and $5 million in cash. The total value of the deal isabout $76 million. Unocal will hold 16.52% of the outstandingcommon stock of Tom Brown based on the number of shares to beissued. The agreement also gives Unocal a seat on Tom Brown’s boardand the option to increase its ownership up to 19.5% through openmarket purchases.

At a time when the gas distributors and marketers are spendingbig bucks importing celebreties to popularize their brand names inthe retail market, Yankee Gas in Meriden, CT has engineered a swapwith one – none other than the ultimate TV homemaker, MarthaStewart – in its own back yard.

At a time when the gas distributors and marketers are spendingbig bucks importing celebreties to popularize their brand names inthe retail market, Yankee Gas in Meriden, CT, has engineered a swapwith one – none other than the ultimate TV homemaker, MarthaStewart – in its own backyard.

Amoco Corp. and Snyder Oil Corp. traded interests in Wyomingproperties to help each company focus its gas operations in theGreen River Basin. Amoco acquired Snyder’s interest in asubstantial portion of the Jonah field in Sublette and Sweetwatercounties. In exchange, Amoco gave Snyder 75% of its interest in theBeaver Creek Unit in Fremont County, WY. Amoco retained 25%interest in Beaver Creek. The deal involved property only.