Samson Investment Co. of Tulsa, OK, completed its acquisitionfrom Nuevo Energy Co. of gas properties in East Texas. The totalpurchase price was $192 million. In addition to existingproduction, the properties contain more than 135 drillinglocations. The closing follows Samson Resources’ December closings,which included the acquisition of properties in six states fromDuer Wagner & Co. for $41 million and the acquisition ofcertain properties in the Homeglen-Rimbey and Westerose areas ofAlberta, Canada from Chevron Canada Resources for $9 million bySamson Canada Ltd.
Articles from Texas
Despite losing to Texas Utilities in an attempt to acquireBritish power giant The Energy Group earlier this year, PacifiCorpshowed yesterday it has not lost its taste for things British. Thistime, however, it’s on the other end of a merger deal. The companyagreed to a friendly takeover by ScottishPower, Scotland’s largestelectric utility, for an estimated $7.9 billion in stock.ScottishPower also will assume PacifiCorp’s $4.9 billion debt.
PG&E Gas Transmission Texas (PG&E GT-T), a subsidiary ofPG&E Corp., said it will appeal a judgment handed down lastweek in the 92nd district court in Hildalgo County, TX, regardingfranchise fees, even though the judge reduced the August 1998 juryverdict.
Mitchell Energy & Development agreed to settle the lastremaining 25 North Texas groundwater lawsuits brought against acompany subsidiary. Plaintiffs alleged in the suits that Mitchell’soil and gas operations in Wise County, TX, affected theirgroundwater.
El Paso Energy’s Tennessee Gas Pipeline (TGP) plans a newinterconnect in Casey County, KY, to deliver an additional 200MMcf/d of gas into Texas Eastern Transmission (Tetco) to servemarkets in parts of Kentucky and southern Ohio. The interconnect isexpected to be in service by Nov. 1. Tennessee plans to acceptnominations at the new point for November 1998 gas flow.
CES/Way International was selected by Vandenberg Air Force Basein California and Goodfellow Air Force Base in Texas to provideenergy conservation measures that could yield nearly 20% savings onutility bills. The subsidiary of Sempra Energy Solutions of LosAngeles, is one of 11 energy services companies that werepre-qualified last year under the Department of Defense (DOD)program to implement energy conservation projects in 46 states,Washington, D.C., and Puerto Rico. With a total of up to $1.1billion in potential contracts, CES/Way and the other energycompanies can receive project awards of up to $150 million eachthrough the program. Among the other pre-qualifiers are Honeywell,Johnson Controls, Duke Energy, and Xenergy.
Pricing was “pretty much the same as it was yesterday,” said aSouth Texas producer Friday reporting flat numbers in the low$2.10s. Most points traded flat to 2-3 cents up or down, with a tadmore downside than upside. Several sources agreed it was a quietand essentially featureless market. A big aggregator called it”mostly a dead day; there seemed to be a lot of people out of theoffice.”