Columbia Energy Group won a small victory last week when the U.S. District Court for the District of Delaware denied NiSource’s motion for expedited discovery in its federal case against Columbia. Meanwhile, NiSource raised legal pressure with yet another suit filed in the state Chancery Court in Delaware. By increasing the legal pressure while pushing its $68/share tender offer to Columbia shareholders, NiSource believes it can force Columbia officials to the negotiating table.
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Canadian Midstream Makes First Acquisition
New to the scene as of three months ago, privately held CanadianMidstream Services Ltd. (CMSL) made its first acquisition when itacquired a significant interest in sour natural gas processingfacilities in west central Alberta from Poco Petroleum. Formed inCalgary by four former executives of Pan East Petroleum, which wasbought by Poco in December, CMSL aims to capitalize on assetacquisition opportunities.
Eastern Enterprises Bids on 3rd Distributor in a Year
Just as McDonald’s ambition when it first started out was toserve one million customers, Eastern Enterprises – which last weekannounced plans to acquire its third gas distribution company inless than a year – says its immediate goal is to serve one millionnatural gas customers in New England.
Eastern Enterprises Bids on Third Distributor in a Year
Just as McDonald’s ambition when it first started out was toserve one million customers, Eastern Enterprises-which yesterdayannounced plans to acquire its third gas distribution company inless than a year-says its immediate goal is to serve one millionnatural gas customers in New England.
Short-Covering Boosts Futures, Bulls Confidence
Natural gas futures made it three in a row yesterday when acombination of commercial short covering and local buy-stop huntingboosted the contract to its highest level since last week. In doingso, the prompt contract was able to fill in a chart gap createdbetween Friday’s $2.283 low and Monday’s $2.26 high. July finishedat $2.295, up 3.1 on the day.
Foreign Acquisitions of U.S. Utilities Get FERC Nod
The foreign invasion of the U.S. electric utility market got offto a good start last week when the Federal Energy RegulatoryCommission approved two separate transactions valued atapproximately $10-$11 billion.
Foreign Acquisitions of U.S. Utilities Get FERC Nod
The foreign invasion of the U.S. electric utility market got abig shot in the arm yesterday when the Federal Energy RegulatoryCommission approved two separate transactions valued at $10-$11billion.
Costilla Granted Another Stay
Costilla Energy Inc. of Midland, TX, got another reprieve on itsdebt repayment when its bank credit facility was amended providingfor an extension of the $10.2 million principal payment until June18. The payment was due yesterday after a previous extension. Theindependent oil and gas company is in the process of divesting itsRocky Mountain oil and gas properties.
Rogue Traders Falsify Earnings at MCN
When things just started to look like they were getting better,all of a sudden they just got worse for MCN Energy Group. After atough year in 1998 and the planned divestiture of its entireexploration and production division, MCN Energy Group said lastweek it discovered serious financial accounting manipulation withinits gas marketing subsidiary, CoEnergy Trading, and will have torecalculate its earnings going back to 1997.
Rogue Traders Falsify Earnings at MCN
When things just started to look like they were getting better,all of a sudden they just got worse for MCN Energy Group. After atough year in 1998 and the planned divestiture of its entireexploration and production division, MCN Energy Group saidyesterday it has discovered serious financial accountingmanipulation within its gas marketing subsidiary, CoEnergy Trading,and will have to recalculate its earnings going back to 1997.