Wholly

The Williams Cos. expects a restructuring of $1.4 billion in notes issued by the WCG Note Trust, an indirect wholly-owned subsidiary of Williams Communications Group Inc., to be completed in the “very near future,” after favorable talks with investors.

SGR Holdings LLC. said Monday that its wholly-owned subsidiary — SG Resources Mississippi LLC. (SGRM) — will be conducting an open season for firm storage services from Feb. 4 through March 4 for the first 12 Bcf of storage capacity at its new Southern Pines Energy Center, located in Greene County, MS. SGRM has completed definitive engineering and the acquisition of land and pipeline rights-of-way required for the development of the new salt cavern natural gas storage facility, clearing the way for construction to begin during the third quarter of 2002.

In compliance with a Georgia Public Service Commission (GPSC) order, Atlanta Gas Light Co., a wholly-owned subsidiary of AGL Resources Inc., filed its cost-of-service study as part of the ongoing review of the company’s earnings. The investigation stems from two separate but related studies, which the adversary staff of the GPSC said showed that AGLC’s earnings are 4-7% more than its authorized return on equity (ROE) (see Daily GPI, Aug. 23, 2001).

Abraxas Petroleum Corp. announced Wednesday that its wholly-owned subsidiary, Grey Wolf Exploration Inc., has entered into an agreement with Mirant Canada Energy Capital Ltd. for a C$150 million (US$96 million) project finance facility to fund Grey Wolf’s development and acquisition activities in Canada.

Dallas-based EXCO Resources Inc. reported Wednesday that Addison Energy Inc., a wholly owned subsidiary of EXCO, has completed the previously announced acquisition of some Alberta oil and natural gas assets from an independent Canadian producer (see Daily GPI, Nov. 28). No seller was named by the company.

Englewood, CO-based MarkWest Hydrocarbon Inc. reported that its wholly owned subsidiary, MarkWest Resources Canada Corp., has completed its third-quarter exploration program with a 90% success rate. MarkWest engineers estimate that the nine wells drilled and completed contain net proved reserves of between 5 and 6 Bcfe of natural gas.

International Transmission Co. (ITC), a wholly-owned subsidiary of DTE Energy, has asked the Federal Energy Regulatory Commission to require that transmission “free riders” pay for the costs of using ITC’s transmission wires. ITC and its Michigan customers currently pay an estimated $15 million per year to cover the cost of uncompensated uses if its transmission system.

PanCanadian Petroleum Ltd., through its wholly-owned subsidiary, PanCanadian Energy Services, announced Monday that it has entered into a memorandum of understanding with Canadian Fertilizers Limited (CFL) for the development of an 85 MW natural gas-fired cogeneration plant to be located at CFL’s nitrogen complex in Medicine Hat, AB. The cogeneration facility will be developed and owned by PanCanadian and will provide steam to CFL. This project was selected by the Province of Alberta’s transmission administrator under the “Location Based Credits Standing Offer” process, which is designed to address transmission constraints with the development of new power generation in southern Alberta. In addition to the CFL project, PanCanadian currently has two natural gas-fired combined cycle power plants under construction. The Cavalier and Balzac plants will each produce 106 MW of power and will be fully operational this year. PanCanadian also owns a 25% interest in a 110 MW cogeneration facility near Kingston, ON.

Phillips Alaska, Inc., a wholly owned subsidiary of Phillips Petroleum Co., and Anadarko Petroleum Corp. jointly announced last week the first discoveries in the National Petroleum Reserve-Alaska (NPR-A) since the area was re-opened to exploration in 1999. The NPR-A is situated west of the Colville River on Alaska’s North Slope.