CGAS buys natural gas assets.COLUMBUS, Ohio--(BUSINESS WIRE)--Jan. 30, 1995--Clinton Gas Systems, Inc. (NASDAQ/NMS:CGAS CGAS Coast Guard Air Station CGAS Children's Global Assessment Scale ), a natural gas producer and marketer, announced today that it has purchased a 21.5 mile natural gas gathering system, 26 producing oil and gas wells, and approximately 17,000 acres of leasehold rights. All of the assets are located in Ashtabula County, Ohio Ashtabula County is the northeasternmost county in the state of Ohio. As of 2000, the population was 102,728; its county seat is Jefferson6. The county is named for a Native American word meaning "river of many fish". . The transaction included equipment and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. related to the pipelines and purchased wells. The acquisition was made through The Clinton Oil Company, the major operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of CGAS. Jerry D. Jordan, Chairman of CGAS, stated, ``This group of properties is adjacent to assets we purchased in mid 1994. They will fit into our development plans and will allow for economies of scale in our Northern Region.'' Clinton Gas Systems, Inc. is an Ohio corporation which, through its subsidiaries, is engaged in the business of natural gas and oil exploration, production and marketing and industrial energy management. Its principal offices are located at 4770 Indianola Avenue, Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. 43214. Its shares are traded on NASDAQ's National Market System under the symbol ``CGAS.'' CONTACT: Clinton Gas Systems, Inc., Columbus Donald A. Nay, 614/888-9588 |
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