Dominion E&P To Operate 800 Alabama Wells.Business Editors HOUSTON--(BUSINESS WIRE)--Oct. 29, 2002 Dominion Exploration & Production, Inc. will assume operation of more than 800 coal-bed methane wells located in Tuscaloosa, Alabama Tuscaloosa is a city in west central Alabama in the southern United States. Located on the Black Warrior River, it is the seat of Tuscaloosa CountyGR6 and the fifth-largest city in Alabama with a population of 83,052 (2006 U.S. Census Bureau Estimate). , from its partner, ConocoPhillips (NYSE NYSE See: New York Stock Exchange : COP). The effective date of the transaction is December 31, 2002. Dominion E&P is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Dominion (NYSE: D). ConocoPhillips currently acts as contract operator for the Black Warrior Black Warrior, river, United States Black Warrior, navigable river, 178 mi (286 km) long, rising in N central Ala. and flowing generally SW to the Tombigbee River. project, a 532-well development in which Dominion E&P has an approximately 98 percent working interest. In addition, ConocoPhillips operates the jointly owned Whitson project where Dominion E&P is the majority owner. ConocoPhillips' working interest in the Whitson project will increase as a result of this transaction. Duane C. Radtke, president and chief executive officer of Dominion E&P, said: "With this agreement, Dominion E&P accomplishes its objective to operate its high working interest properties in the Black Warrior Basin. Dominion has been pleased with the relationship with ConocoPhillips and looks forward to a continued partnership while growing these assets and pursuing other opportunities in the area." Within the Black Warrior project, Dominion Resources Dominion NYSE: D (formerly Dominion Resources) is a power and energy company headquartered in Richmond, Virginia, USA, that supplies electricity, natural gas, or other energy services to homes in Virginia, West Virginia, Ohio, Pennsylvania, and eastern North Carolina. Black Warrior Trust (NYSE: DOM) also owns an overriding royalty interest overriding royalty interest A third-party interest in royalty income derived from oil and gas rights. in the 532 wells subject to an overriding royalty conveyance effective June 1, 1994. Dominion has a diversified and integrated energy portfolio consisting of about 24,000-megawatts of generation, 5.7 trillion cubic feet equivalent of natural gas reserves, nearly 7,700 miles of natural gas transmission pipeline and the nation's largest underground natural gas storage system with more than 960 billion cubic feet of storage capacity. Dominion also serves over 3.8 million franchise natural gas and electric customers in five states. In addition, Dominion owns a managing equity interest in Dominion Fiber Ventures, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , owner of Dominion Telecom. For more information about Dominion, visit the company's web site at www.dom.com. |
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