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CALIFORNIA ENERGY TERMINATES ACQUISITION OF WESTMORELAND ENERGY COMPANY

 OMAHA, Neb., Dec. 1 /PRNewswire/ -- California Energy Company, Inc. (NYSE: CE) today announced that it has terminated its proposed acquisition of Westmoreland Energy, Inc. (Westmoreland Energy) which is a subsidiary of Westmoreland Coal Company (NYSE: WCX). It was previously announced that California Energy Company, Inc. expected to purchase Westmoreland Energy for $57,000,000 plus the assumption of certain commitments; however, various financial and legal issues were identified by California Energy during due diligence which affected the valuation of WEI, and no subsequent agreement regarding such issues could be worked out between California Energy and Westmoreland Coal Company.
 California Energy Company develops, owns and operates environmentally responsible power generating facilities internationally.
 -0- 12/1/93
 /CONTACT: David L. Sokol, president and CEO, or John G. Sylvia, vice president and chief financial officer, of California Energy, 402-330-8900/
 (CE WCX)


CO: California Energy Company, Inc.; Westmoreland Coal Company ST: Nebraska IN: OIL SU: TNM

AL -- MN007 -- 9051 12/01/93 08:15 EST
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Publication:PR Newswire
Date:Dec 1, 1993
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