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COLUMBIA GAS AGREES TO SELL CANADIAN OIL & GAS SUBSIDIARY

 COLUMBIA GAS AGREES TO SELL CANADIAN OIL & GAS SUBSIDIARY
 WILMINGTON, Del., Dec. 2 /PRNewswire/ -- The Columbia Gas System, Inc. (NYSE: CG), has reached an agreement for the sale of Columbia Gas Development of Canada Ltd., its wholly owned Canadian oil and gas exploration and production subsidiary headquartered in Calgary, Alberta, to Anderson Exploration Ltd. of Calgary for $109.3 million (Canadian), approximately $96.7 million (U.S.).
 The Columbia Gas System, Inc., is currently operating as a debtor- in-possession under Chapter 11 of the bankruptcy code and therefore the agreement must be approved by the bankruptcy court before it can be finalized. The ultimate completion of the transaction is subject to other regulatory approvals and the usual conditions of closing.
 Columbia Gas Development of Canada owns more than 319,000 (net) acres of oil and gas leases in Alberta, Saskatchewan, British Columbia and the Yukon. It has oil and natural gas liquids reserves of 5.5 million barrels and 149 billion cubic feet of natural gas reserves.
 Anderson Exploration is a Calgary-based public oil and gas company with its shares traded on the Toronto Stock Exchange under the symbol AXL. During its fiscal year ending Sept. 30, 1991, Anderson Exploration produced an average of 5,428 barrels of oil and natural gas liquids per day and 77 million cubic feet of gas per day.
 John H. Croom, chairman and chief executive officer of The Columbia Gas System, Inc., said the sale will enable the System to concentrate its exploration and development efforts on its extensive domestic operations which are more accessible to U.S. markets. These efforts have had significant successes over the past several years, he said.
 The Columbia Gas System is one of the nation's largest natural gas systems. It has two other subsidiaries that are engaged in domestic oil and gas exploration, production and marketing in the Mid-Continent, Rocky Mountain and Appalachian regions, along the Gulf Coast and in California. Other subsidiary companies are engaged in the transmission, storage and distribution of natural gas and are involved in other energy operations such as cogeneration.
 Power West Financial Ltd. of Calgary, Alberta, and Morgan Guaranty Trust Company of New York have been acting as financial advisers in connection with the sale.
 /delval/
 -0- 12/2/91
 /CONTACT: H.W. Chaddock, 302-429-5261, or W.R. McLaughlin, 302-429-5443, or 302-429-5000, both of Columbia Gas/
 (CG) CO: The Columbia Gas System, Inc. ST: Delaware IN: UTI SU:


MP -- PH009 -- 8225 12/02/91 09:24 EST
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Publication:PR Newswire
Date:Dec 2, 1991
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