COLUMBIA GAS COMPLETES SALE OF CANADIAN SUBSIDIARY TO ANDERSON EXPLORATION LTD.
COLUMBIA GAS COMPLETES SALE OF CANADIAN SUBSIDIARY TO ANDERSON EXPLORATION LTD. WILMINGTON, Del., Jan. 16 /PRNewswire/ -- The Columbia Gas System, Inc. (NYSE: CG) today completed the sale of its wholly owned Canadian oil and gas exploration and production subsidiary, Columbia Cas Development of Canada Ltd., to Anderson Exploration Ltd. of Calgary, Alberta, Canada. The total price was $109.3 million (Canadian) or approximately $95 million (U.S.). Columbia first offered its Canadian subsidiary for sale in May 1991 in order to concentrate its exploration and development efforts on its extensive domestic operations which are more accessible to U.S. markets. The system's exploration and production efforts will now be focused on the Southwest, Mid-Continent, Rocky Mountain and Appalachian regions, as well as along the Gulf Coast and in California. Other System companies are engaged in the transmission, storage and distribution of natural gas and are involved in other energy operations such as cogeneration. Since Aug. 1, 1991, the System has been operating as a debtor-in- possession under Chapter 11 of the U.S. bankruptcy code. An order approving the sale of the Canadian subsidiary was issued by the U.S. Bankruptcy Court in Delaware on Dec. 31, 1991. Anderson Exploration Ltd. is a Calgary-based public oil and gas company whose shares are traded on the Toronto Stock Exchange under the symbol AXL. /delval/ -0- 1/16/92 /CONTACT: W.R. McLaughlin of Columbia Gas, 302-429-5443, or 302-429-5000/ (CG AXL) CO: The Columbia Gas System, Inc.; Anderson Exploration Ltd. ST: Delaware IN: OIL SU:
MP-MK -- PH024 -- 0515 01/16/92 12:28 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 16, 1992|
|Previous Article:||FEDERAL HOUSING FINANCE BOARD RESTRUCTURES OFFICE OF FINANCE; WARNS DEALERS OF EXPULSION|
|Next Article:||GRACE COMPLETES SALE OF JAPAN MICROWAVE BUSINESS|