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ENRON GAS SERVICES SIGNS LETTER OF INTENT TO PURCHASE STOCK OF ACCESS ENERGY CORPORATION

 ENRON GAS SERVICES SIGNS LETTER OF INTENT TO PURCHASE
 STOCK OF ACCESS ENERGY CORPORATION
 HOUSTON, Aug. 27 /PRNewswire/ -- Enron Gas Services Corp. (EGS), a subsidiary of Enron Corp. (NYSE: ENE), and Access Energy Corporation announced today that a letter of intent has been executed under which EGS would purchase the stock of Access Energy Corporation. The terms of the agreement were not disclosed.
 EGS is comprised of gas marketing, finance, risk management and power service businesses. The company also operates Houston Pipe Line (HPL), the nation's largest intrastate pipeline. EGS serves a national customer base with average merchant volumes of about 5 billion cubic feet per day (Bcf/d). In addition, HPL transports approximately 600 million cubic feet per day.
 Access, the nation's first natural gas marketer, began in 1982 as Yankee Resources, Inc. The company became Access in 1988 after a management-led buyout. Access markets natural gas to nearly 10,000 industrial, institutional and commercial customers in 34 states and Canada. The company is headquartered in Dublin, Ohio, and has offices in Chicago, Houston, San Francisco and Irvine, Calif.
 "This makes great strategic sense," said Jeffrey K. Skilling, chairman and CEO of Enron Gas Services. "The companies complement one another in terms of geographic market areas and customers served. Access also provides Enron an opportunity to enter the growing end-user market, while Enron provides Access expanded supply and risk management capabilities."
 "Access was seeking additional resources to expand our presence in the end-user market," said Lance W. Schneier, chairman, CEO and president of Access. "Our customer base has nearly quadrupled in the past year. To achieve our objective of providing total customer service, we wanted to offer additional capabilities. Enron has the size, natural gas supply base, financial sophistication and market orientation to, like us, affect significant change in this industry. The combined companies will be able to offer more products and services to more natural gas customers throughout North America."
 The transaction, which is subject to the completion of a definitive agreement and regulatory approval, is expected to be completed by October. Access will continue to operate under its own name and its own staff, and the business is anticipated to grow with Enron's support.
 Enron Corp., America's leading natural gas company with more than $13 billion in annual revenues and $10 billion in assets, operates the nation's largest natural gas transmission system; markets natural gas, gas liquids, crude oil and refined products nationally and worldwide; owns 15 percent of Enron Liquids Pipeline, L.P.; owns 84 percent of Enron Oil & Gas Company, one of the country's largest independent (non- integrated) natural gas exploration and production companies; is one of the largest developers and producers of electricity in the United States and the United Kingdom, with extensive experience in combined heat and power installations; and is a leading purchaser and marketer of long- term natural gas supplies.
 -0- 8/27/92
 /CONTACT: L. Diane Bazelides of Enron, 713-853-6285, or Lance W. Schneier of Access Energy, 614-792-6066/
 (ENE) CO: Enron Gas Services Corp.; Access Energy Corp. ST: Texas IN: OIL SU: TNM


CK -- NY032 -- 3846 08/27/92 10:10 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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