"Calpine's Rocky Mountain sale demonstrates our continued ability to realize added value in today's robust gas market," stated Bill Berilgen, Calpine's executive vice president and head of natural gas operations. "Moving forward, exploration and production remains an integral part of our existing and future strategy in the power sector. Our Rocky Mountain E&P team will continue to enhance Calpine's technical competitive edge and support our North American natural gas and power operations."
The company's Rocky Mountain assets being sold represent approximately 120 billion cubic feet equivalent of proved gas reserves, producing approximately 16.3 million net cubic feet equivalent per day of gas. Net proceeds from these sales will be used to reduce the amount outstanding under Calpine's existing $500 million first lien indebtedness. The company expects to close the transactions in early September pending regulatory approvals and other conditions of closing.
Most Popular Articles