Seneca Resources Completes Sale of Canadian Properties
National Fuel Gas Company reports that its Exploration and Production unit, Seneca Resources Corporation has completed the previously announced sale of its subsidiary, Seneca Energy Canada Inc. ("SECI"), to NAL Oil & Gas Trust.
Seneca received U.S.$231.8 million for the former subsidiary. The sale is expected to result in a non-recurring gain of approximately $120 million, after tax, which will be reported in the Company's fourth quarter, which closes on September 30, 2007.*
National Fuel is an integrated energy company with $3.8 billion in assets comprised of the following five operating segments: Utility, Pipeline and Storage, Exploration and Production, Energy Marketing, and Timber.
- Seneca to Convert Marcellus Drilling Rigs to Nat Gas (Oct 25)
- Seneca Purchases Marcellus Stake (Jan 10)
- Additional Operators Join Object's Marcellus Project (Dec 22)