Rosetta Enters Partial Settlement Agreement with Calpine
Rosetta Resources has resolved certain open issues with Calpine through the execution by both parties of a partial settlement agreement.
Assuming needed bankruptcy court approvals are obtained, Rosetta and Calpine have, without prejudice to their other outstanding claims, reached business solutions regarding the following:
- Rosetta will extend its existing natural gas marketing agreement with Calpine until June 30, 2009. This marketing agreement is subject to earlier termination right by Rosetta upon the occurrence of certain events.
- Calpine will deliver to Rosetta documents that resolve title issues pertaining to certain previously purchased oil and gas properties located in the Gulf of Mexico, California and Wyoming (Properties). Rosetta will assume all of Calpine's rights and obligations for an audit by the California State Lands Commission on part of the properties.
- Rosetta will assume all rights and obligations for the Properties, including all plugging and abandonment liabilities.
"The Agreement represents a positive step forward for our company, as it resolves certain open points between Rosetta and Calpine," said Charles Chambers, President and CEO of Rosetta Resources. "However, this partial settlement does not resolve what we believe to be the baseless fraudulent transfer claims Calpine has asserted against Rosetta, which remain pending. We are working diligently to resolve, including through a successful defense of the significant ongoing litigation, the outstanding matters with Calpine, and at the same time, maintaining our focus on delivering solid operational results."
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Company: Rosetta Resources more info
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