RICHMOND, Va., Jan. 18 /PRNewswire-FirstCall/ -- Dominion (NYSE: D) today
announced it has completed the sale of the majority of its natural gas and oil
assets in British Columbia. The sale consisted of five separate transactions
with total proceeds of C$584 million (US$476 million).
"This is a timely sale because values for Canadian natural gas and oil
assets are strong," said Thos. E. Capps, chairman and chief executive officer.
"We'll use the proceeds to re-pay debt."
The properties sold produce approximately 30 billion cubic feet net of
natural gas annually. The sale assets are primarily those acquired in the 1999
purchase of Remington Energy Ltd.
Dominion is one of the nation's largest producers of energy, with an
energy portfolio of about 28,340 megawatts of generation, about 6 trillion
cubic feet equivalent of proved natural gas reserves and 7,900 miles of
natural gas transmission pipeline. Dominion also operates the nation's
largest underground natural gas storage system with more than 960 billion
cubic feet of storage capacity and serves retail energy customers in eight
states. For more information about Dominion, visit the company's Web site
at http://www.dom.com .
SOURCE Dominion
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Related links:
http://www.dom.com
Company News On-Call:
http://www.prnewswire.com/comp/203456.html
CONTACT:
Media, Peggy Cole, +1-281-873-1553, or Laura
Awalt, +1-281-873-3649, or Analysts, Joseph O'Hare,
+1-804-819-2156, or Greg Snyder, +1-804-819-2383, all of Dominion
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