RICHMOND, Va., July 2 /PRNewswire-FirstCall/ -- Dominion (NYSE: D)
today announced it has closed the sale of its remaining offshore Gulf of
Mexico natural gas and oil exploration and production operations. This is
one of several closings of previously announced asset sales.
The offshore operations were sold to Eni Petroleum Co. Inc., for
approximately $4.73 billion. The operations include approximately 961
billion cubic feet equivalent (Bcfe) of proved natural gas and oil reserves
in the Gulf of Mexico as of Dec. 31, 2006. Proceeds from the sale will fund
debt reduction, including the debt tender offer announced on June 13, and
the repurchase of common stock.
JPMorgan, Lehman Brothers and Juniper Advisory LP were Dominion's
financial advisers and BakerBotts LLP and McGuireWoods LLP are the
company's legal advisers for the sale.
Dominion is in the process of selling all of its E&P operations except
those in the Appalachian Basin as part of its previously announced plan to
refocus the company on the power generation and energy distribution,
transmission, storage and retail businesses.
Dominion is one of the nation's largest producers of energy, with a
portfolio of more than 26,500 megawatts of generation and 7,800 miles of
natural gas transmission pipeline. Dominion also owns and operates the
nation's largest underground natural gas storage system with about 960
billion cubic feet of storage capacity and serves retail energy customers
in 11 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
CONTACT:
Media: Dan Donovan, +1-412-237-2900,
ddonovan@dom.com, or Analysts: Greg Snyder, +1-804-819-2383,
James.Gregory.Snyder@dom.com, both of Dominion
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