Maybe this has a little bearing on it LOLOL.
(PR NEWSWIRE) DJ: El Paso Energy Completes Acquisition of DeepTech Interna
DJ: El Paso Energy Completes Acquisition of DeepTech International and Its
Interests in Leviathan Gas Pipeline
HOUSTON, Aug. 17 /PRNewswire/ -- El Paso Energy Corporation (NYSE: EPG)
announced today that the acquisition of DeepTech International Inc. (Nasdaq:
DEEP) and its interests in Leviathan Gas Pipeline was completed effective
August 14, 1998. As a result of these transactions, El Paso Energy owns 100
percent of the general partner of Leviathan Gas Pipeline Partners, L. P.
(NYSE: LEV) and a 27.3 percent effective interest in the partnership. Based
upon the elections by DeepTech stockholders, all DeepTech common
stockholders will receive $14 in cash for each DeepTech share, unless they
elected to receive El Paso Energy common stock in a taxable transaction.
The net cost of the transaction was approximately $450 million and was
funded through existing credit facilities.
"The DeepTech acquisition gives El Paso Energy a strong presence in the most
significant new oil and gas play in North America," said Robert G. Phillips,
president of El Paso Field Services Company. "Activity in the Deepwater
Trend and the ultradeep regions in the Gulf of Mexico continues to be
robust. The combination of Leviathan with our existing offshore assets
positions El Paso Energy to make significant infrastructure investments to
support this growth. As a leader in offshore gathering, Leviathan should
benefit from continued technological advances in deepwater drilling and
production and the synergies arising from its association with El Paso
Energy."
Leviathan is the largest independent gatherer of natural gas in the Gulf of
Mexico, with interests in pipeline systems which transported more than 2.8
billion cubic feet per day (Bcf/d) in 1997. The pipeline systems, which
cover a large portion of the Outer Continental Shelf and access the prolific
Deepwater Trend of the Gulf of Mexico, include: the High Island Offshore
System, the U-T Offshore System, the Stingray Pipeline system, the
Nautilus/Manta Ray Offshore system, the Viosca Knoll Gathering system and
the Poseidon Oil Pipeline. In addition, Leviathan produces oil and gas from
several offshore blocks and owns interests in several multi-purpose offshore
platforms which process oil and gas for producers.
With over $9 billion in assets, El Paso Energy Corporation provides energy
solutions through five business units: Tennessee Gas Pipeline Company, El
Paso Natural Gas Company, El Paso Field Services Company, El Paso Energy
Marketing Company, and El Paso Energy International Company. The company
owns the nation's only integrated coast-to-coast natural gas pipeline system
and has operations in interstate natural gas transmission, gas gathering and
processing, energy marketing, and international infrastructure development.
Visit El Paso Energy's web site at www.epenergy.com.
Some information included in this document may be forward looking and may
involve risks and uncertainties, including general economic and competitive
conditions that could significantly impact expected results. Reference
should be made to the Company's (and its affiliates') Securities and
Exchange Commission filings for important factors that may affect actual
results.
/CONTACT: Media: Russ Roberts, 713-420-5435, or Investors: Scott
Vonderheide, 713-420-4527, both of El Paso Energy Corporation/
11:21 EDT |
