CMS closes sale of Block 16 in Ecuador's Oriente Basin to Crestar

Jul 05, 2000 02:00 AM

CMS Energy Corporation's exploration and production unit, CMS Oil and Gas Company, announced it has closed the sale of its 14 % working interest in oil reserves located in Block 16 of Ecuador's Oriente Basin to Calgary, Alberta-based Crestar Energy.
Crestar purchased all of the stock of CMS Oil and Gas' subsidiary, CMS Oil and Gas Ecuador, for a sale price of $ 102 mm, subject to adjustments. The sale is part of CMS Energy's $ 1.4 bn asset sale and balance sheet debt reduction program. With the sale, CMS Energy has completed approximately $ 800 mm of proceeds and balance sheet debt reductions from asset sales so far this year.

CMS Oil and Gas Company is among America's 50 largest independent oil and gas companies in production and reserves. It is engaged in exploration and/or production in four states and internationally in seven countries. At year-end 1999, proven reserves were 248 mm net equivalent barrels.
CMS Energy has annual sales of more than $ 6 bn and assets of about $ 15 bn throughout the US and around the world with businesses in electric and natural gas utility operations; independent power production; natural gas pipelines, gathering, processing and storage; oil and gas exploration and production; and energy marketing, services and trading.

Source: NewsEdge Corporation via Newspage
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