Dominion Sells Natural Gas Assets in
British Columbia
RICHMOND, Va – 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 www.dom.com.
