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Article: CONSOL Energy to Buy Coalbed Methane Gas Properties.
- Article from:
- PR Newswire
- Article date:
- January 28, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PITTSBURGH, Jan. 28 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CNX) has agreed to purchase certain southwestern Virginia natural gas production and pipeline properties from MCN Energy Group Inc. (NYSE: MCN) for approximately $169 million in cash.
The assets CONSOL Energy will purchase include Buchanan Production Company (BPC), MCNIC Oakwood Gathering Inc. (OGI), and an MCN subsidiary that owns a 50 percent interest in Cardinal States Gathering Company (CSGC). The transaction is subject to Hart-Scott-Rodino antitrust review.
"This acquisition is part of our strategy to strengthen CONSOL Energy's position as a low-cost provider of delivered Btu's to our ...