24.08.04

24.8.2004: Meldung: Calpine Corp.: $223 Million from Sale of Rocky Mountain Gas Reserves

Friday August 20, 3:20 pm ET

SAN JOSE, Calif., Aug. 20 / Calpine Corporation (NYSE: CPN - News) has entered into two agreements to sell its Rocky Mountain natural gas reserves in the Colorado Piceance Basin and New Mexico San Juan Basin for approximately $223 million. Two U.S. gas companies will acquire these assets for approximately $140 million and approximately $83 million, respectively, less adjustments to reflect a July 1, 2004 effective date. Combining the proceeds from these sales with the proceeds from its recently announced Canadian gas reserves sale, Calpine will raise nearly $850 million.

"Calpine"s Rocky Mountain sale demonstrates our continued ability to realize added value in today"s robust gas market," stated Bill Berilgen, Calpine"s executive vice president and head of natural gas operations. "Moving forward, exploration and production remains an integral part of our existing and future strategy in the power sector. Our Rocky Mountain E&P team will continue to enhance Calpine"s technical competitive edge and support our North American natural gas and power operations."

The company"s Rocky Mountain assets being sold represent approximately 120 billion cubic feet equivalent of proved gas reserves, producing approximately 16.3 million net cubic feet equivalent per day of gas. Net proceeds from these sales will be used to reduce the amount outstanding under Calpine"s existing $500 million first lien indebtedness. The company expects to close the transactions in early September pending regulatory approvals and other conditions of closing.

Calpine Corporation, celebrating its 20th year in power, is a leading North American power company dedicated to providing electric power to customers from clean, efficient, natural gas-fired and geothermal power plants. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. The company is listed on the S&P 500 and was named FORTUNE"s 2004 Most Admired Energy Company. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit www.calpine.com.


Source: Calpine Corporation
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