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Industry News

Montana Power Sells Oil and Gas Unit

LCG, Aug. 29, 2000--Montana Power Co. said yesterday it has sold its nonregulated natural gas and oil business unit to PanCanadian Petroleum Ltd. of Calgary for $475 million (U.S.). Proceeds from the sale will be invested in Montana Powers telecommunications subsidiary.

The sale includes subsidiaries that have interests in crude oil, natural gas and gas liquids exploration, production and marketing in the United States and Canada.

Robert P. Gannon, chairman and chief executive, noted that "Montana Power has had a Canadian presence for nearly a half century."

The U.S. businesses have are mostly in northern Montana and in the Denver-Julesburg Basin north of Denver and include minor properties in the Anadarko Basin, Oklahoma, and Green River Basin, Wyo. Modern fractionation plants are at Cut Bank, Mont. and Ft. Lupton, Colo. The Canadian properties reside mostly in southern and central Alberta and in southern Saskatchewan.

David Tuer, PanCanadian's president and chief executive, said "The potential in these assetsis significant, and over the next few years, we will add substantially to PanCanadian's daily natural gas production."

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