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ENRON CAPITAL & TRADE RESOURCES AFFILIATE CLOSES MANAGEMENT-LED BUYOUT OF HARDY USA, TO BE RENAMED MARINER ENERGY
FOR IMMEDIATE RELEASE: Thursday, May 16, 1996
HOUSTON -- An affiliate of Enron Capital & Trade Resources (ECT) announced today that the management-led buyout of Hardy Oil & Gas USA has been finalized. The shareholders of Hardy Oil & Gas plc, Hardy USA's parent company, approved the buyout offer on May 14, 1996. The purchase price was $179 million adjusted for working capital as of March 31, 1996. The ECT affiliate provided debt financing and, together with Hardy USA's management, provided equity financing for the buyout.
The ECT affiliate, along with Hardy USA's management, also announced today that Hardy USA will be renamed Mariner Energy. Mariner's existing management will continue to operate the company which focuses on oil and gas exploration and production onshore Texas and in the Gulf of Mexico. Current daily production is approximately 60 million cubic feet of natural gas and 2,000 barrels of crude oil. The company has established a market niche through its ability to economically develop small to mid-size reservoirs in deep water.
ECT is a leading provider of physical and financial energy products worldwide. The organization is the largest buyer and seller of natural gas in North America, with physical and financial volumes of 45 billion British thermal units of energy equivalent per day. The company also manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is the largest non-regulated U.S. power marketer; is the largest supplier of gas to the electric generation industry in North America; is among the leading entities arranging new capital to the North American energy industry; and, through affiliates, owns and/or operates two intrastate pipelines in Texas and Louisiana.
Enron Corp., one of the world's largest integrated natural gas companies with approximately $13 billion in assets, operates the second largest natural gas transmission system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns 60 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 52 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines in emerging markets; and is one of the largest independent developers and producers of electricity in the world. Enron Corp. is traded under the ticker symbol, "ENE."
For additional information please contact:
Carol
Hensley
(713) 853-6498
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