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ENRON CORP. ANNOUNCES ENGLISH COURT DECISIONS
FOR IMMEDIATE RELEASE: Wednesday, June 26, 1996
HOUSTON -- Enron Corp. announced today that an English court has ruled that disputes between subsidiaries of Enron and the J-Block and CATS parties should be settled in the English courts.
“This is a procedural ruling which has no bearing or effect on the merits of our disputes with the J-Block and CATS parties,” said Geoffrey D. Roberts, president of Enron Europe. “As we believe it is our right to litigate our claims against the CATS and J-Block parties in the U.S. courts, we are considering appealing the English court’s ruling. Notwithstanding, we are moving forward immediately to prosecute our claims against the CATS and J-Block parties in the English courts.”
The disputes relate to whether the companies’ agreements with the CATS parties and J-Block sellers have been terminated by the CATS parties’ non-performance, and to the J-Block sellers’ disputed rights to reinject J-Block gas and unitize the J-Block and 30/6 fields.
Enron Corp., one of the world’s largest integrated natural gas companies with approximately $13 billion in assets, operates the largest natural gas transmission system in the Western Hemisphere and the second largest 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 approximately 60 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 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:
Diane Bazelides
(713) 853-6285
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