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ENRON ANNOUNCES NEW NATURAL GAS SUPPLY FOR HOUSTON PIPE LINE COMPANY
FOR IMMEDIATE RELEASE: Thursday, August 28, 1997
HOUSTON -- Enron Corp. announced today that its intrastate natural gas pipeline Houston Pipe Line Company (HPL) has signed an agreement to acquire natural gas produced from 78,000 acres of land in East Texas operated by Black Stone Energy Company. The block of land is centered in Polk County, and the natural gas produced in the area will be delivered into HPL's east Texas pipeline systems, including the Texoma system.
"On an acreage basis, this is the largest dedication to Houston Pipe Line Company in over 10 years and we expect it will represent a significant amount of natural gas," said Mike McConnell, president of Houston Pipe Line Company. "This area of land is optimally located to allow HPL to better serve producers and end-users in the Houston and Beaumont region."
"We are extremely pleased with our long-term relationship with Houston Pipe Line Company and see this project as an opportunity to expand our reserves dramatically as well as our deliverability to HPL," said Tom Carter, president of Black Stone Energy Company. "This arrangement reaffirms and strengthens our commitment to HPL."
Black Stone Energy Company is an independent oil and gas producer with properties in Louisiana and Texas.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $19 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind renewable energy worldwide. Enron's internet address is www.enron.com and its common stock is traded under the ticker symbol, "ENE."
For additional information please contact:
Shelly Mansfield
713-853-4589
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