Energy West, Incorporated Acquires Bangor, Maine Distribution Company
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GREAT FALLS, Mont., Dec. 3 -- ENERGY WEST, INCORPORATED (NASDAQ:EWST), a natural gas and energy marketing company, announced today that it has acquired Penobscot Natural Gas Company, Inc. for a purchase price of approximately $226,000 effective December 1, 2007. Penobscot Natural Gas is the parent company of Bangor Gas Company LLC, which operates a natural gas utility in Bangor, Maine.
Richard M. Osborne, Chairman and Chief Executive Officer, stated "We are pleased to complete the acquisition of Penobscot Natural Gas. We feel Bangor Gas presents us with outstanding opportunities for growth because Maine markets remain highly unsaturated, with penetration rates as low as 1%."
About Energy West
Energy West, Incorporated distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 8.4 billion cubic feet of natural gas to approximately 35,000 customers through regulated and unregulated utilities operating in and around Great Falls and West Yellowstone, in Montana, Cody, Wyoming, Elkin in North Carolina and Bangor, Maine. The Company markets approximately 2.5 billion cubic feet of natural gas to commercial and industrial customers in Montana and Wyoming on an unregulated basis. The Company also has an ownership interest in 165 natural gas producing wells and gas gathering assets. In addition, the Company owns the Shoshone interstate and the Glacier gathering pipelines located in Montana and Wyoming. The Company's Montana public utility was originally incorporated in 1909 and is headquartered in Great Falls, Montana.
Source: Energy West, Incorporated
CONTACT: David A. Cerotzke, Vice Chairman of the Board of ENERGY WEST, INCORPORATED, +1-406-791-7500, 1-800-570-5688
Web site: http://www.energywest.com/
