Shell Subsidiary, Coral Energy, Closes on Acquisition of Avista Energy's Operating Assets
HOUSTON, July 2 /-- Shell subsidiary, Coral Energy Holding, L.P. and certain of its subsidiaries (Coral Energy), today announced that it has closed on its acquisition of substantially all operating assets of Avista Energy, Inc., which were integrated into Coral Energy following the closing of the transaction on June 30, 2007. The acquisition also included the operating assets of Avista Energy Canada, Ltd., which were integrated into Coral Energy Canada Inc., a subsidiary of Coral Energy Holding, L.P.
"We are pleased to expand our presence and portfolio in the Pacific Northwest and western Canada," said Mark Hanafin, president and chief executive officer of Coral Energy. "We believe this is a real win for our employees and our customers, as this increase in scale, resources and experience will allow us to offer a broader portfolio of products and value- added services to our customers in this region. We are committed to growing our business in these markets."
Shell Trading is a global business network integrating the worldwide energy trading activities of the Royal Dutch Shell group of companies, of which Coral Energy Holding L.P. and its subsidiaries ("Coral Energy") are an integral part. With headquarters in Houston, Texas, and trading and marketing offices located across North America, Coral Energy offers a comprehensive portfolio of energy-related products and services associated with natural gas and power marketing and trading. Coral Energy markets and trades natural gas, wholesale power and risk products with counterparties and customers across North America. Its customers include commercial and industrial end users, utilities, producers, generators and aggregators.
Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America's leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of the Shell Group, a global group of energy and petrochemical companies, employing approximately 109,000 people and operating in more than 140 countries and territories.
Source: Shell Oil Company
CONTACT: Shell Trading, Shell Media Line, +1-713-241-4544
Web site: http://www.shellus.com/
