WILLIAMSVILLE, N.Y., August 31 /CNW/ - National Fuel Gas Company
("National Fuel" or the "Company") (NYSE: NFG) today announced that its
Exploration and Production unit, Seneca Resources Corporation ("Seneca") has
completed the previously announced sale of its subsidiary, Seneca Energy
Canada Inc. ("SECI"), to NAL Oil & Gas Trust.
Seneca received U.S.$231.8 million for the former subsidiary. The sale is
expected to result in a non-recurring gain of approximately $120 million,
after tax, which will be reported in the Company's fourth quarter, which
closes on September 30, 2007.(*)
National Fuel is an integrated energy company with $3.8 billion in assets
comprised of the following five operating segments: Utility, Pipeline and
Storage, Exploration and Production, Energy Marketing, and Timber. Additional
information about National Fuel is available on its Internet Web site:
nationalfuelgas.com or through its investor information service at
(*)Certain statements contained herein, including those which are
designated with an asterisk ("(*)") and those which use words such as
"anticipates," "estimates," "expects," "intends," "plans," "predicts,"
"projects," and similar expressions, are "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties, which could cause
actual results or outcomes to differ materially from those expressed in the
forward-looking statements. The Company's expectations, beliefs and
projections contained herein are expressed in good faith and are believed to
have a reasonable basis, but there can be no assurance that such expectations,
beliefs or projections will result or be achieved or accomplished. In addition
to other factors, the following are important factors that could cause actual
results to differ materially from those discussed in the forward-looking
statements: significant post-closing adjustments to the purchase price;
changes in the exchange rate between Canadian and U.S. dollars and the effect
of such changes on any significant post-closing adjustments to the purchase
price; changes in the availability and/or price of derivative financial
instruments; significant changes in tax rates or policies; changes in
accounting principles or the application of such principles to the Company; or
the cost and effects of legal and administrative claims against SECI, Seneca
or the Company. The Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
For further information:
For further information: National Fuel Gas Company Analyst: James C.
Welch, 716-857-6987 or Media: Julie Coppola Cox, 716-857-7079