OKLAHOMA CITY, Nov. 15 OGE Energy Corp. announced that its subsidiary Enogex Exploration Corporation has agreed to sell its natural gas production assets in Michigan for approximately $32 million.
The sale, to Quicksilver Resources Inc. of Fort Worth, Texas, is expected to close December 2, 2002. The properties involved in the transaction currently produce approximately 8.5 million cubic feet (Mmcf) of natural gas per day.
“This asset sale is in keeping with our commitment to exit the exploration and production business to focus on our core operations in the midstream gas sector,” said Pete Delaney, executive vice president of OGE Energy Corp. “It also is consistent with our commitment to pay down debt.”
Enogex Inc. is a natural gas pipeline and energy marketing business with principal operations in Oklahoma, Arkansas and Texas. OGE Energy Corp. also is the parent company of Oklahoma Gas and Electric Company, a regulated electric utility serving more than 700,000 customers in a service territory spanning 30,000 square miles in Oklahoma and western Arkansas.