Energy West Acquires Penobscot Natural Gas
Posted on: Thursday, 6 December 2007, 12:00 CST
Natural gas and energy marketing company Energy West has acquired Penobscot Natural Gas Company for a purchase price of approximately $226,000. Penobscot Natural Gas is the parent company of Bangor Gas Company, which operates a natural gas utility in Bangor, Maine.
Richard Osborne, chairman and CEO, 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%."
Energy West 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 in Wyoming; Elkin in North Carolina, and Bangor in Maine.
Source: Datamonitor
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