• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Shell Energy North America Signs Purchase Agreement to Acquire Enspire Energy's Assets

Posted on: Friday, 26 December 2008, 07:00 CST

HOUSTON, Dec. 26 /PRNewswire/ -- Shell subsidiary, Shell Energy North America (US), L.P. today announced that it has signed a purchase agreement to acquire the assets of Enspire Energy, LLC, a Virginia-based energy marketing company that serves customers throughout the Mid-Atlantic United States.

The agreement is expected to be finalized in the early portion of first quarter 2009, providing the completion of certain contractual requirements and the receipt of necessary regulatory approvals.

"We are pleased to finalize this agreement with Enspire Energy," said Mark Quartermain, president of Shell Energy North America. "We look forward to further increasing Shell Energy's scale, resources and market knowledge with the expertise, resources and experience added through the acquisition of Enspire Energy. We believe it will enable Shell Energy to offer a broader portfolio of value-added services to customers in the mid-Atlantic region of the United States."

Jim Lukas, president and CEO of Enspire added, "Enspire's regional expertise combined with Shell's assets and financial strength will help us provide an increased array of products while maintaining the superior service to which our customers are accustomed."

Shell Trading is a global business network integrating the worldwide energy trading activities of Royal Dutch Shell plc companies, of which Shell Energy North America (US), L.P., and its subsidiaries, are an integral part. Headquartered in Houston, Texas, with trading and marketing offices located across North America, Shell Energy offers a comprehensive portfolio of energy-related products and services associated with natural gas, power and environmental products marketing and trading. Shell 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 104,000 people and operating in more than 110 countries and territories.

Disclaimer statement:

This announcement contains forward-looking statements, that are subject to risk factors associated with the oil, gas, power, chemicals and renewables business. It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, risks associated with the identification of suitable potential acquisition properties and targets and the successful negotiation and consummation of transactions, the risk of doing business in developing countries, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Please refer to the Annual Report on Form 20-F for the year ended December 31, 2005 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Shell Group's businesses. Neither Royal Dutch Shell plc nor any member of the Shell Group undertakes any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or other information.

Cautionary Note to US Investors:

The United States Securities and Exchange Commission ('SEC') permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "expected producible resources" and "amount of reserves we expect to produce", that the SEC's guidelines strictly prohibit us from including in filings with the SEC.

SOURCE Shell Energy North America

Source: PR Newswire

More News in this Category