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Bicent Power Completes Acquisition of Centennial Power and Colorado Energy Management From MDU Resources

Posted on: Tuesday, 10 July 2007, 15:15 CDT

Bicent Power LLC (fka Montana Acquisition Company LLC), a new company formed by energy industry executive Paul Prager and Natural Gas Partners VIII, LP., today announced that it has completed its previously announced acquisition of the domestic independent power production business unit of MDU Resources Group, Inc. (NYSE: MDU). The transaction is valued at $636 million.

The acquired business consists of Centennial Power, Inc. and Colorado Energy Management, LLC. Centennial Power's generating assets include 603 MW of electric generating capacity located in Montana, Colorado, California and Georgia. The assets are fully contracted under mid- to long-term power purchase and sale agreements, and include coal-fired, natural gas-fired and wind-powered generation. Colorado Energy Management provides design, construction, operation and maintenance services to energy providers.

The officers of Bicent are Mr. Prager, Chairman, CEO and President; Douglas Halliday, Executive Vice-President and COO; Christopher Ryan, Executive Vice-President and CFO; and Nazar Khan, Senior Vice President, Development and Acquisitions.

Barclays Capital and Goldman, Sachs & Co. provided debt financing to support the transaction.

Barclays Capital served as financial advisor to Mr. Prager and NGP with respect to this transaction, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.

About Paul Prager

A graduate of the U.S. Naval Academy, Mr. Prager has extensive experience in international shipping, commodity trading and power development. In 1985, Mr. Prager joined Salomon Brothers Inc. as a trader. In 1987, he founded and served as Managing Director of Davco Oil, a crude oil and crude product physical and derivatives trader. Since 1990, Mr. Prager has focused exclusively on development, operation and ownership of energy facilities and maritime assets. Mr. Prager currently serves as a member of the Board of the U.S. Naval Academy Foundation.

About Natural Gas Partners

Founded in 1988, the Natural Gas Partners private equity fund complex is a family of funds with over $3 billion of total capital under management since inception. The funds invest private equity capital in various sectors of the energy industry, including oil and gas production, midstream and oilfield service companies and co-invest in direct oil and gas property interests alongside portfolio companies.

Natural Gas Partners is managed by Irving, Texas based NGP Energy Capital Management, the premier investment franchise in the energy industry. In addition to the Natural Gas Partners complex, NGP's $4.2 billion investment platform includes NGP Capital Resources Company (NASDAQ: "NGPC"), a publicly-traded business development company that focuses on providing senior debt and mezzanine capital to the energy industry, NGP Energy Technology Partners, L.P., a fund investing growth equity capital in companies providing technology-related products and services to the oil and gas, power and alternative energy sectors and NGP Midstream & Resources, L.P., a fund making direct investments in selected areas of the energy infrastructure and natural resources sectors. Natural Gas Partners may be contacted at (972) 432-1440 or www.naturalgaspartners.com.

Source: Business Wire

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