Calpine selling US oil, gas assets to new subsidiary

By OGJ editors
HOUSTON, June 29 -- Calpine Corp. agreed to sell its US oil and natural gas exploration and production assets for $1.05 billion to Rosetta Resources Inc., a new indirect, wholly owned Calpine subsidiary.

Closing is slated for July 7. Calpine, an independent electricity producer based in San Jose, Calif., is selling various assets to help reduce its debt. As of May 1, Calpine's proved oil and gas reserves totaled 383 bcf equivalent.

Following the transaction and an associated private placement of Rosetta stock, Calpine said that it will not own any interest in Rosetta. The anticipated buyers of the Rosetta stock were not identified.

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