NEWS BULLETIN

June 30, 2004 --- Vol. 10, No. 59June 2004

Texas-based Pentex buying Fairbanks Natural Gas

Pentex Alaska, a newly formed, closely held, Texas corporation, has filed with the Regulatory Commission of Alaska to acquire a 100 percent controlling interest in Fairbanks Natural Gas.

The commission said June 30 that Fairbanks Natural Gas is the holder of certificate of public convenience and necessity No. 514, and provides natural gas distribution service to some 580 customers in Fairbanks. The entire ownership interest in Fairbanks Natural Gas is held by Northern Eclipse LLC.

The commission said the major shareholders of Pentex Alaska are also the major shareholders of Pentex Natural Gas Co. and other energy ventures. Pentex Natural gas has operations in Pennsylvania, where it provides natural gas transportation services.

Pentex has told the commission that following the acquisition of Fairbanks Natural Gas, it will continue to provide natural gas service in Fairbanks. The entire transaction will be transparent from the point of view of the natural gas customer, Pentex told the commission.

Fairbanks Natural Gas trucks Cook Inlet natural gas to Fairbanks as liquefied natural gas, re-gasifies it and distributes it.


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