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Arkansas Western Gas sold to SourceGas LLC Wednesday, Jul 2, 2008 Arkansas News Bureau LITTLE ROCK - Southwestern Energy Co. has sold Arkansas Western Gas to SourceGas LLC, the companies announced Tuesday. Terms of the deal, which closed Tuesday after it received approval from the Arkansas Public Service Commission a day earlier, were not disclosed. The ownership transition is expected to be seamless for customers, SourceGas President and CEO Dan Watson said. Some customers will see a credit on their upcoming gas bill, officials said. Southwestern will pay $9.8 million to Arkansas Western Gas, which is refunding the entire amount to customers in the form of credits. The typical residential customer using 1,300 cubic feet during the refund month can expect to receive a credit of about $46. The actual amount of credit customers receive is based upon the amount of gas used during the refund month and will be shown on the bill as a "Transition Credit Adjustment." For some customers, the credit will offset the entire month's bill and may even result in a credit balance that will be carried forward, officials said. SourceGas is a natural gas local distribution utility headquartered in Lakewood, Colo. with operations in Colorado, Nebraska, Wyoming and Hermosillo, Mexico. Including Arkansas Western Gas' former 152,000 customers, SourceGas will now serve nearly 420,000 customers. |
