Calpine to sell US oil and gas assets for $1bn

Calpine expects the sale to close on July 7, after which time it will not own any interest in Rosetta. Rosetta plans to fund the purchase by issuing around 45 million shares for $725 million and setting up a new $325 million credit facility.

As of May 1, Calpine’s proved oil and gas reserves totalled 383 billion cubic feet equivalent. The sale price therefore values the assets at $2.74 per thousand cubic feet equivalent (mcfe).

Calpine has obtained a very good price, says Hugh Welton, a senior

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