Coral to acquire Avista

The acquisition agreement also includes the operating assets of Avista Energy Canada, which will be integrated into Coral Energy Canada. The transaction is expected to close by late second quarter or early in the third quarter of 2007.

Avista Energy will receive cash for the assets acquired by Coral at approximately the book value of the assets at closing. Avista Energy’s 31 March book value was $202 million. In addition, Avista Energy will liquidate other assets not sold or transferred to Coral

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