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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event Reported) February 28, 1996
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THE COLUMBIA GAS SYSTEM, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-1098 13--1594808
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
20 Montchanin Road, Wilmington, Delaware 19807
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(Address of principal executive offices)
Registrant's telephone number, including area code (302) 429-5000
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Item 5. Other Events
Information contained in a News Release dated February 28,
1996, is incorporated herein by reference.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
The Columbia Gas System, Inc.
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(Registrant)
By /s/L. J. Bainter
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Treasurer
Date: February 28, 1996
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Contacts: Media - Bill Chaddock (302) 429-5261
Bill McLaughlin (302) 429-5443
Analysts - Tom Hughes (302) 429-5363
Ken Murphy (302) 429-5471
FOR IMMEDIATE RELEASE February 28, 1996
COLUMBIA SYSTEM ANNOUNCES SALE OF SOUTHWESTERN E&P UNIT
TO HUNT PETROLEUM CORPORATION
WILMINGTON, DEL. -- The Columbia Gas System, Inc. (NYSE: CG) announced
today that it has agreed to sell all of the stock of Columbia Gas Development
Corporation, its wholly-owned Houston- based oil and gas exploration and
production subsidiary, to Hunt Petroleum Corporation, a privately-held E&P
concern.
Columbia will receive approximately $200 million in cash plus an
overriding royalty interest in certain oil and gas leases. Closing is
anticipated by April 1996.
As previously announced, Columbia expects to use the proceeds from the
sale to repay short-term debt incurred in connection with the recent redemption
of $200 million of preferred stock and $200 million of convertible preferred
stock.
Columbia Gas Development, headquartered in Houston, Texas, has in
excess of 195 billion cubic feet equivalent of proved oil and natural gas
reserves located in the Gulf of Mexico and onshore continental United States.
The Columbia Gas System, Inc., is one of the nation's largest integrated natural
gas systems with assets in excess of $6 billion. Its operating units are
actively engaged in all phases of the natural gas industry, provide marketing
and fuel management services, and generate electric power.
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