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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 6, 1996
MCN CORPORATION
(Exact name of registrant as specified in its charter)
MICHIGAN 1-10070 38-2820658
State of Incorporation (Commission File (I.R.S. Employer
Number) Identification No.)
500 GRISWOLD STREET, DETROIT, MICHIGAN 48226
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(313) 256-5500
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ITEM 5. OTHER EVENTS
On February 6, 1996 MCN Corporation issued the following press release;
MCN ANNOUNCES PURCHASE OF MOBILE BAY GATHERING SYSTEM
Detroit, February 6, 1996 -- MCN Corporation (NYSE:MCN) today announced one of
its subsidiaries has signed a definitive agreement to acquire a majority
interest in the gas gathering properties of Dauphin Island Gathering
Partnership in the offshore Mobile Bay area of Alabama from Tenneco Energy;
Enron Gas Gathering, Inc.; and Dauphin Island Gathering Company, L.P. (DIGCO).
Alfred R. Glancy III, MCN Chairman, President and Chief Executive Officer,
said, "This acquisition makes MCN a significant participant in one of the
fastest growing gas production areas in the United States." Glancy also noted
this acquisition is a further implementation of MCN's strategy to acquire gas
gathering and pipeline facilities in areas of the country where it owns gas
reserves or where it has a gas marketing focus.
MCN's interest in the properties is held by a subsidiary of MCN Investment
Corporation and consists of a 90 mile offshore gas gathering system that
currently serves Mobile Bay, Viosca Knoll and can potentially serve the Destin
Dome area. The system is capable of moving 400 million cubic feet of gas a day
to interconnections with the Transco, Florida Gas and Koch Gateway pipelines.
DIGCO will operate the system and retain an ownership interest. Significant gas
reserves, controlled by a number of producers, are available for gathering on
this system. Price and other terms were not disclosed.
MCN Corporation is a $2.9 billion (assets) diversified natural gas holding
company with gas markets and investments throughout North America. Its
principal subsidiaries are Michigan Consolidated Gas Company (MichCon), a
natural gas distribution and transmission company serving 1.2 million customers
in more than 500 communities throughout Michigan, and MCN Investment
Corporation (MCNIC). MCNIC owns subsidiaries involved in exploration and
production, gas marketing, cogeneration, gas storage, gathering and processing;
and The Genix Group, a computer operations management firm.
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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.
MCN CORPORATION
By /s/ Sebastian Coppola
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Sebastian Coppola
Vice President and Treasurer
Date: February 7, 1996
