Energen subsidiary sells $12.5 million bankruptcy claim against Enron

By Caroline Salls

Pittsburgh, Dec. 4 - Energen Corp. oil and gas subsidiary Energen Resources Corp. sold its $12.5 million claim against Enron Corp., according to an Energen news release.

Energen said it estimates that the sale of the claim will generate $6.7 million in net income in 2006, or 9 cents per diluted share.

Energen reaffirmed its 2006 earnings guidance range of $3.10 to $3.30 per diluted share, noting that the Enron settlement is expected to place its 2006 earnings toward the middle of this range.

Energen is a Birmingham, Ala.-based energy holding company. Enron is a Houston-based energy company that emerged from bankruptcy on Nov. 18, 2004.

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