8-K 1 eightkoct206.htm CURRENT REPORT Current Report
UNITED STATES
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): October 2, 2006



 
 
(Commission File
Number)
 
Exact names of registrants as specified in their charters, address of principal executive offices,
telephone number and state of incorporation
 
(IRS Employer
Identification No.)
 
 
 
1-15929
PROGRESS ENERGY, INC.
56-2155481
 
410 S. Wilmington Street
 
 
Raleigh, North Carolina 27601-1748
 
 
Telephone: (919) 546-6111
 
 
State of Incorporation: North Carolina
 



None
(Former Name or Former Address, if Changed Since Last Report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



SECTION 2 - FINANCIAL INFORMATION.

Item 2.01 Completion of Acquisition or Disposition of Assets.
 
On October 2, 2006, Progress Energy, Inc. (the “Company”) completed the sale of Winchester Energy and its associated natural gas businesses to a wholly-owned subsidiary of Texas-based EXCO Resources, Inc. for approximately $1.16 billion in cash (subject to customary closing and post-closing adjustments).

Assets divested by the Company include its holdings in Winchester Energy, Winchester Production Company, Westchester Gas Company, Texas Gas Gathering and Talco Midstream Assets. Specific assets include over 325 Bcfe of proved natural gas reserves, over 350 miles of natural gas pipelines, over 500 producing natural gas wells and other related assets, all of which are located in east Texas and Louisiana.

The Company’s press release relating to the completed sale is furnished as Exhibit 99.1 hereto.
 

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS.

Item 9.01 Financial Statements and Exhibits.

(c)  
Exhibits

99.1 Press Release of Progress Energy, Inc. dated October 2, 2006.





 

 
SIGNATURES
 
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.
 


 
 
 
PROGRESS ENERGY, INC.
 
 
 
Registrant
 
 
 
 
 
 
 
 
 
 
      By:
/s/ Jeffrey M. Stone
 
 
 
Jeffrey M. Stone
 
 
 
Chief Accounting Officer
 
 
 
 






Date: October 4, 2006