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Houston Chronicle: (PRN) Shell Energy to Sell Assets to MXenergy

(PRN) Shell Energy to Sell Assets to MXenergy




HOUSTON, May 19 /PRNewswire/ — Shell Energy Services Company, L.L.C. (Shell Energy) has entered into an agreement to sell substantially all of its assets to MxEnergy Inc. (MXenergy). The sale is expected to close mid-2006 subject to state and federal regulatory approvals.

Shell Energy residential and commercial customers will continue to receive reliable and uninterrupted natural gas supply service during this transition. No action is required from customers in order to transition from Shell Energy to MXenergy, and all contracts will be honored in full. As the closing date approaches, customers will receive a letter providing additional information.

“We have built a healthy natural gas business that started when markets were opened to competition in the late 90s,” said Steven Murray, president and CEO of Shell Energy. “The purchase agreement with MXenergy allows customers to continue to be served by a supplier with a strong reputation and allows Shell to reinvest in projects that support its business strategy of more upstream, profitable downstream.”

“The core mission of MXenergy is to help both families and businesses control their energy bills,” said Jeffrey Mayer, president and CEO of MXenergy. “We are eager to give our newest customers in Ohio and Georgia the high level of service we already provide to our customers across the United States and Canada.”

Shell Energy Services Company, L.L.C., was formed in 1997 to deliver natural gas service as markets were deregulated in the United States. As a subsidiary of Shell Oil Company, Shell Energy Services provides reliable natural gas service to residential and commercial customers in Georgia and Ohio.

Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America's leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of The Shell Group, which operates in over 140 countries and territories employing more than 109,000 people.

MXenergy was founded in 1999 to provide natural gas and electricity to consumers in deregulated energy markets. Now serving over 300,000 customers in 11 states and Ontario, MXenergy helps both residential and small business owners control their energy bills by providing both fixed and variable rate plans. For more information contact MXenergy customer care at 877.264.1104 or online at .

Disclaimer statement:
This announcement contains forward-looking statements, that are subject to risk factors associated with the oil, gas, power, chemicals and renewables business. It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, risks associated with the identification of suitable potential acquisition properties and targets and the successful negotiation and consummation of transactions, the risk of doing business in developing countries, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Please refer to the Annual Report on Form 20-F for the year ended December 31, 2004 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Shell Group's businesses. Neither Royal Dutch Shell plc nor any member of the Shell Group undertakes any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or other information.

Cautionary Note to US Investors:
The United States Securities and Exchange Commission ('SEC') permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “expected producible resources” and “amount of reserves we expect to produce”, that the SEC's guidelines strictly prohibit us from including in filings with the SEC.

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