Bluescape Resources Company (BRC) is a private, independent oil and gas company focused on unconventional hydrocarbon opportunities throughout
the United States.

BRC is currently developing its over 600,000 acres of minerals and lease positions in the Marcellus Basin largely in West Virginia and Pennsylvania. BRC’s strategy is based on combining an industrial mindset focused on continuous operational improvement with access to world-class technology to maximize the productivity of its resource base.

BRC’s goal is to combine the proven operating cultures of the major oil companies with the nimble decision making of an entrepreneurial startup.

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TXU Electric Delivery and InfrastruX Energy Services Sign 10-Year Agreement for Utility Infrastructure and Management Services
First-of-its-Kind Agreement Expected to Generate Significant Benefits for TXU Electric Delivery Customers; Joint Venture Has Broad Applications for the U.S. Utilities Industry.

Black River Capital LLC advised TXU Electric Delivery on this transaction.

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Doug Strebel will be speaking at the Platts 3rd Annual Utility Mergers and Acquisitions Conference. The conference will focus on the 2006 market drivers, PUHCA repeal, and the role of new investors. Doug will be part of the following Discussion:

PANEL DISCUSSION
Tuesday June 27, 2006 @ 8:30: The Future of Restructuring Deals in Utility M&A

• Industry restructuring — Breaking up integrated utilities and selling pieces to a new player
• Will acquiring companies sell assets after their deals have been completed?
• Shifting to new growth strategies
• Future industry alignments in generation, transmission, and distribution

For more information please visit: Platts Utility Conference Website

Steve Houle joins the BRC Team.

Steve is an experienced utility sector corporate executive with over 25 years of success in developing and implementing all aspects of economic regulation, technology development, legislative/regulatory advocacy, and project management. In 2005 Steve led the TXU team in developing an negotiating TXU’s innovative agreement with Current Communications Group LLC to transform TXU’s distribution grid into the nation’s first broadband enabled Smart Grid. Prior to joining Black River Capital in 2006, Steve was Vice President of Corporate Technology for TXU Electric Delivery. From 1999-2004, Steve was Vice President of Rates & Regulation for various TXU electric and gas subsidiaries. Houle has testified as an expert witness in over 40 proceedings before various regulatory agencies and courts primarily in the areas of fuel cost recovery, pricing, cost allocation, and contract performance.Full Bio

TXU Press Release, December 2005

Black River Capital was an advisor to TXU Corp. in the sale of the assets of TXU Fuel to Energy Transfer Partners, L.P. for $502 million.

Dallas natural gas distributor Atmos Energy Corp., agreed to acquire TXU Gas Co. from Dallas utility TXU Corp. for $1.92 billion in cash, creating the largest pure-play U.S. natural gas distributor, with 3.1 million customers in 12 states.

New TXU CEO C. John Wilder said that he was looking to shed TXU Gas as part of the company’s new focus on its core electric utility business. TXU was advised by Black River Capital.

• Advisor on 4th largest M&A deal in Energy Oil & Gas of 2004 as monitored by Thomson.

• Ranked 11th most active M&A advisor in 2004 for Energy, Oil & Gas by Thomson.

• Ranked 9th most active M&A advisor in 2004 for any Asian Involvement, excluding Japan by Thomson.