Oil Securities found a new customer for its gas.
Bert I. Nesbitt, president of the Los Angeles-based natural gas producer, said the company signed a $2.5-million contract with a Fortune 500 company, which he declined to identify, to supply up to 1.5 million cubic feet of gas a day. Nesbitt said Oil Securities intends to stop supplying gas to PG&E; because the San Francisco-based utility has cut the price it is willing to pay producers to as low as $2.75 per thousand cubic feet from $3.75. Nesbitt said the new customer will pay $5.15 per thousand cubic feet of gas.
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