M&A Deal Summary

Upstate Energy Acquires Toro Partners

On June 3, 2003, Upstate Energy acquired oil/gas exploration company Toro Partners for 48M USD

Acquisition Highlights

This is Upstate Energy’s 1st transaction in the Oil/Gas Exploration sector.
This is Upstate Energy’s largest (disclosed) transaction.
This is Upstate Energy’s 1st transaction in the United States.
This is Upstate Energy’s 1st transaction in New York.

M&A Deal Summary
Date	2003-06-03
Target	Toro Partners
Sector	Oil/Gas Exploration
Buyer(s)	Upstate Energy
Deal Type	Add-on Acquisition
Deal Value	48M USD
Advisor(s)	Ewing Bemiss & Co. (Financial)

Target

Toro Partners

Williamsville, New York, United States

Toro Partners LP is a provider of pipes landfill gas directly to commercial customers for use as a medium Btu fuel under long-term contracts.

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Buyer(S) 1

Buyer

Upstate Energy

Gardiner, New York, United States

Category	Company
Sector	Energy Services and Equipment

DESCRIPTION

Upstate Energy, Inc. provides energy services.

DEAL STATS	#
Overall	1 of 1
Sector (Oil/Gas Exploration)	1 of 1
Type (Add-on Acquisition)	1 of 1
State (New York)	1 of 1
Country (United States)	1 of 1
Year (2003)	1 of 1
Size (of disclosed)	1 of 1