Encal Energy Ltd. and Calpine CorporationAnnounce Share Exchange

 Ratio   For Merger     CALGARY, Alberta and SAN JOSE, Calif., April 16 /CNW/ --  Encal Energy Ltd. (NYSE: ECA; Toronto: ENL) ("Encal") and Calpine Corporation  (NYSE: CPN) announced today that the share exchange ratio for the companies'  proposed merger has been calculated as 0.1493 exchangeable shares of Calpine  Canada Holdings Ltd. for each existing Encal common share.  This exchange  ratio is based on the weighted average trading price of Calpine common stock  for the measurement period of ten consecutive trading days ending on the third  trading day before the Encal special meeting scheduled for April 18, 2001 and  the average currency exchange rate from U.S. dollars to Canadian dollars for  such ten day period.  Based on the Encal special meeting scheduled for  April 18, 2001, the measurement period ended April 12, 2001.  The weighted  average trading price of Calpine common stock was US$51.2635 and the average  currency exchange rate was C$1.5683 for each U.S. dollar for this measurement  period.  In total, Calpine expects to issue approximately 16.6 million shares  in connection with the merger.   The exchangeable shares will be traded on The Toronto Stock Exchange.  The  shares will be exchangeable, at each shareholder's option, into shares of  Calpine common stock on a one-for-one basis.  The exchangeable shares will  have economic and voting rights equivalent to shares of Calpine common stock.   The merger of Encal and Calpine was announced on February 8, 2001.  The  merger is subject to the approval of the shareholders and optionholders of  Encal, approval by the Court of Queen's Bench of Alberta as well as the  fulfillment of certain other terms and conditions, including regulatory  approvals.  The Encal special meeting of shareholders and optionholders to  vote upon the merger is scheduled for April 18, 2001 and the closing of the  transaction is scheduled for April 19, 2001.   Encal Energy Ltd. is a Calgary-based public oil and gas company with core  operations in northeastern British Columbia and west central Alberta.  Encal  focuses on growth through drilling, primarily directed toward natural gas  targets.  For more information about Encal, visit our website at  www.encal.com.   Upon completion of the transaction, Calpine will gain approximately  1.0 trillion cubic feet equivalent of proved and probable natural gas  reserves, net of royalties.  The transaction also provides access to firm  natural gas transportation capacity from western Canada to California and the  eastern United States, and an accomplished management team capable, together  with Calpine's existing management team, of leading Calpine's business  expansion in Canada.   The transaction will increase Calpine's net production to approximately  390 million cubic feet natural gas equivalent per day in North America.  Daily  natural gas production under the combined companies' control will be  sufficient to fuel approximately 2,300 megawatts of generation.  Upon  completion of the transaction, Calpine's proved and probable reserves will be  approximately 1.7 trillion cubic feet of natural gas equivalent, net of  royalties.   Based in San Jose, Calif., Calpine Corporation is dedicated to providing  customers with reliable and competitively priced electricity.  Calpine is  focused on clean, efficient, natural gas-fired generation and is the world's  largest producer of renewable geothermal energy.  Calpine has launched the  largest power development program in North America.  To date, Calpine has  approximately 31,200 megawatts of base load capacity and 6,500 megawatts of  peaking capacity in operation, under construction and in announced development  in 28 states and Canada.  Calpine was founded in 1984 and is publicly traded  on the New York Stock Exchange under the symbol CPN.  For more information  about Calpine, visit its website at www.calpine.com.   The matters discussed in this news release may be considered  "forward-looking" statements within the meaning of Section 27A of the  Securities and Exchange Act of 1993, as amended, and Section 21E of the  Securities Exchange Act of 1934, as amended.  Such statements include  declarations regarding the intent, belief or current expectations of Encal and  Calpine and their management.  Prospective investors are cautioned that any  such forward-looking statements are not guarantees of future performance and  involve a number of risks and uncertainties and actual results could differ  materially from those indicated by such forward-looking statements.  Among the  important factors that could cause results to differ materially from those  indicated by such forward-looking statements are (i) that the information is  of a preliminary nature and may be subject to further adjustments, (ii) risks  associated with mergers including the ability to integrate Encal and Calpine  operations, (iii) changes in government regulation, (iv) general operating  risks, (v) the dependence on third parties, including Encal shareholders,  (vi) the dependence on senior management, (vii) the successful exploitation of  an oil or gas resource that ultimately depends upon the geology of the  resource, the total amount and cost to develop recoverable reserves, and  operational factors relating to the extraction of natural gas, and  (viii) other risks identified from time to time in Encal's Annual Report and  Annual Information Form filed with the Canadian regulatory authorities and  Calpine's reports and registration statements filed with the Securities and  Exchange Commission.           /Web site:  http://www.encal.com/      /Web site:  http://www.calpine.com/        /For further information:  David D. Johnson, President and Chief  Executive Officer, or  Steven A. Allaire, Vice President Finance and Chief  Financial Officer, both of  Encal Energy Ltd., 403-750-3300, or fax  403-266-2337, or invrel(at)encal.com; or  investors, Rick Barraza, ext. 1125,  or media, Bill Highlander, ext. 1244, both  of Calpine Corporation,  408-995-5115/   (CPN ECA ENL.)   CO:  Calpine Corporation; Encal Energy Ltd.  ST:  Alberta, California  IN:  OIL UTI  SU:  TNM     -30-  
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