Calpine Corporation and Encal Energy Ltd. Announce Completion of

  CALGARY, Alberta and SAN JOSE, Calif., April 19 /PRNewswire/ -- Encal 
Energy Ltd. ("Encal") (NYSE: ECA; Toronto: ENL) and Calpine Corporation 
(NYSE: CPN) announced today that the merger of the two companies has been 
completed.  Pursuant to the merger, Calpine Canada Holdings Ltd. issued 
approximately 16.6 million exchangeable shares, with each share being 
exchangeable at the shareholder's option, into shares of Calpine common stock 
on a one-for-one basis.  In addition, Calpine assumed approximately 
US$225 million in existing Encal debt.  The exchangeable shares will commence 
trading on The Toronto Stock Exchange on April 23, 2001 under the symbol CPX. 
With the completion of the transaction, Calpine gains 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 
The transaction increases 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.  With this 
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, the company has 
approximately 31,200 megawatts of base load capacity and 6,800 megawatts of 
peaking capacity in operation, under construction, and in announced 
development in 28 states and Canada. The company 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  
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. 

SOURCE  Calpine Corporation  
-0-                             04/19/2001  
/CONTACT:  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; or 
Rick Barraza, Investor Relations, ext. 1125, or Bill Highlander, Media 
Relations, ext. 1244, both of Calpine Corporation, 408-995-5115/  
/Web site:  
CO:  Calpine Corporation; Encal Energy Ltd.; Calpine Canada Holdings Ltd. 
ST:  California, Alberta 
SU:  TNM  
-0- Apr/19/2001 17:22 GMT
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