Encal Energy Ltd. Receives Shareholder and Court Approval to Complete Calpine Merger

Apr 18, 2001, 01:00 ET from Calpine Corporation

    CALGARY, Alberta, and SAN JOSE, Calif., April 18 /PRNewswire/ --
 Encal Energy Ltd. ("Encal") (NYSE:   ECA; Toronto: ENL) and Calpine Corporation
 (NYSE:   CPN) announced today that the proposed merger with Calpine Corporation
 was approved earlier today at a special meeting of shareholders and
 optionholders.  The shareholders and optionholders voted 99.95% in favor of
 the resolution approving the entering into of the Plan of Arrangement to
 effect the business combination with Calpine Corporation.  The proposed merger
 was also approved today by the Court of Queen's Bench of Alberta.  Encal and
 Calpine expect to consummate the merger on April 19, 2001.
     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
    CALGARY, Alberta, and SAN JOSE, Calif., April 18 /PRNewswire/ --
 Encal Energy Ltd. ("Encal") (NYSE:   ECA; Toronto: ENL) and Calpine Corporation
 (NYSE:   CPN) announced today that the proposed merger with Calpine Corporation
 was approved earlier today at a special meeting of shareholders and
 optionholders.  The shareholders and optionholders voted 99.95% in favor of
 the resolution approving the entering into of the Plan of Arrangement to
 effect the business combination with Calpine Corporation.  The proposed merger
 was also approved today by the Court of Queen's Bench of Alberta.  Encal and
 Calpine expect to consummate the merger on April 19, 2001.
     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