<SUBMISSION>
<ACCESSION-NUMBER>0000891618-05-000460
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050628
<ITEMS>2.05
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20050705
<DATE-OF-FILING-DATE-CHANGE>20050705
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CALPINE CORP
<CIK>0000916457
<ASSIGNED-SIC>4911
<IRS-NUMBER>770212977
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>05937732
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 WEST SAN FERNANDO ST
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
<PHONE>4089955115
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 W SAN FERNANDO
<STREET2>SUITE 500
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f10466e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>



<P align="center" style="font-size: 10pt"><B>CURRENT REPORT</B><BR>
Pursuant to Section&nbsp;13 or 15(d) of<BR>
the Securities Exchange Act of 1934



<P align="center" style="font-size: 10pt">Date of Report (Date of earliest event reported): <B>June&nbsp;28, 2005</B>


<P align="center" style="font-size: 24pt"><B>CALPINE CORPORATION</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>



<P align="center" style="font-size: 10pt"><B>Delaware</B><BR>
(State of Other Jurisdiction of Incorporation)



<P align="center" style="font-size: 10pt"><I>Commission file number: 001-12079</I>



<P align="center" style="font-size: 10pt"><B>I.R.S. Employer Identification No.&nbsp;77-0212977</B>



<P align="center" style="font-size: 10pt"><B>50 West San Fernando Street<BR>
San Jose, California 95113<BR>
Telephone: (408)&nbsp;995-5115</B><BR>
(Address of principal executive offices and telephone number)

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):


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    <TD width="1%" nowrap align="right"><FONT face="wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17
CFR 230.425)</TD>
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    <TD colspan="5">&nbsp;</TD>
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    <TD width="1%" nowrap align="right"><FONT face="wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT face="wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT face="wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>




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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<TR><TD></TD><TD colspan="8"><A HREF="#000">ITEM 2.05 &#151; COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 8.01 &#151; OTHER EVENTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 9.01 &#151; FINANCIAL STATEMENTS AND EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="f10466exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
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<!-- link2 "ITEM 2.05 &#151; COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES" -->
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<P align="left" style="font-size: 10pt"><B>ITEM 2.05 &#151; COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On June&nbsp;28, 2005, we agreed to sell all of our domestic oil and gas exploration and production
assets for $1.05&nbsp;billion, less transaction fees and expenses. We incorporate by
reference in this Item&nbsp;2.05 our disclosure in the press release
filed herewith as Exhibit&nbsp;99.1. In connection with the sale
we estimate that we will incur approximately $58&nbsp;million of various transaction fees and expenses including
investment banking, lending, legal, tax consulting and accounting costs. All of the transaction fees and expenses will
be paid in cash. The transaction fees will be paid from the proceeds of the sale.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The expected closing date of the sale is July&nbsp;7, 2005, subject to satisfaction of certain
conditions, including the execution of definitive documentation.


<!-- link2 "ITEM 8.01 &#151; OTHER EVENTS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 8.01 &#151; OTHER EVENTS</B>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">On
June&nbsp;29, 2005, the Registrant issued the press release attached
hereto as Exhibit&nbsp;99.1.


<!-- link2 "ITEM 9.01 &#151; FINANCIAL STATEMENTS AND EXHIBITS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 9.01 &#151; FINANCIAL STATEMENTS AND EXHIBITS</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(a)&nbsp;Financial Statements of Businesses Acquired.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Not Applicable


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(b)&nbsp;Pro Forma Financial Information.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Not Applicable


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(c)&nbsp;Exhibits.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">99.1 Press Release dated June&nbsp;29, 2005.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.


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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CALPINE CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Charles B. Clark, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Charles B. Clark, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President, Controller and
Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Date: July&nbsp;5, 2005




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit</B></TD>
</TR>

<!-- End Table Head -->
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<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated June&nbsp;29, 2005.</TD>
</TR>
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<DESCRIPTION>EXHIBIT 99.1
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.1</B>



<P align="left" style="font-size: 10pt"><B>NEWS RELEASE</B>



<P align="right" style="font-size: 10pt"><B>CONTACTS</B>: 408-995-5115<BR>
Media Relations: Katherine Potter, Ext. 1168<BR>
Investor Relations: Karen Bunton, Ext. 1121



<P align="center" style="font-size: 10pt"><B>Calpine Agrees to Sell Its Oil and Gas Properties For $1.05 Billion</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SAN JOSE, Calif.) /PR Newswire-First Call/June&nbsp;29, 2005 &#151; Calpine Corporation &#091;NYSE:
CPN&#093; announced today that it has agreed to sell all of its domestic oil and gas exploration and
production assets for $1.05&nbsp;billion, less transaction fees and expenses. The sale is scheduled to
close on July&nbsp;7, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosetta Resources, Inc. (Rosetta), a newly formed indirect, wholly owned subsidiary of
Calpine, has agreed to issue 45,312,500 of its common shares for $725&nbsp;million. At closing, Rosetta
will use the net proceeds from that transaction, together with $325&nbsp;million of proceeds from a new
credit facility, to purchase all of Calpine&#146;s domestic oil and gas exploration and production
assets. As of May&nbsp;1, 2005, Calpine&#146;s proved oil and gas reserves totaled approximately 383&nbsp;billion
cubic feet equivalent. Following this transaction, which is subject to customary closing
conditions, Calpine will no longer own any interest in Rosetta.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rosetta common shares have been offered in a private placement under Rule&nbsp;144A, have not
been registered under the Securities Act of 1933, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration requirements. This news
release is issued pursuant to Rule&nbsp;135c under the
Securities Act and shall not constitute an offer to sell or the solicitation of an offer to
buy. Securities laws applicable to private placements under Rule&nbsp;144A limit the extent of
information that can be provided at this time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A major power company, Calpine Corporation supplies customers and communities with electricity
from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states, three Canadian provinces and the United
Kingdom. Calpine was founded in 1984. It is included in the S&#038;P 500 Index and is publicly traded
on the New York Stock Exchange under the symbol CPN. For more information, visit <U>www.calpine.com</U>.



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