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Briefs

Briefs

Devon Energy Corp. and Canadian-based Northstar Energy Corp. completed their merger, which was announced June 29. Devon is issuing about 16.1 million common equivalent shares to the Northstar shareholders. In addition, Devon is assuming US$312 million in existing Northstar debt. Northstar shareholders are receiving 0.235 exchangeable shares for each Northstar share. With a total capitalization of $1.9 billion, the merged company Devon Energy Corp. is one of the top 15 U.S.-based independent oil and gas producers. The company is balanced with 54% of its proved reserves in the United States and 46% in Canada and has total proved reserves of about 300 million Boe.

Alberta Energy Company (AEC) announced plans to expand the storage capacity managed by its AECO-C storage hub in Alberta by 10 Bcf through a conversion of a depleted field at Peace River Arch in northwestern Alberta to a commercial storage facility. The development will add 100 MMcf/d of injection and withdrawal capability and has the potential for a further expansion, AEC said. The new facility also will be connected to Nova and the proposed Alliance Pipeline.

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