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
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