Anadarko Petroleum Corp. has completed its acquisition ofCalgary-based Berkley Petroleum Corp. after purchasing 100% of thecompany’s shares for C$1.2 billion. Anadarko, based in Houston,paid about C$11.40 per share and assumed about C$400 million ofBerkley’s debt in the deal.

The acquisition was made by Anadarko Canada Acquisition Corp.,an indirect subsidiary of Anadarko. Berkley’s business unit will becombined with Anadarko’s and will continue as Anadarko CanadaEnergy Ltd.

Anadarko CEO Robert J. Allison Jr. said the company was “takingsteps” to retain most of Berkley’s employees, and that he wanted tomaintain “an accelerated growth pace for our Canadian operation.”He said that a “revised capital program for all our Canadian assetswill be announced shortly,” along with an update of Anadarko’sentire Canadian operations.

Anadarko played white knight to Berkley in early February,announcing it had signed an agreement to purchase the company andthus prevent a hostile takeover by Dallas-based Hunt Oil Co. (seeDaily GPI, Feb. 13). Anadarko’s bid exceeded Hunt’s by about 10%,and was unanimously approved by the Canadian company’s board.

Berkley’s exploration and production focuses on propertiessituated near existing Anadarko properties in the Western CanadianSedimentary Basin in Alberta, northeastern British Columbia, theNorthwest Territories and southeastern Saskatchewan. It also hasholdings in California. Anadarko estimates that Berkley holds 95 MMboe of net proved reserves (after royalties), of which 70% isnatural gas. Current average daily net production is 10,900 bbl and116 MMcf of natural gas (14,500 bbl and 155 MMcf/d on a workinginterest basis). Berkley has 140 employees.

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