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Industry Briefs

Industry Briefs

Southern Mineral Corp. of Houston sold its interests in the Brushy Creek Field in Lavaca and Dewitt counties of Texas to ANR Production Co. for $15.2 million. Closing on the Texan Gardens field has been extended for up to 30 days. The company earmarked most of the proceeds for cutting bank debt. Southern Mineral is an oil and gas acquisition, exploration and production company that owns interests in oil and gas properties along the Texas Gulf Coast, Canada and Ecuador. The company's principal assets include interests in the Big Escambia Creek field in Alabama and the Pine Creek field in Alberta, Canada. The company is listed on the Nasdaq National Market under the symbol SMIN.

Pioneer Natural Resources Co. of Dallas closed a $62.3 million sale of South Texas gas properties to CNG Producing Co. Proceeds will retire bank debt. Pioneer also agreed to sell a West Texas property for $35 million to EnerQuest Oil & Gas of Midland, TX. The property is the last waterflood field operated by Pioneer. Selling the higher-cost field cuts Pioneer's operating costs. The transaction is scheduled to close by the end of the third quarter with a Jan. 1, 1999 effective date. Pioneer announced the property sales in June. (See Daily GPI June 17, 1999). Pioneer property divestitures in Canada are progressing as expected, and the company expects to close the last of several Canadian deals this month. Pioneer has major operations in the United States, Canada and Argentina.

TransCanada PipeLines Ltd. has agreed to sell subsidiary ANGUS Chemical Co. to Dow Chemical for an undisclosed sum. "Although ANGUS Chemical is an excellent asset, it does not fit with our strategic direction," said TransCanada CEO Doug Baldwin. Headquartered in Buffalo Grove, IL, ANGUS specializes in manufacturing and marketing nitroparaffins and their derivatives. The sale is part of a reorganization that is expected to also include the sale of TransCanada's Gulf Coast midstream facilities and its U.S. petroleum and products marketing and trading businesses.

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