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
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