Devon Energy Corp. and Canadian-based Northstar Energy Corp.completed their merger, which was announced June 29. Devon isissuing about 16.1 million common equivalent shares to theNorthstar shareholders. In addition, Devon is assuming US$312million in existing Northstar debt. Northstar shareholders arereceiving 0.235 exchangeable shares for each Northstar share. Witha total capitalization of $1.9 billion, the merged company DevonEnergy Corp. is one of the top 15 U.S.-based independent oil andgas producers. The company is balanced with 54% of its provedreserves in the United States and 46% in Canada and has totalproved reserves of about 300 million Boe.
Alberta Energy Company (AEC) announced plans to expand thestorage capacity managed by its AECO-C storage hub in Alberta by 10Bcf through a conversion of a depleted field at Peace River Arch innorthwestern Alberta to a commercial storage facility. Thedevelopment will add 100 MMcf/d of injection and withdrawalcapability and has the potential for a further expansion, AEC said.The new facility also will be connected to Nova and the proposedAlliance Pipeline.
©Copyright 1998 Intelligence Press, Inc. All rightsreserved. The preceding news report may not be republished orredistributed in whole or in part without prior written consent ofIntelligence Press, Inc.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 2577-9877 | ISSN © 1532-1266 |