Canadian Natural Resources Ltd. said it is in the hunt to acquire some of Murphy Oil Corp.’s Canadian natural gas assets, which are estimated to be worth C$260 million ($193 million).

Earlier this month, Pengrowth Energy Trust agreed to buy Murphy’s remaining Western Canadian Sedimentary Basin (WCSB) assets for C$550 million (see Daily GPI, April 12).

Murphy’s remaining Canadian assets are a diverse group of assets within the basin, including interests in the west central and Peace River Arch areas (including McLeod, Deep Basin and Peace River Arch interests); southern Alberta (including interests in Countess, Princess and Twining/Three Hills); and heavy oil interests (including properties in Lindbergh, Tangleflags and Lloydminster areas).

Canadian Natural said the assets it wants to purchase produce about 40 MMcf/d. The transaction would increase its 2004 oil and gas production about 2%, according to the company. However, some of the properties are subject to rights of first refusal, which means the outcome of the bid is uncertain.

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