Anadarko Petroleum Corp. has completed its acquisition of Kerr-McGee Corp. (KMG) and awaits final approval for its acquisition of Western Gas Resources Inc. (WGR) later this month. KMG shareholders voted to adopt the merger agreement and will receive $70.50/share in cash for each share of common stock. Anadarko’s $21.1 billion mega-merger agreement with KMG and WGR was approved by the Federal Trade Commission earlier this week (see Daily GPI, Aug. 9). In connection with the transaction, Anadarko anticipates it will guarantee the outstanding publicly held indebtedness of KMG. In connection with the merger, Charles A. Meloy, KMG’s vice president of exploration and production, will become Anadarko’s senior vice president of Gulf of Mexico and international operations. Luke R. Corbett, formerly chairman and CEO of KMG, has been appointed to Anadarko’s board of directors.

Evansville, IN-based independent Imperial Petroleum Inc. has closed the $13.8 million sale of some of its assets to Whittier Energy Co. and Premier Natural Resources LP. Proceeds will be used to pay down the company’s senior debt. Imperial retained approximately $1.8 million of the assets previously included in the sale and anticipates a subsequent closing by the buyers on a portion of those assets. “Our asset sale is the key first step in restructuring the company’s senior debt and positioning it for future growth,” said Imperial President Jeffrey T. Wilson. “With the return of production now from our South Louisiana properties, we can focus our efforts on developing our other assets, including our New Albany shale drilling project in the Illinois Basin.”

©Copyright 2006Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.