Houston-based Ultra Petroleum Corp. is exiting the international arena to focus its “full attention” on its legacy asset in the Pinedale Anticline field, CEO Michael D. Watford said. Ultra agreed to sell Sino-American Energy Co., which represents all of its interests in Bohai Bay, China, to SPC E&P (China) Pte Ltd. for $223 million. The reserve volumes sold represent all of Ultra’s international assets and comprise about 1% of its year-end 2006 proved reserves. The sale is expected to close in 4Q2007. Even with the sale of the international assets, Watford said Ultra still expects to deliver more than 20% organic production growth in 2008 and 2009.
Altamont Oil & Gas Inc. and Numbers Inc. agreed to sell a 50% working stake in 18 producing wells in the Williams Gas Field in Pondera County, MT, to junior explorer Majestic Oil & Gas Inc. for $676,840. The agreement also includes 13,400 acres of proven undeveloped natural gas reserves in the gas field. Majestic will pay Altamont and Numbers $500,000 cash and $176,840 in stock valued at 50 cents/share. Proceeds will be shared equally by Altamont and Numbers.
Chevron Corp. has announced a $15 billion share-buyback plan, and acquisitions under the program will be made “from time to time” and “may be discontinued at any time.” The $15 billion makes up about 7% of Chevron’s market capitalization, and it follows three separate $5 billion share repurchases completed by the company since 2005. CEO Dave O’Reilly said, “We believe it is appropriate to continue to return cash to our stockholders through share repurchases.”
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