Canadian Superior Energy Inc. shareholders voted to approve the acquisition of Challenger Energy Corp. and voted in favor of a new board of directors, which now includes Kerry R. Brittain, Marvin M. Chronister, James Funk, William Roach, Gregory G. Turnbull and Richard Watkins. All other annual meeting resolutions also were approved by shareholders, the Calgary-based producer said. Canadian Superior, which restructured after filing for bankruptcy in April, said in June it would acquire Challenger in a friendly transaction worth an estimated C$78 million, including debt (see Daily GPI, June 22). The combined company would produce an estimated 3,050 boe/d, 85% weighted to natural gas. Besides undeveloped assets in Alberta and British Columbia, the company would hold diversified assets in Trinidad and Tobago and North Africa.

Houston-based Magnum Hunter Resources Corp. agreed to acquire cross-town producer Sharon Resources Inc., a subsidiary of Calgary-based Sharon Energy Ltd., in a stock trade worth an estimated $2.35 million. Magnum agreed to pay for the company with 2.294 million shares of its restricted common stock, which represents about 5.6% of the company as of Aug. 1. Closing is expected by the end of September. Sharon Resources has focused its exploration in Texas, where it has about 6,400 net acres in the emerging Eagle Ford Shale, as well as acreage in the Austin Chalk and Northwest Speaks areas. Under Magnum Hunter’s direction, Sharon Resources would continue to acquire acreage in the Eagle Ford play. Based on an analysis completed in June, Sharon Resources had estimated total proved reserves of 2.9 Bcfe, which is 30% proved developed and 85% weighted to natural gas. Sharon Resources’ current output is 288 Mcfe/d, 95% weighted to gas.

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