Southern Mineral Corp. of Houston sold its interests in theBrushy Creek Field in Lavaca and Dewitt counties of Texas to ANRProduction Co. for $15.2 million. Closing on the Texan Gardensfield has been extended for up to 30 days. The company earmarkedmost of the proceeds for cutting bank debt. Southern Mineral is anoil and gas acquisition, exploration and production company thatowns interests in oil and gas properties along the Texas GulfCoast, Canada and Ecuador. The company’s principal assets includeinterests in the Big Escambia Creek field in Alabama and the PineCreek field in Alberta, Canada. The company is listed on the NasdaqNational Market under the symbol SMIN.

Pioneer Natural Resources Co. of Dallas closed a $62.3 million saleof South Texas gas properties to CNG Producing Co. Proceeds willretire bank debt. Pioneer also agreed to sell a West Texas propertyfor $35 million to EnerQuest Oil & Gas of Midland, TX. Theproperty is the last waterflood field operated by Pioneer. Sellingthe higher-cost field cuts Pioneer’s operating costs. The transactionis scheduled to close by the end of the third quarter with a Jan. 1,1999 effective date. Pioneer announced the property sales inJune. (See Daily GPI June 17,1999). Pioneer property divestitures in Canada are progressing asexpected, and the company expects to close the last of severalCanadian deals this month. Pioneer has major operations in the UnitedStates, Canada and Argentina.

TransCanada PipeLines Ltd. has agreed to sell subsidiary ANGUSChemical Co. to Dow Chemical for an undisclosed sum. “AlthoughANGUS Chemical is an excellent asset, it does not fit with ourstrategic direction,” said TransCanada CEO Doug Baldwin.Headquartered in Buffalo Grove, IL, ANGUS specializes inmanufacturing and marketing nitroparaffins and their derivatives.The sale is part of a reorganization that is expected to alsoinclude the sale of TransCanada’s Gulf Coast midstream facilitiesand its U.S. petroleum and products marketing and tradingbusinesses.

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