After it had obtained all of the necessary regulatory approvals, Burlington Resources Inc. said Tuesday that it has received acceptance of its C$53.00 per share cash tender offer to acquire all the common shares of Canadian Hunter Exploration Ltd. by Canadian Hunter’s shareholders. A total of 58.7 million shares of Canadian Hunter common stock were tendered under the offer. The deal represents more than 98% of Canadian Hunter’s shares outstanding. Burlington said it intends to take up the tendered shares immediately. Burlington said it would acquire the remaining shares of Canadian Hunter by compulsory acquisition for C$53.00 per share in cash. “Canadian Hunter’s performance continues to exceed expectations, and the completion of this transaction further establishes Burlington as a significant player in Canada,” said Bobby S. Shackouls, Burlington CEO. “Our combined entities are uniquely positioned for future profitable growth, and we are delighted to welcome Canadian Hunter’s employees to the Burlington Resources family.”

Bidder Communications Inc. (BIDC) said that it has recently signed a contract to sell gas to Prism Gas Systems Inc. of Fort Worth, TX. The company said that with this additional outlet for the natural gas that its pipeline collects from producers in the field, it will be allowed to sell its gas to competing purchasers. The contract is for gas and for the liquids that will be gathered and moved to market. BIDC has engaged River Bend Utilities Contractors LLC to extend the existing pipeline an additional five miles to tie in into Prism’s main trunk line. This work began on Nov. 19. The company reported that approximately 2 1/2 miles of the pipeline have been completed and it anticipates completion of the initial five miles in December. Production leases are being connected to the system at the same time. BIDC said several new producers in the field have contacted the company to contract for the sale of gas from their properties. BIDC has also entered into identification of drilling locations and rework candidates for development. These new projects will be owned and operated by BIDC and will utilize geological consultants and GlobalSat data, an analytical process to select locations for drilling oil/gas wells which was included with the purchase in Sept. 2001.

Forest Oil and Unocal have signed agreements to jointly explore and exploit certain properties in the central Gulf of Mexico in the South Marsh Island and Vermilion areas of the shelf. Unocal has acquired a portion of Forest’s proved reserves, estimated at about 4% of Forest’s proved reserve base and 5% of Forest’s current production. Unocal acquired the interests for adjusted cash proceeds of $118 million. An area of mutual interest (AMI) will exist around the ownership areas. Unocal will operate the jointly owned properties, working with Forest to fully exploit and explore these properties and other leases in the Gulf of Mexico. The exploration work will involve seismic acquisition and processing on many blocks to identify deep structural and sub-salt prospects. In addition, Forest has the option to participate in the drilling of several of Unocal’s exploratory prospects.

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