The Australian-owned oil and gas company, Chancellor Group, saysit has signed a letter of intent to acquire from Union PacificResources a half-interest in the Deadwood Field in East Texas for$35 million. The announcement comes on the heels of one made lastFriday by UPR that it had agreed to sell its interests in certainSouth Texas oil and gas properties to Collins & Ware Inc. for$148 million.
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UPR Racking Up Property Sales
The Australian-owned oil and gas company, Chancellor Group, saysit has signed a letter of intent to acquire from Union PacificResources a half-interest in the Deadwood Field in East Texas for$35 million. The announcement comes on the heels of one made lastFriday by UPR that it had agreed to sell its interests in certainSouth Texas oil and gas properties to Collins & Ware Inc. for$148 million.
Key Energy, Dawson Sign Merger
Key Energy Group Inc. announced Tuesday that it has signed adefinitive merger agreement to acquire Dawson Production Servicesfor an estimated $352 million. The terms of the agreement call forKey Energy to purchase 11.5 million outstanding shares of Dawsoncommon stock for a total of $202 million, and to assume Dawson’sexisting debt of $150 million.
Canadian Producers to Acquire Pan-Alberta Gas
Pool marketer Pan-Alberta Gas and a consortium of sevenproducing companies have reached agreement on the terms under whichthe marketing company will be offered for sale to the more than 435Canadian producers in the pool. The announcement of the agreementconfirmed earlier reports that a Canadian coalition was expected towin out over bids from major U.S. marketers.
Evergreen Increases Stake in Raton Basin
Evergreen Resources Inc. last week reached an agreement toacquire Amoco Production’s oil and gas interests in the Raton Basinof Colorado, resolving current litigation matters between the twoproducers.
Marathon Returning to Canada with Tarragon Deal
Marathon Oil plans to return to Canada with its agreement toacquire Tarragon Oil and Gas Ltd. of Calgary for $1.1 billion,including $340 million of assumed debt. Marathon has not held oilor gas properties in Canada since divesting its Canadian holdingsin 1982.
Carolina P&L Looking for Strategic Gas Company Alliance
Carolina Power & Light intends to either acquire a naturalgas supply or marketing company or strike a “strategic alliance”with one in a plan to offer customers “one-stop shopping” for theirmajor energy needs.
Discovery Takes A Third Partner
A U.S. subsidiary of British-Borneo Petroleum Syndicate agreedto acquire 16.67% interest in Discovery Producer Services and itssubsidiary Discovery Gas Transmission. In addition, British-Borneohas the right to increase its ownership to 33.3% over the nextthree years. The transaction is valued at about $83.3 million.
Mitchell to Acquire Texas Properties for $50 Million
Mitchell Energy & Development agreed to pay $50 million foroil and gas producing properties in three separate transactions.
Ohio JV Buying Marbel Energy
FirstEnergy Corp. and Belden & Blake Corp. agreed to createa joint venture called FE Holdings to acquire natural gasproperties. The companies also agreed to buy privately held MarbelEnergy Corp., a fully integrated natural gas company. “The creationof FE Holdings – with access to low-cost, high-quality explorationand production capabilities combined with utility distribution andtransportation facilities – will produce tremendous opportunitiesfor our company, customers and shareholders,” said FirstEnergy CEOWillard R. Holland. “The ability to offer customers bothelectricity and natural gas, as well as a wide range of otherenergy-related products and services, will further enhance ourposition as a strong competitor in the evolving energy industry.”