Acquiring

One day after 19552 Yukon Inc. (Yukon) announced its interest in acquiring Calgary-based Command Drilling Corp. in a cash offer, Command CEO Robert S. Bruce reported that the company has reviewed what he calls an “inadequate” offer. Yukon, an affiliate of Houston-based Nabors Industries Inc., made an unsolicited cash offer of $3.30 per share to acquire Command on Monday (see Daily GPI, Sept. 18).

Amerada Hess Corp., a major East Coast gasoline retailer, completed its acquisition of Triton Energy Ltd. by acquiring all of the validly tendered shares of the Dallas, TX-based independent producer. Amerada acquired Triton’s stock at $45/share, bringing the total value of the transaction to $3.2 billion. The deal includes the assumption of $500 million of Triton debt.

Calgary-based AltaGas is acquiring a 90% working interest in the 30 MMcf/d Cygnet-Prevo natural gas plant and associated 100-kilometer gathering system located near Red Deer, AB. Current throughput at the plant is 18 MMcf/d, and the facilities will be operated as part of AltaGas’ existing Bonnie Glen complex. With the acquisition and current activities, the midstream independent’s total gross processing capability in the Bonnie Glen area will be 80 MMcf/d. Closing is expected before July 31. According to the company, the Cygnet-Prevo system lies in a successful multi-zone producing region of the Western Canadian Sedimentary Basin. The gathering system encompasses about nine townships (83,915 square hectares), making it “well positioned to capture additional development in this area.”

In a cash deal, Anadarko Petroleum Corp. is acquiring Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. Anadarko will pay C$2.65 a share for the company, making it work about US$137 million, and will add an estimated 70 MMboe of proved reserves and 4,700 b/d of production to its portfolio.

In a $112 million cash transaction, Penn Virginia Corp., headquartered in Radnor, PA, is acquiring Synergy Oil & Gas Inc. of Houston, a privately owned independent. Synergy’s exploration and production is focused along the onshore Texas Gulf Coast and in West Texas, holding about 59.2 Bcfe in total net proved reserves, with 55% in natural gas.

In a $112 million cash transaction, Penn Virginia Corp., headquartered in Radnor, PA, is acquiring Synergy Oil & Gas Inc. of Houston, a privately owned independent. Synergy’s exploration and production is focused along the onshore Texas Gulf Coast and in West Texas, holding about 59.2 Bcfe in total net proved reserves, with 55% in natural gas.

White Plains, NY-based U.S. Energy Systems Inc. on Tuesday reported that it is acquiring Trigen Energy Canada Co., an indirect subsidiary of Trigen Energy Corp., in a transaction totaling $18 million. The acquisition includes two district energy systems, one located in Charlottetown, PE and the other in London, ON. The Charlottetown District Energy System provides heating and other energy services to 102 customer buildings under long-term contracts, including provincial and privately owned buildings in the downtown area. U.S. Energy Systems said that energy is produced at Charlottetown’s renewable biomass and energy- from-waste facilities. The London District Energy System features a combined heat and power plant that provides electricity, heating and cooling. Energy services are provided to 71 customer buildings. Electricity is also sold to the municipal utility, London Hydro. U.S. Energy Systems is an independent producer of power, generated close to the customer. It develops, owns and operates combined heat and power plants and energy plants utilizing renewable fuels in North America.

DTE Energy knocked off more than $400 million from the cost ofacquiring MCN Energy Group last week, according to a revised mergeragreement approved by the boards of both companies.

DTE Energy knocked off more than $400 million from the cost ofacquiring MCN Energy Group yesterday, according to a revised mergeragreement approved by the boards of both companies.