Acres

Calgary-based Canoro Resources Ltd. has acquired a working interest in two gas properties and 15,000 additional acres in the Chambers area of western Alberta from Rosetta Exploration Inc. for approximately $1 million. Following this transaction, the company said it sold a portion of its working interest to Aurado Exploration Ltd. Canoro said the properties include two producing gas wells, with an additional zone completion planned. The company’s net interest in the wells is 4% and 3.5% respectively. An independent engineering report indicated that Canoro’s interest in the producing wells will generate average annual cash flow of $200,000. The balance of the purchase price will be paid out of a portion of monthly cash flow from the properties.

‘Tis the season to spend money, and many of North America’s large and small producers are doing just that, dropping bonuses into the envelopes of newly expanded exploration and development programs for the coming year. In recent days, both U.S. and Canadian producers have announced visions of increased energy production next year, with most of the promise in domestic natural gas development.

Anadarko Petroleum Corp., an independent oil and gas company,announced Wednesday it has purchased 7.5 acres in a Houston suburbin order to build a 32-story, 800,000 square foot headquartersbuilding. The company said it needs to move to accommodate itsgrowth needs. Groundbreaking is expected early next year. Anadarkoplans to move in mid-2002.

With bipartisan and Administration support, legislation craftedby the Wyoming Congressional delegation to give coalbed methaneleaseholders and production companies some relief from a recentappellate court decision won rapid and unanimous approval by theSenate Energy Committee last Wednesday. The bill, S.2500, isexpected to be taken up by the full Senate at any time, and thebill’s language also is expected to become part of a manager’samendment to the Interior Department’s appropriations bill, whichmust be approved before the end of the session next month.