In its largest deal ever, Houston-based Apache Corp. has acquired a $1.3 billion package of legacy oil and gas-producing assets from BP, with 61 producing fields in the Gulf of Mexico (GOM) and two in the North Sea. The acquisition adds an estimated 29% to Apache’s 2002 production base, and 14% to its year-end 2002 assets on a pro-forma basis.
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Industry Brief
The Oil & Gas Asset Clearinghouse will hold its next Hybrid Live Floor/Internet Auction, offering 1,525 quality oil and gas properties combined into 253 lots, at the George R. Brown Convention Center in Houston on Jan. 30. For the third consecutive year, the clearinghouse has been selected to hold an auction in conjunction with the North American Prospect Expo (NAPE). Properties in the auction are located in 15 states. Sellers include BP, 3-TEC Energy, PITCO, Redstone Energy, Bass Enterprises, Permian Basin Acquisition Fund, Delta Petroleum, Yuma, Casillas Petroleum and many others. Some of the more notable properties being offered include Red River Production’s Ladder Creek Field in Cheyenne County, CO; Southwestern Energy’s Wattenberg Field in Weld County, CO; Harris Oil & Gas’ Victory Field in Haskell and Morton Counties, KS; and Bass Enterprises’ Leleux Field in Acadia Parish, LA. The properties can be previewed online through Data Room Explorer hosted on the Petroleum Place web site (www.petroleumplace.com). Data rooms, including complete seller files for most of the notable properties, are open through Jan. 27. Call the clearinghouse at (281) 873-4600 to schedule a data room appointment. A pre-sale conference will be held Jan. 29 at the convention center from 8 to 5 p.m. All seller files will be available for review at that time.
Mirant Boosts Liquidity, Closes $300M Chinese Asset Interest Sale
Mirant’s liquidity position heading into 2003 was significantly strengthened after the Atlanta-based company on Tuesday said that it has completed the sale of the company’s 33% economic interest in the Shajiao C power plant in China to China Resources Power Holding Co. Ltd. for $300 million.
Dynegy to Discuss Latest Financials, Asset Sales Tuesday
Dynegy Inc. hopes to redeem itself with a conference call Tuesday to discuss its latest Securities and Exchange Commission filings, which include Form 10-Q on third quarter earnings, as well as Form 8-K, an unaudited restatement of financials from January 1999 through December 2001.
Dynegy Rumored to be Close on Sale of UK Storage Facility
Dynegy Inc. is close to selling the largest natural gas storage asset in Europe, its undersea storage facility Rough, which is located off the northeastern coast of Great Britain, according to Reuters sources. Dynegy, then set to blaze a trail through Europe, paid more than $600 million for Rough and a large package of storage and pipeline assets from UK-based BG Group plc last year (see Daily GPI, Nov. 29, 2001).
September Oil & Gas Property Auction Grabs $20 Million
The Oil & Gas Asset Clearinghouse said last week that its Sept.18 Hybrid auction in Houston sold over $20 million in oil and natural gas properties. The Petroleum Place subsidiary said it offered over 196 lots at this Selective Offering(TM), including many higher-valued, more notable properties.
September Oil & Gas Property Auction Grabs $20 Million
The Oil & Gas Asset Clearinghouse said Thursday that its Sept.18 Hybrid auction in Houston sold over $20 million in oil and natural gas properties. The Petroleum Place subsidiary said it offered over 196 lots at this Selective Offering(TM), including many higher-valued, more notable properties.
Bankrupt Coho Energy Completes Asset Sales
Coho Energy Inc. has completed the sale of all of its oil and gas properties for an aggregate sales price of approximately $222 million in cash. The company sold its properties in two separate transactions to Citation Oil & Gas Corp. and Denbury Resources Inc.
Bankrupt Coho Energy Completes Asset Sales
Coho Energy Inc. announced Friday that it has completed the sale of all of its oil and gas properties for an aggregate sales price of approximately $222 million in cash. The company sold its properties in two separate transactions to Citation Oil & Gas Corp. and Denbury Resources Inc.
Rocky Mountain Energy Closes Second Asset Acquisition in As Many Months
Houston-based Rocky Mountain Energy Corp. said Friday it has closed on the acquisition of the 8,000-acre Ten Mile and Desert Spring Fields located in Sweetwater County, WY. The company said there are five current wells producing 1,000 Mcf/d of natural gas and 67 bbl/d of oil.