Ranger Oil Ltd.’s board of directors has announced that afteralmost three months of unacceptable bids, it is ready to make arecommendation to its shareholders to sell all of its outstandingshares to another Calgary-based producer. Canadian NaturalResources Ltd. made an offer that Ranger’s board of directors couldnot refuse.
Articles from Bids
The Canada-Nova Scotia Offshore Petroleum Board announcedwinning bids on eleven parcels (about three million acres) in theNova Scotia offshore area last week. PanCanadian was the majorwinner with a position in six of the eleven parcels. PanCanadianmore than doubled its net land holdings. Its six parcels cover morethan 1.7 million gross acres. In total, PanCanadian holds interestson more than four million gross acres across both the shelf anddeep waters offshore Nova Scotia. “We see offshore Nova Scotia asone of the most promising exploration regions in North America.”With the additions “we have clearly established a core explorationarea for PanCanadian,” said PanCanadian CEO David Tuer. In the landsale, conducted by the Canada Nova Scotia Offshore Petroleum Board,PanCanadian and its partners pledged to spend more than $48 millionon exploration over the next five years. Other winning biddersinclude Canadian 88 Energy Corp., Murphy Oil, Petro-Canada andRichland Minerals.
Just as McDonald’s ambition when it first started out was toserve one million customers, Eastern Enterprises – which last weekannounced plans to acquire its third gas distribution company inless than a year – says its immediate goal is to serve one millionnatural gas customers in New England.
Just as McDonald’s ambition when it first started out was toserve one million customers, Eastern Enterprises-which yesterdayannounced plans to acquire its third gas distribution company inless than a year-says its immediate goal is to serve one millionnatural gas customers in New England.
Mexico’s energy regulatory commission (CRE) has defined a newgas distribution geographic zone and put out a call for bids fordevelopment of a distribution system expected to cost about $35million. The system will serve the region of North Bajio includingmunicipalities Aguascalientes-Jesus Maria-San Francisco de losRomo, Aguascalientes; San Luis Potosi-Soledad de Graciano Sanchez,San Luis Potosi; and Zacatecas-Guadalupe, Fresnillo, Calera andMorelos, Zacatecas.
Grass Roots Energy Company, a buyer’s agent for 34,000residential gas customers in Georgia, decided to delay signing witha marketer amid the frantic atmosphere of the state’s first attemptat deregulation. The first signing period ended earlier this week,and the 16,000 Atlanta Gas Light (AGL) customers who did switch tonew marketers will have new service starting Nov. 1, 1998. (SeeDaily GPI, Oct. 28)
Boston Edison issued a request for proposals (RFP) seeking bidsfor about 2,000 MW of electricity to replace power now supplied bySithe Energies from plants Sithe recently bought from BostonEdison. The short-term power purchase agreement with Sithe expiresNov. 30. The power purchased through this competitive biddingprocess, combined with power from the Pilgrim nuclear plant andother power supply contracts, will be used to meet Edison’s needsDec. 1 through May 31, 1999. Proposals must be submitted by Aug. 3.