Boards

Transocean Inc. and GlobalSantaFe announced Monday that their boards of directors approved a cash-and-stock deal valued at roughly $50 billion, as of close of business Friday, to combine the two leading offshore oil and natural gas drilling contractors.

New Orleans-based independent producer Energy Partners Ltd. successfully outbid Plains Exploration for the purchase of Lafayette, LA-based Stone Energy Corp. The boards of EPL and Stone approved the $2.2 billion purchase Thursday, forming a larger Gulf and Rockies E&P player with about 167 million boe in reserves (52% gas) and expected 2006 production totaling about 24 million boe.

Against the backdrop of apparent voter confusion, strong opposition from various state newspaper editorial boards and a thumbs down from all five members of the California Public Utilities Commission (CPUC), Proposition 80, California’s retail electricity reregulation ballot initiative, was rejected by California voters last Tuesday. The rejection was part of a broader avalanche of opposition at the ballot box to a number of initiatives up for consideration this year in the state.

The boards of Royal Dutch/Shell Group’s parent companies met Friday to consider if any further actions should be taken following the 20% reserves reduction taken in January. A report by the company’s audit committee apparently puts the blame for the oil and gas reserves revisions on former Chairman Sir Philip Watts and Walter van de Vijver, the former exploration and production (E&P) chief.

The Boards of Directors of the North Texas Oil and GasAssociation (NTOGA) and the West Central Texas Oil and GasAssociation (WeCTOGA) have approved a plan to merge the twoorganizations, which when completed, would become the largestmembership association of any state oil and gas group in thecountry. Both were organized in the early 1930s to representindependent oil and gas companies that primarily explore for andproduce crude oil and natural gas.

The Boards of Directors of the North Texas Oil and GasAssociation (NTOGA) and the West Central Texas Oil and GasAssociation (WeCTOGA) have approved a plan to merge the twoorganizations, which when completed, would become the largestmembership association of any state oil and gas group in thecountry. Both were organized in the early 1930s to representindependent oil and gas companies that primarily explore for andproduce crude oil and natural gas.

The boards of directors of CalEnergy Co. Inc. and MidAmericanEnergy Holdings Co. announced yesterday that they have signed adefinitive merger agreement. Under the deal, Omaha, NE-basedCalEnergy has agreed to acquire neighboring MidAmerican Energy for$4 billion in a stock transaction.

Union Pacific Resources Group (UPR) closed on its acquisition ofNorcen Energy Resources. The companies’ boards approved the dealJan. 26. UPR initiated a tender offer for the 51.5% of Norcen’s stock not owned or controlled by Noranda Inc., a shareholder of49.5% Norcen common stock.