Midcoast Energy subsidiary Midcoast Canada Operating Corp.bought the Calmar gas treating plant and gathering system inAlberta from Probe Exploration Inc. for C$20 million (US$13.2million). The company has its sights on similar acquisitions in thefuture.
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TransCanada Midstream (TCM), a business unit of TransCanadaPipeLines Ltd., bought Alberta Energy Co.’s (AEC) outstandingshares (49.995%) in PanAlberta Resources Inc. (PARI) for $35million plus about $7 million in assumed debt. PARI owns 50% of theEmpress II straddle plant and holds gas liquids extraction rightswith respect to gas volumes of Pan-Alberta Gas Ltd.
Sid Richardson Gasoline Co. of Forth Worth, TX, bought theWalton and Santa Rosa gas gathering systems of American GatheringLP and American Processing LP, both wholly owned subsidiaries of KNEnergy. The systems are in the Texas counties of Walker, Ward,Crane, and Pecos. The systems are made up of more than 600 miles ofgathering line and more than 30 MMcf/d of processing and treatingcapacity. The acquisition gives Richardson access to producersupplies from Kermit in Winkler County to Fort Stockton in PecosCounty. The assets will be consolidated with Richardson’s existingKeystone processing facility in Winkler County, which has beenowned and operated by Richardson for more than 50 years.
Paul Anderson is leaving the post of president and chiefoperating officer of Duke Energy, a position he assumed when Dukebought PanEnergy, to become managing director and CEO of BrokenHill Pty. Ltd. He will relocate to Australia. Anderson announcedthe move two days after Duke announced it was selling two-thirds ofPanEnergy – the Panhandle Eastern and Trunkline pipelines – to CMSCorp.
Coastal Corp. subsidiary Coastal Oil & Gas bought oil and gasassets of Conoco in the Uintah Basin of northeastern Utah and thePiceance Basin of western Colorado. The properties are in two ofthe most prolific gas basins in the Rocky Mountains. Provedreserves are estimated at 500 Bcfe, about 95% gas.
Leviathan Gas Pipeline Partners subsidiary Flextrend DevelopmentCo. bought a 100% working interest in the Sunday Silence field fromTatham Offshore Development, a wholly-owned subsidiary of DeepTechInternational, which was recently acquired by El Paso Energy. Thefield is contained within four blocks in the Ewing Bank area of theGulf of Mexico in about 1,500 feet of water. Flextrend has begundrilling of a new delineation well, the third to be drilled in thefield. Sunday Silence was discovered in July 1994, and its firstdelineation well was flow tested in September 1994 at a sustainedproduction rate of 8,700 barrels/d of oil and 5.4 MMcf/d of gas.Sunday Silence has received a royalty abatement from the MineralsManagement Service for its first 52.5 million Boe. ElÿPaso Energy,general partner of Leviathan, said the company plans to sell aportion of the field to a development partner as it is not thecompany’s custom to hold a large shares in single E&P ventures.
KN Energy International Inc. bought an interest in IntegratedGas Services of Mexico LLC (Igasamex), a Mexico City-based companythat is involved in helping Mexican industry convert to natural gasfrom alternative fuels – such as diesel, propane or fuel oil -through development of supply and transportation projects. It alsoprovides third-party inspection of pipeline construction, andprovides pipeline management services in Mexico. Terms of theacquisition were not disclosed.
NorAm Interstate Pipelines bought the intrastate Illini Pipelinefrom Houston-based Nuevo Energy Co. Illini Pipeline operates insouth central Illinois, serving customers in the East St. Louismetropolitan area. The line is about 70 miles long and has capacityup to 45,000 MMBtu/d. NorAm will continue to operate Illini as anintrastate system and expects to take over operation of the Illinisystem this summer.
Oneok bought an additional 55% of the Sycamore gathering systemin Carter County, OK, from Continental Natural Gas of Tulsa, OK,giving it 97% of the system. Oneok is operator of the system and amajor producer in the area. “This is a continuation of our strategyof concentrating ownership in areas where we have a growing reservebase to maximize value for our shareholders,” said David Kyle,Oneok COO.
TransCapacity announced the creation of the gas coordinationsystem (GCS), a tool to communicate and coordinate transactionintentions to external parties so gas can be bought, sold andtransported. TransCapacity’s suite of services works as a GCS tocollect and disseminate information a user can import into its gasmanagement system (GMS).