Calgary

One day after 19552 Yukon Inc. (Yukon) announced its interest in acquiring Calgary-based Command Drilling Corp. in a cash offer, Command CEO Robert S. Bruce reported that the company has reviewed what he calls an “inadequate” offer. Yukon, an affiliate of Houston-based Nabors Industries Inc., made an unsolicited cash offer of $3.30 per share to acquire Command on Monday (see Daily GPI, Sept. 18).

Calgary-based Enbridge has launched a new company, Enbridge Atlantic Energy Services Inc., to sell natural gas commodity contracts to customers in New Brunswick. The company said last week that consumers who are considering the switch to natural gas for their heating needs now have more choices when purchasing their gas supply.

Calgary-based Enbridge Inc. reported on Wednesday that it has launched a new company, Enbridge Atlantic Energy Services Inc., to sell natural gas commodity contracts to customers in New Brunswick. The company said that consumers who are considering the switch to natural gas for their heating needs now have more choices when purchasing their gas supply.

PanCanadian Petroleum Ltd. completed its C$65 million (US$43 million) acquisition of Causeway Energy Corp., which is now a subsidiary of the Calgary-based producer. The acquisition, which includes the assumption of C$4 million of Causeway debt, includes properties in northern Montana and southern Saskatchewan, including 210,000 net acres of undeveloped land. The acquisition adds 8.5 MMcf/d of production to PanCanadian’s production levels and adds 80 Bcf of proven and one-half probable reserves. A 100% interest in the cross-border Chinook Pipeline is also included in the deal. As part of the transaction, Causeway sold its Medicine Lodge assets and its Palau concession to Bushmills Energy Corp., a Causeway subsidiary. Under the merger agreement, Causeway shareholders will receive C$2.58 in cash for each share and one-fifth of a common share of Bushmills. Causeway’s officers, directors and other shareholders hold 44% of the outstanding shares of stock on a fully diluted basis.

PanCanadian Petroleum Ltd. has completed its C$65 million (US$43 million) acquisition of Causeway Energy Corp., which has now become a subsidiary of the Calgary-based producer. The acquisition, which includes the assumption of C$4 million of Causeway debt, includes properties in northern Montana and southern Saskatchewan, including 210,000 net acres of undeveloped land. The deal was first announced in June (see Daily GPI, June 18).

Calgary-based Energy Exploration Technologies (NXT) said on Friday that it has acquired an interest in over 3,300 additional acres covering its Antelope Tail prospect in the Green River Basin of Wyoming, increasing its project area including its adjacent Poblano acreage block to a total of 25,000 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.

Calgary-based TransAlta Corp. and Des Moines, IA-based MidAmerican Energy Holdings Co. reported that they have entered into an alliance to develop, build and operate natural gas, coal and hydro-powered electricity generating assets in markets throughout Canada, the United States and Mexico. The agreement also includes the possibility of jointly acquiring existing power facilities. The companies currently have a combined portfolio of 18,000 MW globally.

Calgary-based AltaGas is acquiring a 90% working interest in the 30 MMcf/d Cygnet-Prevo natural gas plant and associated 100-kilometer gathering system located near Red Deer, AB. Current throughput at the plant is 18 MMcf/d, and the facilities will be operated as part of AltaGas’ existing Bonnie Glen complex. With the acquisition and current activities, the midstream independent’s total gross processing capability in the Bonnie Glen area will be 80 MMcf/d. Closing is expected before July 31. According to the company, the Cygnet-Prevo system lies in a successful multi-zone producing region of the Western Canadian Sedimentary Basin. The gathering system encompasses about nine townships (83,915 square hectares), making it “well positioned to capture additional development in this area.”