Calgary

The Wiser Oil Co., in an effort to boost its natural gas reserves, reported it has entered into an agreement to acquire Calgary-based Invasion Energy Inc. for an aggregate purchase price of C$55 million. Dallas-based Wiser said it has reached a deal with Invasion’s shareholders to acquire all outstanding common shares for C$33 million cash, and assume Invasion’s net debt of C$22 million.

Calgary-based Canadian 88 Energy Corp. Thursday rejected a hostile takeover bid from Canadian Superior Energy Inc. after stockholder Duke Energy, which owns 20% of Canadian 88 shares, said it did not support the proposal. Canadian Superior, begun by Canadian 88 founder Greg Noval, is less than one-tenth the size of Canadian 88, but nevertheless, it launched its takeover in April (see Daily GPI, April 27). Noval resigned from Canadian 88 last year.

The Wiser Oil Co., in an effort to boost its natural gas reserves, reported it has entered into an agreement to acquire Calgary-based Invasion Energy Inc. for an aggregate purchase price of C$55 million. Dallas-based Wiser said it has reached a deal with Invasion’s shareholders in which it will acquire all outstanding common shares for C$33 million cash, and assume Invasion’s net debt of C$22 million.

Calgary-based Elk Point Resources Inc. increased its core area of operations this week, agreeing to pay C$24.8 million to purchase some natural gas and light crude oil assets in the Pembina, Easyford and Bigoray areas of Alberta. Current net production from the properties is approximately 2.9 MMcf/d, 385 bbl/d of light crude oil and 55 bbl/d of natural gas liquids — 730 boe/d total.

With its acquisition of Calgary-based Berkley Petroleum Corp.completed, Anadarko Petroleum Corp. said it will increase its totalcapital spending plan for Canadian operations by 49% to US$386million, and will step up exploration and production there for thenext several years. The 2001 increase, up from the $259 millionfirst budgeted, doesn’t count the Berkley transaction, completedlast week (see Daily GPI, March 20).

Anadarko Petroleum Corp. has completed its acquisition ofCalgary-based Berkley Petroleum Corp. after purchasing 100% of thecompany’s shares for C$1.2 billion. Anadarko, based in Houston,paid about C$11.40 per share and assumed about C$400 million ofBerkley’s debt in the deal.

Calgary-based Alaskan Northwest Natural Gas Transportation Co. plans to keep up to-date its 20-year-old application for a pipeline right-of-way on Alaskan lands in its efforts to secure a front row seat if a natural gas pipeline is ever approved. The original application was filed in 1981 and remains active and in good standing, calling for a parallel route to the Alaska Highway.

Calgary-based Alaskan Northwest Natural Gas Transportation Co.plans to keep up to-date its 20-year-old application for a pipelineright-of-way on Alaskan lands in its efforts to secure a front rowseat if a natural gas pipeline is ever approved. The originalapplication was filed in 1981 and remains active and in goodstanding, calling for a parallel route to the Alaska Highway.

Dynegy Inc. announced that David Pope has been named presidentof Calgary-based Dynegy Canada. He will oversee Dynegy Canada’smarketing and trading of natural gas, crude oil, natural gasliquids and electricity. Before joining Dynegy, Pope was a vicepresident at Enron. Prior to Enron, he was founder and president ofCanadian Gas Marketing, which was acquired by Enron in 1992.