Independent Vintage Petroleum Inc., based in Tulsa, has entered into an agreement to acquire Canadian-based Genesis Exploration Ltd., offering C$18.25 per share in cash. The boards of both companies have unanimously agreed to the offer, which puts total consideration, including assumption of Genesis’ estimated debt, at C$898 million (US$572 million).
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Independents Vintage, Genesis Agree to Merge
Independent Vintage Petroleum Inc., based in Tulsa, has enteredinto an agreement to acquire Canadian-based Genesis ExplorationLtd., offering C$18.25 per share in cash. The boards of bothcompanies have unanimously agreed to the offer, which puts totalconsideration, including assumption of Genesis’ estimated debt, atC$898 million (US$572 million).
U.S. Forms Energy Groups with Mexico, Canada
Energy Secretary Spencer Abraham met with Mexican EnergySecretary Enesto Martens and Canadian Energy Minister Ralph Goodalein Mexico City last week to establish a North American EnergyWorking Group to develop a comprehensive energy strategy for thecontinent.
NEB to Rewrite Canadian Pipe Safety Rules
Sensing that updating its 1988 Pipeline Crossing Regulations was past due, Canada’s National Energy Board moved another step toward the development of new regulations called the Damage Prevention Regulations (DPR) that will govern pipeline safety throughout the country.
NEB to Rewrite Canadian Pipe Safety Rules
Sensing that it was time to update its 1988 Pipeline CrossingRegulations, Canada’s National Energy Board moved another steptoward the development of new regulations called the DamagePrevention Regulations (DPR) that will govern pipeline safetythroughout the country.
Mushing the Huskies To the Grand Banks
With prices still at record highs by Canadian standards,interest is heating up among producers in accelerating natural gasdevelopment in the East Coast offshore, including remote prospectson the Grand Banks of Newfoundland.
Mushing the Huskies to the Grand Banks
With prices still at record highs by Canadian standards,interest is heating up among producers in accelerating natural gasdevelopment in the East Coast offshore, including remote prospectson the Grand Banks of Newfoundland.
Calpine Stakes Canadian Presence, Doubles Reserves
Calpine will more than double its natural gas reserves and gaina critical transportation link between the United States andwestern Canada after agreeing yesterday to pay $1.2 billion topurchase Calgary-based Encal Energy Ltd., whose core natural gasdrilling operations are in northeastern British Columbia and westcentral Alberta. Power producer Calpine plans a stock-for-stockexchange and would assume Encal’s debt.
Industry Briefs
Enerplus Resources Fund, headquartered in Vancouver, paid C$104million for 100% of the outstanding shares of an undisclosedprivate Canadian pension resource corporation that owns producingoil and natural gas properties in Western Canada. The propertiesproduced approximately 2,650 boe/d in a three-month period endingSept. 30. The production included 1,740 bbl/d of crude oil andnatural gas liquids and 9,100 Mcf/d. Average third quarterproduction represents a 22% increase over Enerplus’ third quarteraverage of 12,014 boe/d. Total established reserves are 12,248 Mbblof crude oil and natural gas liquids and 70.7 Bcf, for a total of19,312 Mboe. The deal was funded through a combination of cash fromexisting credit facilities and the assumption of debt, whichtotaled 75% of the purchase price. The rest was financed withEnerplus Trust Units.
Ft. Liard Production Improves Canadian Outlook
By the end of the month, Chevron Canada Resources Ltd. expectsonly two wells drilled in the Northwest Territories to be producingabout 120 MMcf/d of gas. That is welcome news to a market indesperate need of new supply sources, particularly in westernCanada.