Castle Energy Corp. has agreed to sell all of its domestic oil and gas properties to Delta Petroleum for $20 million in cash plus 9.6 million shares of Delta common stock, which would result in the company owning 43% of Delta. The properties consist of oil and gas interests in 525 oil and gas wells in 14 states, including associated undeveloped acreage, with total proved reserves of 65 Bcfe of gas, of which 32 Bcfe are proved developed producing reserves. The effective date of the sale was Oct. 1, 2001 and closing is expected by April 30.
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Anadarko Completes $118M Gulfstream Acquisition
Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company with assets in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.
Anadarko Completes $118 M Gulfstream Acquisition
Finishing right on schedule, Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.
El Paso Completes Acquisition of Velvet Exploration
An El Paso Corp. subsidiary, El Paso Oil & Gas Canada Acquisition Inc., has completed the acquisition of Canadian independent Velvet Exploration Ltd., picking up approximately 41.9 million common shares, which equates to 96.7% of Velvet shares outstanding, with its offer of C$8.15 per share. The offer closed at the end of July. Cost of the acquisition, including US$52 million in debt, is estimated at about US$280 million.
Future Pipeline Changes Defy Common Perceptions
Despite the desperate need for natural gas currently, long-haulpipeline construction is headed for a temporary lull over the nextfive years, according to Thomas Howard, director of strategicproducts at PIRA Energy Group, a New York City-based energyconsulting firm.
Future Pipeline Changes Defy Common Perceptions
Despite the desperate need for natural gas currently, long-haulpipeline construction is headed for a temporary lull over the nextfive years, according to Thomas Howard, director of strategicproducts at PIRA Energy Group, a New York City-based energyconsulting firm.
Successful Companies Embrace, Exploit Change
UtiliCorp United, Duke Energy and Enron have a lot in common,and it has a lot to do with how they “embrace and exploit change”rather than resist it, according to Arthur Andersen’s Doug King.King, a partner in the London office, told attendees at the HoustonEnergy Symposium last week that the three companies have learnedthe same lessons, which have led to their present success.
Successful Companies Exploit Change
UtiliCorp United, Duke Energy and Enron have a lot in common,and it has a lot to do with how they “embrace and exploit change”rather than resist it, said Arthur Andersen’s Doug King yesterday.King, a partner in the London office, told attendees at the HoustonEnergy Symposium that the three companies have learned the samelessons, which have led to their present success.
NRG Energy Making Initial Public Offering
NRG Energy Inc., a Minneapolis-based wholly owned subsidiary ofNorthern States Power Co., is going public and filed for anoffering of 18% of its common stock. The maximum aggregate offeringprice of the offer is $600 million. All proceeds will remain withNRG Energy.
NiSource Drops Offer But Continues Pursuit of Columbia
NiSource dropped its hostile $74/share tender offer ($6.1billion) for all of the outstanding common stock of Columbia EnergyGroup (CG) last week and said it will return the 47,576,897 CGshares, representing 58.6% of the Columbia shares outstanding, toshareholders. It doesn’t mean, however, that NiSource is giving up.On the contrary, the company said it intends to continue thenegotiation and bidding process set up by Columbia’s board.