Denver

Just 17 months after announcement of merger plans,Minneapolis-based Northern States Power and Denver-based NewCentury Energies have cleared the last hurdle to combine under thenew name Xcel Energy Inc. The merger creates one of the 10 largestelectricity and natural gas companies in the United States.

Williams Cos. on Tuesday accepted half of the outstanding shares of Denver-based Barrett Resources Corp., moving the Tulsa-based Williams one step closer to acquiring the gas-rich independent producer. Williams accepted nearly 17 million shares in its tender offer that expired Monday, which translates into about 50% of Barrett’s 33.5 million shares outstanding.

Denver-based Prima Energy Corp., an independent natural gas and oil company, has adopted a Stockholder Rights Plan designed to provide additional negotiating leverage to the company’s board of directors in the event of an unsolicited takeover bid, and to protect the company’s stockholders against inadequate offers and “abusive takeover tactics.” Under the plan, the company will distribute one right for each outstanding share of common stock to holders of record at the close of business on June 8. The plan would generally be triggered if an acquiring party accumulated 15% or more of the company’s common stock. Most of the company’s current activities are focused in the Rocky Mountains.

Denver-based Evergreen Resources Inc. picked up two coalbed methane properties last week, one in Alaska, the other in Colorado. In the first deal, Evergreen signed a purchase and sale agreement with Ocean Energy Inc. and Union Oil of California to acquire a 100% working interest in about 48,000 acres of prospective CBM properties in Alaska for $960,000 in cash. The other is a joint venture agreement for 29,000 acres of CBM properties in Colorado, near its core properties in the Raton Basin.

Denver-based Evergreen Resources Inc. picked up two coalbed methane properties this week, one in Alaska, the other in Colorado. In the first deal, Evergreen signed a purchase and sale agreement with Ocean Energy Inc. and Union Oil of California to acquire a 100% working interest in about 48,000 acres of prospective CBM properties in Alaska for $960,000 in cash. The other is a joint venture agreement for 29,000 acres of CBM properties in Colorado, near its core properties in the Raton Basin.

Tulsa-based Williams Cos. Inc. apparently is considering a bid to buy Barrett Resources Corp., the Denver-based independent producer fighting off a takeover bid by Royal Dutch/Shell Group. Williams filed information regarding its interest Tuesday with the U.S. Securities and Exchange Commission after outside individuals were inadvertently connected to a telephonic conference call of Williams board of directors.

Denver-based Barrett Resources Corp. again played David to Goliath on Monday, announcing that its board of directors, “based upon opinions that it received from its financial advisers and other factors,” unanimously rejected as inadequate Shell Oil Co.’s $60 per share cash tender offer made last week (see Daily GPI, April 27). The board also recommended that shareholders not tender the Shell offer or grant any written consents that Shell might seek.

Denver-based Barrett Resources Corp. has raised its estimate of proved reserves by more than 50%, which may pressure Royal Dutch/Shell to raise its offer of $55 a share in its hostile takeover attempt. Barrett said a review by independent reservoir engineers raised the company’s oil and gas reserves to 2.1 Tcfe, of which 96% is natural gas. Its previous estimate was 1.37 Tcfe.

Denver-based Barrett Resources Corp., still stating publicly that it is barring the doors against a hostile takeover by giant Royal Dutch/Shell, postponed its annual shareholder meeting set for early May, as it continues to search for strategic options to Shell’s cash offer of $55 per share. Barrett rejected the amount as inadequate, but Shell has continued the pursuit, extending its offer through midnight last Friday.