Grabbing

Devon Energy once again showed its knack for market timing on Friday by grabbing Santa Fe Snyder while its stock was undervalued. Devon performed a similar feat with PennzEnergy just last year (see NGI, May 24, 1999). Observers believe this $2.23 billion merger, excluding about $1 billion in debt assumption, could be one of the last this year among large and small producers because of the impact of the booming energy market on stock prices.

Alberta Energy Co. Ltd. became more U.S. than Canadian producerlast week by grabbing a major foothold in the Rocky Mountainregion. The company is buying all the common shares of McMurry Oil,which owns 1.2 Tcf of gas reserves and significant explorationacreage in the Jonah Field in the Green River Basin in southwesternWyoming. It also is purchasing the 245-mile Jonah Field gasgathering system, which currently transports 320 MMcf/d of gas andis primed for an expansion to 440 MMcf/d. The transactions arevalued at a total of C$1.15 billion.

Alberta Energy Co. Ltd. became more U.S. than Canadian produceryesterday by grabbing a major foothold in the Rocky Mountainregion. The company is buying all the common shares of McMurry Oil,which owns 1.2 Tcf of gas reserves and significant explorationacreage in the Jonah Field in the Green River Basin in southwesternWyoming. It also is purchasing the 245-mile Jonah Field gasgathering system, which currently transports 320 MMcf/d of gas andis primed for an expansion to 440 MMcf/d. The transactions werevalued at a total of C$1.15 billion.