Independents

Calgary-based Provident Energy Trust on Tuesday announced the acquisition of two small Canadian independents, Olympia Energy Inc. and Viracocha Energy Inc., which together will increase Provident’s daily production to more than 34,000 boe/d, weighted 45% to natural gas, 33% to light/medium oil and natural gas liquids (NGLs) and 22% to crude.

A survey by global accounting firm Grant Thornton of 60 senior executives at mid-sized independent exploration and production (E&P) companies found that on average most expect Henry Hub natural gas prices to increase modestly over the next four years, moving from $4.44/Mcf in 2004 to $4.82 in 2007.

Calgary-based Provident Energy Trust on Tuesday announced the acquisition of two small Canadian independents, Olympia Energy Inc. and Viracocha Energy Inc., which together will increase Provident’s daily production to more than 34,000 boe/d, weighted 45% to natural gas, 33% to light/medium oil and natural gas liquids (NGLs) and 22% to crude.

Four of the strongest North American-focused independents — Magnum Hunter Resources Inc., Ultra Petroleum, Nuevo Energy Co. and Talisman Energy Inc. — all saw their fourth quarter 2003 production volumes rise along with earnings. The production gains, they said, set the stage for even stronger results by the end of this year.

Three North American-focused independents — Magnum Hunter Resources Inc., Ultra Petroleum and Nuevo Energy Co. — all saw their fourth quarter 2003 production volumes rise along with earnings. The production gains, they said, set the stage for even stronger results by the end of this year.

Following the lead of other North American independents in recent weeks, Calgary-based EnCana Corp. on Tuesday said it added 482 MMboe of audited, proved reserves last year, and that it boosted its production replacement total by 203%. Daily oil, natural gas and natural gas liquids sales also increased year-over-year by more than 9% to reach 650,200 boe after royalties.

Following the lead of other North American independents in recent weeks, Calgary-based EnCana Corp. on Tuesday said it added 482 MMboe of audited, proved reserves last year, and that it boosted its production replacement total by 203%. Daily oil, natural gas and natural gas liquids sales also increased year-over-year by more than 9% to reach 650,200 boe after royalties.

Top U.S.-based independent Devon Energy Corp.’s earnings and production surged in 2003 on higher commodity prices and its acquisition of Ocean Energy, the company said Thursday. Net earnings climbed more than 1,500%, assuring last year as the most profitable in Devon’s history.

Calgary-based junior independents Terraquest Energy Corp. and Masters Energy Inc. have agreed to merge and create a new public company that will be led by Masters’ current management team. Terraquest is a public company; Masters is a private oil and gas company formed in October 2003 by the former management team of Sunfire Energy Corp. In early December, Masters acquiring some Little Bow assets in southern Alberta for C$7 million, which are now producing 450 boe/d. On a pro forma basis, the merged company will have a production base of 950 boe/d, of which 60% is oil and 40% is natural gas. The merged company will hold approximately 85,000 net acres of undeveloped land in Alberta, with an inventory of natural gas prospects in West Central Alberta and oil and gas prospects in southern Alberta. The company, to be called Masters Energy Inc., will have no debt and working capital surplus of approximately C$2 million.