Interests

Dallas-based Pioneer Natural Resources Co. said it plans toacquire the working interests in 12 non-producing Gulf of Mexicoblocks from a Baker Hughes Inc. subsidiary for $23 million. Theproperties include a one-third interest in the Marathon-operatedCamden Hills natural gas discovery in Mississippi Canyon 348, whichis expected to have gas production in 2002.

Calgary’s Petrobank Energy and Resources Ltd. has agreed to sellabout 85% of its entire production — petroleum and natural gasinterests in the Alder Flats and Cynthia areas of Alberta — forC$85 million to an unidentified “large independent oil and gasproducer.” Petrobank said the sale is effective Aug. 1, subject toregulatory and shareholder approvals. Closing is expected in earlyJanuary. Proceeds from the sale will be used to pay down debt andprovide capital for new projects.

Dynegy Inc. has signaled its commitment to addtelecommunications to its natural gas and power interests with aninvestment of more than half a billion dollars, including the $152million purchase of a Colorado-based communications solutions andnetwork company.

Dynegy Inc. has signaled its commitment to addtelecommunications to its natural gas and power interests with aninvestment of more than half a billion dollars, including the $152million purchase of a Colorado-based communications solutions andnetwork company.

Houston’s Apache Corp. remains in an acquiring mood, agreeing yesterday to buy Occidental Petroleum Corp.’s offshore oil and gas interests in the Gulf of Mexico for $385 million. The deal calls for Apache to pay Occidental $341 million for the properties this year, then pay $11 million a year for the next four years. Closing is expected by mid-August.

San Jose, CA-based Calpine Corp. announced yesterday it hascompleted the acquisitions of the remaining 50% interests in twonatural gas-fired power generation facilities from two affiliatesof Statoil Energy Inc. of Alexandria, VA, for $71 million.

Coastal Oil and Gas has announced it is selling its interests in36 offshore oil and gas holdings. The offshore leases are locatedin the Gulf of Mexico, in blocks ranging from offshore of Alabamato south of Texas. When asked about the reasons for selling theseleases, spokesperson Dorothy Beeler said it was just “ongoingportfolio asset management,” and that it had nothing to do withCoastal’s planned merger with El Paso Energy.

Huge resources of methane gas, trapped in frozen hydrates at thebottom of the oceans, are piquing the interests of researchersworldwide who estimate gas reserves in deep, frigid waters to be asmuch as 500 times larger than conventional gas reserves. With therecent enactment of the Methane Hydrate Act of 2000, passed byCongress and signed last week by President Clinton, more attentionis expected to be focused on these untapped reserves.

Ocean Energy, Inc. said yesterday that it has agreed to sell allof its interests and assets in its East Bay Complex for $86million. The buyer’s identity was not disclosed. The propertiesconsist of South Pass 24, South Pass 27 and South Pass 39 Fields,located in the Mississippi Delta Region of the Gulf of Mexico. Thetransaction is expected to close March 31 subject to normal andcustomary conditions. CEO James Hackett said in a statement thatthe move was made in order to high-grade Ocean’s balance sheet andgain capital so that it could accumulate higher margin inventory.