Junior

Houston-based junior independent Contango Oil & Gas Co. may sell all of its onshore assets and 99% of its current production, all located in South Texas, the company announced on Wednesday. Using the proceeds, the company wants to get back to what it does best: explore the onshore and offshore Gulf of Mexico for new reserves of natural gas and crude oil.

Houston-based junior independent Contango Oil & Gas Co. may sell all of its onshore assets and 99% of its current production, all located in South Texas, the company announced on Wednesday. Using the proceeds, the company wants to get back to what it does best: explore the onshore and offshore Gulf of Mexico for new reserves of natural gas and crude oil.

For the second day in a row, another Houston-based small independent producer has announced plans to file for bankruptcy. Panaco Inc. said Tuesday it would file a voluntary petition for relief under Chapter 11 in the U.S. Bankruptcy Court, on the heels of Contour Energy Co., which announced similar plans on Monday (see Daily GPI, July 16).

For the second day in a row, another Houston-based small independent producer has announced plans to file for bankruptcy. Panaco Inc. said Tuesday it would file a voluntary petition for relief under Chapter 11 in the U.S. Bankruptcy Court, on the heels of Contour Energy Co., which announced similar plans on Monday (see Daily GPI, July 16).

To eliminate more than $7.7 million in future obligations, junior independent Republic Resources Inc. said Friday it would sell the oil and gas assets it holds in Louisiana and Texas — all of its revenue-generating assets — to Harken Energy Corp. in a stock trade. Harken has agreed to exchange 2.6 million shares of its common stock for the assets and enter into a Contingent Payment Agreement to evaluate the unproved assets or exploratory prospects in the properties.

EOG Resources Canada Inc. announced in late December it would buy Fox Energy Corp., a junior oil and gas company with assets in Western Canada. EOG will acquire all of the issued and outstanding common shares of the Calgary-based company, paying C$0.46 in cash for each Fox common share. EOG’s offer is an 18% premium to the closing price of Fox on Dec. 21, 2001, when Fox closed at C$0.39 after opening at C$0.42. This year, Fox has drilled seven wells in its core assets, with a 71% success rate.

EOG Resources Canada Inc. is picking up Fox Energy Corp., a junior oil and gas company with assets in Western Canada. EOG will acquire all of the issued and outstanding common shares of the Calgary-based company, paying C$0.46 in cash for each Fox common share. EOG’s offer is an 18% premium to the closing price of Fox on Dec. 21, 2001, when Fox closed at C$0.39 after opening at C$0.42. This year, Fox has drilled seven wells in its core assets, with a 71% success rate.