Merge

Independent Vintage Petroleum Inc., based in Tulsa, has entered into an agreement to acquire Canadian-based Genesis Exploration Ltd., offering C$18.25 per share in cash. The boards of both companies have unanimously agreed to the offer, which puts total consideration, including assumption of Genesis’ estimated debt, at C$898 million (US$572 million).

Independent Vintage Petroleum Inc., based in Tulsa, has enteredinto an agreement to acquire Canadian-based Genesis ExplorationLtd., offering C$18.25 per share in cash. The boards of bothcompanies have unanimously agreed to the offer, which puts totalconsideration, including assumption of Genesis’ estimated debt, atC$898 million (US$572 million).

APF Energy Trust said yesterday it will pay C$90 millionincluding debt to acquire all of the outstanding shares of AllianceEnergy Inc., which will double APF’s daily oil and gas production.APF said it would pay the equivalent of 0.201 APF shares for eachAlliance share, or C$2.02 per share up to a maximum of 2.2 millionunits or C$35 million.

Albany-based Energy East Corp., parent of New York StateElectric and Gas, is spending $1.4 billion to acquire RGS EnergyGroup, creating a Empire State powerhouse that would serve almostthree million customers, including half of those in upstate NewYork. The boards of both companies approved the deal last week.Energy East also will assume about $1 billion of RGS Energy debt.

Albany-based Energy East Corp., parent of New York StateElectric and Gas, is spending $1.4 billion to acquire RGS EnergyGroup, creating a Empire State powerhouse that would serve almostthree million customers, including half of those in upstate NewYork. The boards of both companies approved the deal last weekend.Energy East also will assume about $1 billion of RGS Energy debt.

Houston-based Pogo Producing Co. added to its natural gas assetbase last week, announcing it will acquire cross-town rival NoricCorp. for $750 million in cash and debt, upping its reserve base by63% and increasing its projected annual 2000 production by 35% —with most of the new assets in natural gas fields in Texas,Louisiana and the Rocky Mountains. Noric is the parent corporationof North Central Oil Corp.

Houston-based Pogo Producing Co. announced yesterday it willacquire cross-town rival Noric Corp. for $750 million in cash anddebt, upping its reserve base by 63% and increasing its projectedannual 2000 production by 35% — with most of the new assets innatural gas fields in Texas, Louisiana and the Rocky Mountains.Noric is the parent corporation of North Central Oil Corp.

The natural gas business of the future is tied to three things:assets, knowledge and its customers, and the companies that knowhow to merge the three successfully will rise above the crowd,Linda Cook, CEO of Shell Gas and Power, told delegates last week atthe GasTech 2000 conference in Houston.

The natural gas business of the future is tied to three things:assets, knowledge and its customers, and the companies that knowhow to merge the three successfully will rise above the crowd,Linda Cook, CEO of Shell Gas and Power, told delegates yesterday atthe GasTech 2000 conference in Houston.