Oklahoma

Calgary-based Anderson Exploration Ltd. on Friday accepted the C$40 per share cash tender offer of Devon Energy Corp., based in Oklahoma City. Devon also said it had received “all necessary approvals” to acquire Anderson in a $4.6 billion deal first announced in September (see Daily GPI, Sept. 5). When the deal is completed, Devon would become the top independent oil and gas producer in North America, a post currently held by Anadarko Petroleum Corp. About 128 million of Anderson’s shares were tendered under the offer, representing 97% of the Canadian company’s total shares outstanding. Devon intends to take up the tendered shares and pay the depository on Monday (Oct. 15) and will acquire the remaining shares of Anderson by compulsory acquisition for C$40 per share in cash.

Oklahoma City-based Chesapeake Energy Corp. last week revealed it has sold its Canadian subsidiary, with approximately 175 Bcfe of proved reserves, to an unnamed “large Canadian energy producer,” for $150 million. It expects to record a pre-tax gain of about $35 million in the fourth quarter as a result of the transaction.

Oklahoma City-based Chesapeake Energy Corp. on Tuesday revealed it has sold its Canadian subsidiary, with approximately 175 Bcfe of proved reserves, to an unnamed “large Canadian energy producer,” for $150 million. It expects to record a pre-tax gain of about $35 million in the fourth quarter as a result of the transaction.

In an effort to bring energy policy to the forefront of the national security debate, Oklahoma Republican Sen. James M. Inhofe on Friday submitted two major energy bills as amendments to the $340 billion defense spending authorization bill, which is being taken up by the Senate this week. The amendments include Sen. Frank Murkowski’s National Energy Security Act and the energy bill (H.R. 4) House lawmakers passed in July.

In an effort to bring energy policy to the forefront of the national security debate, Oklahoma Republican Sen. James M. Inhofe on Friday submitted two major energy bills as prospective amendments to the $340 billion defense spending authorization bill, which is being taken up by the Senate this week. The amendments include Sen. Frank Murkowski’s National Energy Security Act and the energy bill (H.R. 4) House lawmakers passed in July.

Tulsa-based ONEOK Inc. has promoted Ed Farrell, president of Oklahoma Natural Gas Co. (ONGC) to senior vice president administration. The promotion takes effect Sept. 1. Farrell, 58, has been with ONEOK since 1995. Sam Combs, now western region vice president of ONGC, will become president of ONGC, and Combs will be succeeded by Dan Walker, now vice president of operations for ONGC and Kansas Gas Service Co. Roger Mitchell, manager of corporate communications and advertising for ONEOK, also was promoted to eastern region vice president of ONGC.

Devon Energy Corp. of Oklahoma City, OK, announced last Tuesday that it will acquire Mitchell Energy & Development Corp. for $3.1 billion in cash and stock, making it the second largest independent natural gas producer in the United States after Anadarko Petroleum Corp.

Kerr-McGee has received antitrust approval for its $1.3 billion acquisition of natural gas producer HS Resources Inc., based in San Francisco. The Oklahoma City independent said it had been granted early termination of the waiting period under the Hart-Scott-Rodino Act, and when completed, Kerr-McGee would join the top five list of leading oil and gas independents, and would up its gas reserves 77%. Kerr-McGee announced in mid-May that it would acquire gas-rich HS Resources for $66 per share (see NGI, May 21). The deal will consist of a 70% cash payment and 30% of Kerr-McGee Stock. Kerr-McGee also will assume about $450 million of HS Resources’ debt. With its core program in the Rockies, HS Resources holds about 1.3 Tcfe in reserves in the Denver-Julesburg Basin of northeast Colorado. With the acquisition, Kerr-McGee said it expected to increase its daily production of U.S. natural gas by more than 45%.

Kerr-McGee has received antitrust approval for its $1.3 billion acquisition of natural gas producer HS Resources Inc., based in San Francisco. The Oklahoma City independent said it had been granted early termination of the waiting period under the Hart-Scott-Rodino Act, and when completed, Kerr-McGee would join the top five list of leading oil and gas independents, and would up its gas reserves 77%.