Outstanding

Denver-based Evergreen Resources Inc. said that the company will acquire 100% of the outstanding common stock of cross-town exploration and production player, Carbon Energy Corp., for approximately $90.8 million.

Denver-based Evergreen Resources Inc. said Monday that the company will acquire 100% of the outstanding common stock of cross-town exploration and production player, Carbon Energy Corp., for approximately $90.8 million.

Williams last Tuesday said that it has completed its settlement with California resolving most of the company’s outstanding litigation and civil claims related to natural gas and power markets with the states of California, Oregon and Washington.

Williams on Tuesday said that it has completed its settlement with California resolving most of the company’s outstanding litigation and civil claims related to natural gas and power markets with the states of California, Oregon and Washington.

Main Street AC Inc., which has been attempting to acquire up to 4.9% of the outstanding common stock of Aquila Inc., Dynegy Inc., Mirant Corp. and Reliant Resources Inc. (RRI) since August, has extended its tender offer through midnight Oct. 15. As of last Friday, Main Street said it now holds 3.5 million shares of Dynegy; 2.2 million shares of Mirant; 1.2 million shares of RRI and 0.9 million shares of Aquila.

Chesapeake Energy said Friday it has deferred the commencement of a $12 per share cash tender offer for all of the outstanding shares of Oklahoma City-based Canaan Energy Corp., pending negotiations with Canaan management. Chesapeake had announced its plan to buy the company last Monday for a total of about $55 million, plus the assumption of $42 million in Canaan debt. It said its plans for the company would produce far better results than those of Canaan’s current management.

Orange, CA-based Capco Energy Inc. has signed an agreement to acquire for $10.5 million all the outstanding shares of Energy Reserves Group LLC (ERC), a Houston-based private limited liability company engaged in the business of oil and gas production and development. Capco will pay $3.25 million in cash and Capco stock, with the balance in the assumption of bank debt. The acquisition is expected to close within 30 days, pending approval. ERG’s current production is principally located in the Texas Gulf Coast and Wyoming, with production standing at 600 bbl/d and 1,400 Mcf/d. ERG has additional reserves that can be developed from its existing wells. Capco is a 20-year-old public company. In addition to exploration and production, the company’s other business interests are in petroleum marketing and propane distribution.

Calgary-based Samson Canada Ltd. and Courage Energy Inc. jointly announced that Samson’s previous offer to acquire all of the issued and outstanding Courage shares, at C$5.20 per common share, ended last Thursday, with Samson acquiring about 95% of the shares. In the next few days, Samson said it would acquire the remaining shares of Courage to merge the two companies. Samson Canada is a subsidiary of Samson Investment Co., a privately held Tulsa-based oil and gas company, with a current production of 13,000 boe/d. The Courage acquisition will bring production to 17,000 boe/d. Core areas are Rainbow, Central Alberta and northeast British Columbia.

Conoco Inc. completed its C$12.40 cash tender offer by its Canadian subsidiary Conoco Northern Inc. to purchase all of the outstanding ordinary shares of Gulf Canada Resources Ltd. on July 13. The purchase was first announced in May (see Daily GPI, May 30). Conoco has accepted nearly 524 million tendered ordinary shares of Gulf Canada, which represents about 96% of its shares. The transaction is accretive to Conoco’s earnings per share and to cash flow, and combined with reduced capital spending, it said that synergies between the two companies will enable it to quickly reduce a “significant” portion of the acquisition-related debt. Gulf Canada has extensive assets in Canada, as well as Indonesia and Southeast Asia. The deal gives Conoco a 50% boost in its North American natural gas production and proved natural gas reserves to 1.4 Bcf/d and 4.1 Tcf net, respectively. North American liquids production (crude oil, syncrude and natural gas liquids) will more than double, and proved North American liquids reserves (including syncrude) will more than triple.