Outstanding

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.

Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders, with theDallas-based company extending an olive branch by saying it wouldlengthen the time period for its offer to be reviewed.

Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders this week, withthe Dallas-based company extending an olive branch by saying itwould lengthen the time period for its offer to be reviewed.

Enerplus Resources Fund, headquartered in Vancouver, paid C$104million for 100% of the outstanding shares of an undisclosedprivate Canadian pension resource corporation that owns producingoil and natural gas properties in Western Canada. The propertiesproduced approximately 2,650 boe/d in a three-month period endingSept. 30. The production included 1,740 bbl/d of crude oil andnatural gas liquids and 9,100 Mcf/d. Average third quarterproduction represents a 22% increase over Enerplus’ third quarteraverage of 12,014 boe/d. Total established reserves are 12,248 Mbblof crude oil and natural gas liquids and 70.7 Bcf, for a total of19,312 Mboe. The deal was funded through a combination of cash fromexisting credit facilities and the assumption of debt, whichtotaled 75% of the purchase price. The rest was financed withEnerplus Trust Units.

Gulf Canada Resources Ltd. has agreed to purchase all of theoutstanding common shares and associated rights of Crestar Energyfor approximately $177 million in cash and 181 million ordinaryshares of gulf. More than 90% of the Crestar shares have beentendered, and Gulf will also exercise its statutory rights topurchase the remaining shares. The deal was first announced inOctober (see Daily GPI, Oct. 3). Dick Auchinleck, CEO of Gulf, saidthe acquisition will give the company a “balanced portfolio ofassets and a substantial presence in North America’s gas markets,where our gas production more than doubles.” He said the move alsowill provide cash flow to fund the development of prospects atSurmont, the Mackenzie Delta, offshore Eastern Canada and overseas.When the merger is completed, the combined entity will produce288,000 boe/d in 2001, before anticipated asset sales of up to20,000 boe/d. Combined proved oil reserves would be 586 millionbarrels and gas reserves would total 3.3 Tcf.

Columbia Energy Group has entered into an agreement with Orion Power Holdings of Baltimore, MD, to sell all of the outstanding shares of its subsidiary Columbia Electric Corp. for approximately $200 million in cash plus the assumption of project-related debt. Included in the deal is 4,000 MW of capacity in construction and development phases.

BP further has cemented its position as the top natural gasproducer in North America by acquiring the outstanding minorityinterest in Houston-based independent producer Vastar ResourcesInc.

Denver’s Key Production Co. has agreed to acquire all of theoutstanding common stock of Columbus Energy Corp. in exchange for1.3 million shares of Key common stock. When complete, Columbusshareholders will own about 10% of the combined company, with Keyshareholders owning the rest.

A settlement agreement that resolves all of the outstandingissues in Southern Natural Gas Co.’s Section 4 rate case wasapproved by the Federal Energy Regulatory Commission (FERC) lastweek. It puts in place a cost-of-service reduction of $42 million,a 12% return on equity and allows Sonat to fold the South GeorgiaNatural Gas pipeline into its own operations.