Property

Enron Corp.’s substantial natural gas pipeline assets are one step closer to becoming the property of CCE Holdings LLC, after the bankruptcy court overseeing Enron’s case approved the transaction on Friday. CCE Holdings is a joint venture between Southern Union Co. and GE Commercial Finance’s Energy Financial Services.

Magnum Hunter Resources Inc. on Monday doubled the amount of oil and natural gas properties it holds in its successful onshore core region of southeastern New Mexico with a $243 million purchase from EnCana Corp., which obtained the properties through its acquisition with Tom Brown Inc. The properties represent a 72% increase to Magnum Hunter’s existing 32 MMcfe/d of production from existing properties in New Mexico and approximately 11% of its current total net daily production.

Western Gas Resources said it bought about 60 Bcf of proved gas reserves in the San Juan Basin on about 24,000 net acres from an undisclosed seller for $82.2 million. The property currently has about 100 coalbed methane (CBM) wells that are producing 12.6 MMcf/d (9.3 MMcf/d net).

In its largest property purchase to date, Alabama utility and E&P company Energen Corp. said last week that it is buying about 250 Bcfe of proved San Juan Basin coalbed methane reserves for $273 million from an unnamed private company.

In its largest property purchase to date, Alabama utility and E&P company Energen Corp. said Monday it is buying about 250 Bcfe of proved San Juan Basin coalbed methane reserves for $273 million from an unnamed private company.

Marathon Oil Corp.’s first quarter profit fell 16% from a year ago after property sales cut into oil and gas production, but the company still surpassed analysts’ forecasts by two cents.

Mission Resources Corp. said Thursday that it has entered into an agreement to acquire an approximately 80% operating working interest in the Jalmat Field in Lea County, NM. The deal with an undisclosed party, will cost Mission $26.7 million in cash.

Calgary-based Bonavista Energy Trust announced last Tuesday it has entered into an agreement whereby, through a series of transactions, it will pay C$275 million for all of the Canadian oil and natural gas assets from a privately held U.S.-controlled corporation.

Calgary-based Bonavista Energy Trust announced Tuesday it has entered into an agreement whereby, through a series of transactions, it will pay C$275 Million for all of the Canadian oil and natural gas assets from a privately held U.S.-controlled corporation.