Reintroduction

Since its reintroduction to the north country in 1995, Apache Corp. continues on its steadfast course of absorbing Canadian real estate at a fever pitch. Almost a month after Phillips Petroleum put its Canadian assets in the Zama area of northwest Alberta on the market, the company reported that it has entered into a definitive agreement in which Apache will acquire the oil and gas assets for $490 million. The properties included have proved reserves of 71.6 million boe, of which 59% is natural gas (see NGI, Nov. 27).