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Characterizing itself as “prospect-rich in a prospect-poor industry,” Chesapeake Energy Corp. of Oklahoma City lined up more of those prospects Monday with an agreement to acquire $530 million of Mid-Continent natural gas assets in two transactions with the bulk of the assets in a western Oklahoma package from El Paso Corp. and the rest from Vintage Petroleum Inc.

Oil and natural gas-rich Kern County in the southern end of California’s San Joaquin Valley went to court last week to uphold Occidental Petroleum Corp.’s past and future property tax bills on the former U.S. Naval Petroleum Reserve at nearby Elk Hills. At stake is up to $73 million of past taxes that Oxy argues should be refunded, along with future tax bills of $7.5 million annually.

Oil and natural gas-rich Kern County in the southern end of California’s San Joaquin Valley went to court last week to uphold Occidental Petroleum Corp.’s past and future property tax bills on the former U.S. Naval Petroleum Reserve at nearby Elk Hills

Two gas-rich western independents, Black Hills Corp. and Mallon Resources Corp., last week announced a merger estimated at $52 million. Under the definitive agreement entered into by Rapid City, SD-based Black Hills, it also will acquire Denver-based Mallon’s debt to Aquila Energy Capital Corp., as well as $30.5 million of its outstanding hedges.

Two gas-rich western independents, Black Hills Corp. and Mallon Resources Corp., announced Tuesday a merger estimated at $52 million. Under the definitive agreement entered into by Rapid City, SD-based Black Hills, it also will acquire Denver-based Mallon’s debt to Aquila Energy Capital Corp., as well as $30.5 million of its outstanding hedges.

When a portion of Mexico’s gas-rich Burgos Basin opens to foreign investment as expected later this year, the progress of investment and development will be a critical test case for both foreign industry and the Mexican government, according to the authors of a new research report by Cambridge Energy Research Associates (CERA).

For 2001, gas-rich Cabot Oil & Gas Corp. saw a 21% increase in production volumes and benefited from early-year natural gas prices and favorable hedge positions between February and October 2001. However, the Houston-based company was hit late in the year with credit exposure related to Enron Corp.’s bankruptcy, and combined with other special items, reported overall losses of more than $10 million. For the entire year, however, Cabot set unprecedented income records of $56.7 million, or $1.87 per share, with discretionary cash flow of $231.2 million, or $7.64 per share.

Houston-based Burlington Resources Inc., hoping to duplicate its success in the gas-rich San Juan Basin, on Tuesday agreed to purchase Calgary’s Canadian Hunter Exploration Ltd. for C$53 a share, or $2.1 billion in cash (C$3.3 billion), gaining about 1.2 Tcf and 6.2 million bbl of estimated proved reserves and nearly two million net undeveloped acres and seismic data. When the transaction closes, Burlington will have 90% of its production focused on North American natural gas, with 40% in Canada.

With a top-notch team in place to find and produce natural gas and an intense determination to pursue and create value for shareholders, Canadian Hunter CEO Steve Savidant said Thursday that his company may go after some of the “significant and substantial opportunities” he expects to see in the next few months. With almost no debt currently, Savidant said, “we intend to keep the powder dry,” but “there are acquisitions on the radar.”