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 last 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.”
Rich
Articles from Rich
Barrett Now a Subsidiary of Williams
Williams, which wooed away gas-rich Denver-based independent Barrett Resources Corp. from oil giant Shell Corp. earlier this year (see Daily GPI, May 8), completed the marriage Thursday when Barrett shareholders approved the merger in a special meeting in Denver. In less than a week, Williams will begin distributing the materials necessary for Barrett shareholders to exchange their shares for Williams shares.
Hunt Oil Bags Chieftain International in $600M Deal
Dallas-based Hunt Oil Co. snagged another gas-rich Canadian property last week by reaching an all-cash deal to acquire Edmonton-based Chieftain International Inc. With the unanimous support of both boards, Hunt will pay $29 per share, making the deal worth $600 million (C$915 million). Hunt also will assume about $15 million in debt.
Hunt Oil Bags Chieftain International in $600M Deal
Dallas-based Hunt Oil Co. snagged another gas-rich Canadian property on Tuesday by reaching an all-cash deal to acquire Edmonton-based Chieftain International Inc. With the unanimous support of both boards, Hunt will pay $29 per share, making the deal worth $600 million (C$915 million). Hunt also will assume about $15 million in debt.
SSB: Independents Limited Only by Projects, Personnel
The majors are focusing more of their spending attention on the domestic natural gas market, gobbling up gas-rich acquisitions, which has lowered their finding and development costs. Meanwhile, the independents’ spending is limited only by the lack of “drill ready” projects and experienced geoscience personnel, according to the latest exploration and production study by Salomon Smith Barney’s analysts Robert Morris and Michael Schmitz.
SSB: Independents Limited Only by Projects, Personnel
The majors are focusing more of their spending attention on the domestic natural gas market, gobbling up gas-rich acquisitions, which has lowered their finding and development costs. Meanwhile, the independents’ spending is limited only by the lack of “drill ready” projects and experienced geoscience personnel, according to the latest exploration and production study by Salomon Smith Barney’s analysts Robert Morris and Michael Schmitz.
Talisman’s Petromet Deal Ups Alberta Gas Reserves
Talisman Energy Inc. is poised to become the dominant player in the growing core area of gas-rich Alberta after it set up a friendly agreement last week to purchase cross-town Calgary neighbor Petromet Resources Ltd. for C$806 million in cash and assumed debt. If the deal closes as expected, Talisman would add 72 MMcfe/d to its production base this year and 144 MMcfe/d in 2002.
Talisman’s Petromet Deal Ups Alberta Gas Reserves
Talisman Energy Inc. is poised to become the dominant player in the growing core area of gas-rich Alberta after it set up a friendly agreement this week to purchase cross-town Calgary neighbor Petromet Resources Ltd. for C$806 million in cash and assumed debt. If the deal closes as expected, Talisman would add 72 MMcfe/d to its production base this year and 144 MMcfe/d in 2002.
Tengasco Completes Intrastate TN Pipeline
Tengasco has completed a 60-mile intrastate pipeline from itsgas-rich 50,000-acre Swan Creek gas and oil field beginning inHancock County and ending in Kingsport, TN. Geological studiesindicate that the Swan Creek field may be one of the largestnatural gas and oil discoveries in the Appalachian region of theUnited States.
Shell Launches Bid for Denver’s Barrett Resources
Royal Dutch Shell Group yesterday launched a bid to buy naturalgas-rich independent Barrett Resources Corp. of Denver for $2.2billion in cash and assumed debt, which would give Shell animmediate presence in the Rocky Mountains. While Barrett’s board ofdirectors indicated it might fight the offer, Shell promised tobegin a hostile takeover if it is rejected.