Selling

Calgary-based Talisman Energy Inc. is selling a 50% working interest in its Farrell Creek assets in the Montney Shale to Sasol Ltd. for C$1.05 billion. As part of the deal, the partners said Monday they will weigh the market viability of converting gas to liquid fuels using Sasol’s gas-to-liquids (GTL) technology.

Denver-based Forest Oil Corp. is spinning off its natural gas-weighted operations in Canada by selling one-fifth of its Lone Pine Resources unit for up to $375 million in shares through an initial public offering (IPO).

Texas-based Peterbilt Motors Co., a major North American maker of trucks used in long-haul transportation fleets, said it is selling 180 liquefied natural gas (LNG)-fueled trucks to Canadian-based trucking company Robert Transport in Quebec. A Peterbilt spokesperson told NGI Tuesday that the company is pursuing a national market of LNG-fueled rigs.

ExxonMobil Corp. is selling three packages of operated and nonoperated properties in the Gulf of Mexico that currently produce 7 MMcf/d of natural gas and 2,900 b/d of liquids, or 4,066 boe/d, The Oil & Gas Asset Clearinghouse LLC said. The packages includes 61 producing wells and 17 shut-in wells, as well as seven platforms in three field areas. Net monthly cash flow is estimated at $4 million. The Mississippi Canyon 281 prospect, which ExxonMobil operates, has an estimated 100-300 million bbl. Also operated by the producer and for sale are Eugene Island 330 and Green Canyon 19/60. In addition, Eugene Island 314/315, a nonoperated block, is for sale. The data room is to open in late November, with bids due by Dec. 21. For information contact Heather Adamson at (832) 601-7679 or Cory Talash at (832) 601-7685.

ExxonMobil Corp. is selling a package of operated and nonoperated properties in the Gulf of Mexico that currently produce 7 MMcf/d of natural gas and 2,900 b/d of liquids, or 4,066 boe/d, The Oil & Gas Asset Clearinghouse LLC said.

Denbury Resources Inc. is selling its Haynesville and East Texas natural gas assets for $217.5 million to an undisclosed private oil and gas company. The sale is expected to close within 45 days with an effective date of Sept. 1, 2010.

Denver-based independent SM Energy Co. said Monday it planned to raise “at least $300-500 million” by selling nonstrategic assets or through joint venture (JV) agreements over the next year.

Houston-based Plains Exploration & Production Co. (PXP) said Thursday it hopes to raise $1-2 billion by selling its Gulf of Mexico (GOM) portfolio either through third-party joint ventures or through asset sales “to align capital spending with operating cash flow.”

Baker Hughes Inc. (BHI) is selling a package of assets used in Gulf of Mexico offshore operations to a subsidiary of Superior Energy Services Inc. for $55 million. Once the transaction is completed, which is expected by the end of this month, BHI said it would be able to complete its merger with BJ Services’ U.S. operations (see Daily GPI, April 29). “While market conditions in the deepwater Gulf of Mexico are extremely uncertain now, the acquisition provides us with an established platform from which we plan to expand these new product and service offerings across Superior’s growing international footprint,” said CEO David Dunlap. The assets to be acquired include two stimulation vessels (the HR Hughes and Blue Ray) and BJ’s sand control completion tools product line, including a tool and screen manufacturing facility and technology center in Houston.