Shares

News that Amerada Hess would buy Dallas-based independent Triton Energy Ltd. was one of the few bright spots on the New York Stock Exchange last week, with Triton’s stock soaring nearly 50% following the announcement last Tuesday, opening at $14.57 and closing at $44.43. New York-based Amerada Hess, one of the East Coast’s largest gasoline retailers, said it will pay $3.2 billion in a cash deal that will position it as one of the largest global independent E&P companies. It also agreed to assume $500 million of Triton’s debt.

News that Amerada Hess would buy Dallas-based independent Triton Energy Ltd. was one of the few bright spots on the New York Stock Exchange Tuesday, with Triton’s stock soaring nearly 50% following the announcement, opening at $14.57 and closing at $44.43. New York-based Amerada Hess, one of the East Coast’s largest gasoline retailers, said it will pay $3.2 billion in a cash deal that will position it as one of the largest global independent E&P companies. It also agreed to assume $500 million of Triton’s debt.

Anadarko Petroleum Corp. has completed its acquisition ofCalgary-based Berkley Petroleum Corp. after purchasing 100% of thecompany’s shares for C$1.2 billion. Anadarko, based in Houston,paid about C$11.40 per share and assumed about C$400 million ofBerkley’s debt in the deal.

Affiliates of El Paso Merchant Energy, Enron, Duke Energy andPacific Gas & Electric picked up the largest shares of the 1.2Bcf/d of available space on El Paso Natural Gas lines to SouthernCalifornia points in the latest capacity auction.

Affiliates of El Paso Energy, Enron, Duke Energy and Pacific Gas& Electric appear to have picked up the largest shares of the1.2 Bcf/d of available space on El Paso Natural Gas lines toSouthern California points in the latest capacity auction.

Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders, with theDallas-based company extending an olive branch by saying it wouldlengthen the time period for its offer to be reviewed.

Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders this week, withthe Dallas-based company extending an olive branch by saying itwould lengthen the time period for its offer to be reviewed.

Enerplus Resources Fund, headquartered in Vancouver, paid C$104million for 100% of the outstanding shares of an undisclosedprivate Canadian pension resource corporation that owns producingoil and natural gas properties in Western Canada. The propertiesproduced approximately 2,650 boe/d in a three-month period endingSept. 30. The production included 1,740 bbl/d of crude oil andnatural gas liquids and 9,100 Mcf/d. Average third quarterproduction represents a 22% increase over Enerplus’ third quarteraverage of 12,014 boe/d. Total established reserves are 12,248 Mbblof crude oil and natural gas liquids and 70.7 Bcf, for a total of19,312 Mboe. The deal was funded through a combination of cash fromexisting credit facilities and the assumption of debt, whichtotaled 75% of the purchase price. The rest was financed withEnerplus Trust Units.

Calgary-based Fort Chicago Energy Partners L.P. — which owns a 26% equity in the Alliance Pipeline project — said that its largest unit holder, Gendis Inc., will distribute 8.5 million units to shareholders by Nov. 24. Gendis, based in Winnepeg, will retain 6.2 million units of Fort Chicago following the transaction.