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Bonavista Energy Trust said it is buying about 39.6 million boe of natural gas and oil reserves in northeast British Columbia from an unnamed group of sellers for $414 million. The properties, which are mainly natural gas, are expected to increase Bonavista’s production by 25%. They include current production of 10,600 boe/d, including 44 MMcf/d of natural gas, 2,830 bbl/d of associated natural gas liquids and 440 bbl/d of light oil. After the deal, Bonavista will produce about 53,000 boe/d, 58% of which will be natural gas. “The assets, which will establish a new core region for Bonavista in northeastern British Columbia, are highly concentrated, natural gas-weighted and are geographically located within a 100-kilometer radius northwest of Fort St. John, BC,” Bonavista said. The deal will be funded through a combination of bank debt, an issuance of trust units and an issuance of convertible debentures. Bonavista has entered into an agreement to sell 10.9 million subscription receipts at a price of $25.85 each for $281.7 million, and $135 million of convertible extendible unsecured subordinated debentures to a syndicate of underwriters.

Range Resources said Tuesday it paid $219 million for an unnamed company with 205 Bcfe of Appalachian oil and gas reserves, 99% of which are natural gas and only 40% of which are developed. Range said the acquisition involves the legacy oil and gas assets of an eastern coal company that date back almost a century. More than 80% of the reserves are coalbed methane.

Range Resources said Tuesday it paid $219 million for an unnamed company with 205 Bcfe of Appalachian oil and gas reserves, 99% of which are natural gas and only 40% of which are developed. Range said the acquisition involves the legacy oil and gas assets of an eastern coal company that date back almost a century. More than 80% of the reserves are coalbed methane.

Range Resources said Tuesday it paid $219 million for an unnamed company with 205 Bcfe of Appalachian oil and gas reserves, 99% of which are natural gas and only 40% of which are developed. Range said the acquisition involves the legacy oil and gas assets of an eastern coal company that date back almost a century. More than 80% of the reserves are coalbed methane.

PetroQuest Energy said it purchased about 8.8 Bcf of proved natural gas reserves in the Arkoma Basin of Oklahoma from an unnamed private company for $13.5 million. The company expects to allocate $2 million of the purchase price to unevaluated acreage. The reserves are 47% proved developed producing. Development costs for the proved undeveloped reserves are estimated at $0.74/Mcf. The acquisition will initially add 1.5 MMcf/d of production. “This acquisition expands our existing operations in the Arkoma Basin, adding approximately 6,000 net acres adjacent to our current acreage position and approximately 28 miles of pipeline and infrastructure in Pittsburg County, OK,” said CEP Charles T. Goodson. “This brings our total ownership to over 12,000 net acres and 36 miles of pipeline in the area.”

Magnum Hunter Resources said last week that it paid $40 million to an unnamed private company for 53 Bcfe of proved reserves (59% natural gas and 69% proved undeveloped) and 100 proved undeveloped locations in the Canyon, Clearfork, Spraberry and Wolfcamp formations of the Permian Basin of West Texas from a privately held company.

Berry Petroleum and an unnamed industry partner have signed a joint exploration and development agreement with the Ute Indian Tribe to explore and develop 125,000 acres of tribal lands in the Uinta Basin in Utah. Berry also has agreed to purchase an interest in 46,000 acres of fee lands adjacent to or near the tribal acreage.

Berry Petroleum and an unnamed industry partner have signed a joint exploration and development agreement with the Ute Indian Tribe to explore and develop 125,000 acres of tribal lands in the Uinta Basin in Utah. Berry also has agreed to purchase an interest in 46,000 acres of fee lands adjacent to or near the tribal acreage.

Southwestern Energy Co. on Tuesday closed the sale of its Mid-continent oil and gas properties in Oklahoma for $26.9 million. The non-strategic assets were sold to an unnamed private company.