Valued

Two of Canada’s largest energy trusts, Calgary-based PrimeWest Energy Trust and Shiningbank Energy Income Fund, agreed to merge in an all-stock deal valued at C$1.25 billion that will create a natural gas-heavy producer with an undeveloped land base of more than 1.1 million net acres primarily focused in west central Alberta, northeastern British Columbia and the Williston Basin in the United States.

Kinder Morgan Inc. (KMI) stockholders last week overwhelmingly approved a management-led plan to take the company private in a transaction valued at $22 billion, including $7 billion in debt. The private equity buyout, considered one of the largest ever, will give most of the company’s shareholders $107.50 in cash, without interest, for each KMI common share, a 27% premium over the $84.41 closing price on May 26, the last trading day before the proposal was made (see NGI, June 5).

Kinder Morgan Inc. (KMI) stockholders on Tuesday overwhelmingly approved a management-led plan to take the company private in a transaction valued at $22 billion, including $7 billion in debt. The private equity buyout, considered one of the largest ever, will give most of the company’s shareholders $107.50 in cash, without interest, for each KMI common share, a 27% premium over the $84.41 closing price on May 26, the last trading day before the proposal was made (see Daily GPI, May 31).

Marathon Oil Corp. last week acquired 8,700 net acres of natural gas-weighted properties in the Piceance Basin of Colorado in a cash transaction valued at $354 million. The acreage, acquired from Petroleum Development Corp. (PDC), is located in Garfield County in the Greater Grand Valley Field Complex, which is flanked by, and on-trend with, adjacent Marathon production.

Marathon Oil Corp. on Thursday bought 8,700 net acres of natural gas-weighted properties in the Piceance Basin of Colorado in a cash transaction valued at $354 million. The acreage, acquired from Petroleum Development Corp. (PDC), is located in Garfield County in the Greater Grand Valley Field Complex, which is flanked by, and on-trend with, adjacent Marathon production.

Subsea contractor Cal Dive International Inc. on Monday announced the acquisition of Remington Oil and Gas Corp., long considered a takeover target, in a deal valued at about $1.4 billion. Cal Dive, based in Houston, said it will pay the Dallas-based exploration and production (E&P) independent a premium of more than 22% to build its presence in the Gulf of Mexico and to retain key employees.

Houston-based Plains Exploration & Production Co. (PXP) announced Monday it plans to buy Lafayette, LA-based Stone Energy Corp. in a stock-for-stock transaction valued at $1.46 billion plus the assumption of $483 million of debt. Stone stockholders will receive 1.25 shares of PXP common stock for each share of Stone common stock, which represents an 11.4% premium to where Stone shares closed on Friday ($47.10).

Subsea contractor Cal Dive International Inc. last week said it will buy Remington Oil and Gas Corp., long considered a takeover target, in a deal valued at about $1.4 billion. Cal Dive, based in Houston, is paying the Dallas-based independent a premium of more than 22% to build its presence in the Gulf of Mexico and to retain key employees.

Occidental Petroleum Corp. late Thursday agreed to a merger with Vintage Petroleum Inc. in a transaction valued at $3.8 billion. The deal will give Oxy more than 3 billion boe of total proved reserves, or about 20% more than at year-end 2004, with Vintage contributing 437 million boe in proved reserves and 421 million boe of probable and possible reserves.