Finance/Companies news briefs, Jan. 28

Powder River Basin Gas Corp. has agreed to acquire producing gas wells and leases in the Powder River basin from Big Basin Petroleum Services LLC for an undisclosed amount of cash and stock. The acquisition includes 26 wells and 64 well locations. Big Basin will continue the drilling and maintenance operations as a contractor.

An investor group led by two directors of Goodrich Petroleum Corp. has signed a letter of intent to purchase stakes in Goodrich's Burrwood and West Delta 83 fields in Plaquemines Parish, La., for $12 million. Goodrich has reserved the right to further market the interests: a 30% working interest in the existing production and shallow rights and a 15% working interest in the deep rights below 10,600 ft.

The Paper, Allied-Industrial, Chemical and Energy Workers (PACE) International Union rejected a contract offer from the oil industry presented during national bargaining talks. The industry offered percentage wage increases of 2% the first year, 2.5% the second year and 2.5% the third year. It did not address other issues proposed by PACE, including successorship, job security, and health and safety (OGJ Online, Oct. 8, 2001).

Devon Energy Corp., Oklahoma City, has completed its $3.1 billion merger with Mitchell Energy & Development Corp. (OGJ Online, Aug. 14, 2001).

GEOCAN Energy Inc., Calgary, will undertake a private placement of a $3 million (Can.), 2-year secured, subordinated convertible debenture with Paramount Resources Ltd.

Woodside Energy Ltd. said it is considering bidding for oil and gas exploration and production assets owned by Veba Oil & Gas GMBH.

Russian company Yukos denied media reports that it was discussing a possible sale of a share block to French company TotalFinaElf SA.

Kerr-McGee Corp., Oklahoma City, replaced 490% of its 2001 worldwide production of 108 million boe at an average finding, development, and acquisition cost of $5.73/boe. Worldwide additions of proved oil and natural gas reserves resulted in a 40% increase in reserves to 1.5 billion boe at yearend.

Louisiana company OSCA Inc., a provider of specialized oil and gas well completion products and services, acquired substantially all of the assets of Kilgore, Tex.-based Ancor Services Inc.'s land-based well stimulation business. Terms were not released.

China National Chemicals Import & Export Corp. has agreed to acquire a subsidiary of Norwegian company Petroleum Geo-Services ASA for $215 million, including debt assumption. Atlantis is an E&P company working in the Middle East and Africa.

The US Federal Trade Commission, after antitrust review, has approved Cal Dive International Inc.'s acquisition of Canyon Offshore Inc. (OGJ Online, Dec. 5, 2001).

INTEC Engineering UK Ltd. has acquired an affiliate of SMIT Land & Marine Engineering Ltd. for an undisclosed sum. Fuel Subsea Engineering, based in Woking, Surrey, develops and implements diverless subsea connection systems. It is also a general subsea engineering consultant.

Arcis Corp. and Trace Energy Services Ltd. have jointly decided not to proceed with Arcis's proposed acquisition of Trace (OGJ Online, Dec. 21, 2001). Both are based in Calgary.

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