U.S. reserve values decline as acquisition activity rises

U.S. reserve values fell in fourth quarter 1998 and for the year as a whole, according to Cornerstone Ventures LP's latest report. For the fourth quarter, based on 41 transactions for which transaction values and reserve quantities were reported, the median reserves value fell to $4.72/boe from a revised value of $5.00/boe for the third quarter. The number of transactions was up also, with a total of 73 deals closing in the fourth quarter vs. 45 in the third, according to the Houston-based investment banking firm. "The pace of deal activity is likely to strengthen, because many of the financially strong companies see this market as an opportune time to acquire additi...

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