US reserves values up, deal action flat

The value of US reserves involved in oil and gas transactions rose in the third quarter of 1999, even though the number of transactions remained relatively flat vs. second quarter.This was among the findings of Cornerstone Ventures LP, Houston, in an analysis of oil industry merger and acquisition (M&A) deals.Based on 23 transactions for which financial and reserves data were disclosed, the median reserves value increased to $4.66/boe in third quarter from a second quarter revised value of $4.00/boe. At 55, the total number of deals was essentially flat vs. second quarter's 57 transactions, says Cornerstone."The level of deal activity was surprisingly low but is expected to improve du...

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