TotalFinaElf SA, Paris, said it completed its $440 million acquisition of gas transmission assets in Argentina and Chile from TransCanada Pipelines Ltd. (OGJ Online, May 31, 2000).
Ocean Energy Inc., Houston, agreed to acquire the outstanding shares of Texoil Inc., Houston, in a deal worth $130 million, including assumed bank debt of $15 million. The price is $8.25/common shares and $18.04/share of preferred stock. The offer is subject to several conditions, including stockholder approval. Ocean Energy said the deal would expand its operating area in South Texas and its position in Louisiana.
US Energy Corp. and Crested Corp. said their Rocky Mountain Gas Inc. subsidiary agreed to acquire 1,500 gross acres of coalbed methane leases in the Wyoming portion of the Powder River Basin from an unnamed entity for an undisclosed sum. The property has already received drilling permits for 22 coalbed methane wells, and engineering work has been completed for four self-contained water discharge reservoirs. Closing on the agreement and the assignment of leases are subject to due diligence, which should be completed within 30 days.
J. Ray McDermott Inc., a subsidiary of McDermott International Inc., and Bay Ltd. have formed a strategic alliance to pursue fabrication projects in the offshore oil and gas industry, using McDermott's Harbor Island facility near Corpus Christi, Tex.
Agip Energy (Australia) Pty. Ltd. said its offer for Petroz NL has closed. Agip, a unit of Italian company ENI SPA, now owns 11.8% of Petroz.
QRL Liquidating Company LLC retained Madison Energy Advisors Inc. to evaluate and market certain assets in the Quitman Field in Wood County, Tex. The field is operated, on a contract basis for QRL, by J-O�B Operating Co. and produces from 51 wells. Average gross production for the last 6 months of 2000 was estimated at 775 b/d of oil and 580,000 cfd of gas, though enhancements have yielded December production of 940 b/d of oil.
ProSafe ASA decided to submit a voluntary offer to acquire all outstanding shares in Nortrans Offshore Ltd. ProSafe has already obtained acceptance from Cherryhayes Ltd., representing 59.85% of the shares in Nortrans.
Williams announced underwriters for its public offering of 33 million shares of common stock have exercised in full an over-allotment option to purchase an additional 4.95 million shares. Last week's offering was priced at $36.125/share.
ARC Canadian Energy Venture Fund 2, Calgary, said that through participation in a private placement, it acquired 1.7 million common shares and 666,667 warrants in the capital of Sterling Resources Ltd. ARC Canadian now exercises control or direction over 2.3 million common shares of Sterling, representing 12.4% of outstanding shares or 16.5% assuming exercise of the warrants.
Southwestern Energy Co., Fayetteville, Ark., signed a second joint exploration agreement with Phillips Petroleum Co. The agreement allows Southwestern to explore 21,100 acres in Eddy County, NM, held by Phillips.
Vectren Corp., Evansville, Ind., plans to make a public offering of 5.5 million shares of new common stock. Vectren is an energy and applied technology holding company.
Local 4-227 of the Paper, Allied-Industrial, Chemical, and Energy Workers International Union ratified a labor agreement with Crown Central Petroleum Corp. that puts an end to a 5-year lockout, boycott, and union campaign against the refining company. The union said the new contract provides wage increases, protects seniority rights, and preserves jobs.
Comstock Resources Inc., Frisco, Tex., budgeted $100 million for exploration and development activities in 2001, up 43% from the 2000 budget.
Contango Oil & Gas Co., Houston, began listing its stock on the American Stock Exchange Jan. 18.
APB Energy Inc., Louisville, Ky., an energy broker, acquired an ownership interest in Norwegian Energy Brokers AS, Bergen, Norway. APB said NEB is one of the leading energy brokerage firms in the Nordic electricity market and that its subsidiary First Energy Brokers AS is an emerging player in the European energy market.