Pogo Producing Co., Houston, has retained Madison Energy Advisors Inc. to evaluate and market its wholly owned subsidiary, Pogo Onshore Pipeline Co. The pipeline subsidiary owns 108 miles of 6-in. steel gas pipeline that runs from Saginaw, Tex., to a point near Wichita Falls, Tex. Also included are 12 miles of smaller diameter pipeline. Pogo wants to sell the assets effective Apr. 1.
Promax Energy Inc., Calgary, has acquired the remaining 6% of its Cessford properties in Alberta, bringing its holding in the area to 100%.
Avid Oil & Gas Ltd., Calgary, launched a normal course issuer bid for its Class A shares. It will acquire up to 5% of the 21 million such shares outstanding by Mar. 6, 2002.
Benton Oil & Gas Co., Carpinteria, Calif., announced year-end 2000 reserves of 172 million boe, a 16% increase over yearend 1999. Benton's principal operations are in Venezuela and Russia.
APF Energy Trust agreed to acquire Alliance Energy Inc. for $2.02 (Can.)/Alliance share, up to $35.3 million. Most of Alliance's properties are in southeast Saskatchewan.
Hunt Oil Co., Dallas, Tex., will not extend or amend its offer for the common shares of Berkley Petroleum Corp. It will allow its extended offer to expire on Friday, Mar. 9. Craig S. Glick, senior vice-president of business development for Hunt, said, "Having received several inquiries from other companies regarding their interest in specific assets of Berkley, we examined carefully the possibility of joining with another company to top the Anadarko [Corp.] bid. These discussions, however, did not prove fruitful. � Our shares in Berkley will either be tendered to Anadarko or sold on the open market."
Magin Energy Inc. has retained Griffiths McBurney & Partners as financial advisor in reviewing various alternatives to maximize value for Magin shareholders. Magin will have data room materials available within the week.
Tipperary Corp., Denver, Colo., has completed the acquisition of 68,000 net acres of undeveloped oil and gas leasehold in Moffat County, Colo. Management said the leases were acquired over the past few months primarily for coalbed methane exploration. Moffat's investment in the acreage to date is $2.4 million.
Peru�s energy regulator Osinerg rejected Pluspetrol Peru Corp.�s appeal against a $470,000 fine for a 5,500 bbl oil spill last October in Peru�s Mara�on Riverin the northern jungle. The spill occurred when a river barge loaded with 6,612 bbl of crude oil contracted by Pluspetrol sank at the Yanayacu terminal in Pluspetrol�s block 8. Osinerg ruled that under Peru�s hydrocarbons regulations, Pluspetrol was responsible for the spill as the operator of Block 8 and of the Yanayacu terminal.