Trico Marine Services Inc., Houston, has agreed to acquire two 279-ft platform supply vessels for $42 million. They are being built in Norway and will be delivered in April and August 2002.
Benton Oil & Gas Co., Carpinteria, Calif., said it plans to reduce its annual US corporate G&A expense by half to $4 million. It also plans to move its head office to Houston. The transition will be effective June 5.
Schlumberger Ltd., New York, has taken over production systems software specialist Baker Jardine & Associates for an undisclosed amount, BJA reported. Under the takeover deal, BJA becomes part of Schlumberger Information Systems and will provide petroleum and production, process and pipeline engineering applications, and integrated production system modeling solutions.
Canadian company Olympia Energy Inc. has offered to buy the outstanding common shares of Bridgetown Energy Corp. for $1.95 (Can.)/common share. The offer is conditional upon the entering into of a mutually satisfactory preacquisition agreement before June 15.
Original Media Inc., Palm Springs, Calif., has agreed to acquire 100% working interest and 70% net revenue interest in all oil and gas leases in all zones and affiliated production equipment from Alco Oil & Gas LLC, Legato Resources, and Herenca Operating LLC. The purchase price is $22.5 million, which will be paid in a combination of convertible preferred stock and an undisclosed amount of cash. The leases cover 150,000 acres in various Texas counties, with 15,000 existing wells.
Magnum Hunter Resources Inc., Irving, Tex., intends to repurchase up to 1 million shares of its common stock on the open market or in privately negotiated transactions.
Ascent Energy Inc. has extended its offer to acquire Pontotoc Production Inc., Ada, Okla., to July 31. The previous date was May 31.
Holly Corp., Dallas, has approved a two-for-one stock split payable in the form of a stock dividend of one share of common stock for each issued and outstanding share of common stock. Holly, through affiliates Navajo Refining Co. and Montana Refining Co., is engaged in the refining, transportation, terminalling, and marketing of petroleum products.
The Court of Appeal in London has ruled that Global Marine Inc., Houston, must pay shipyard Harland & Wolff, Belfast, the outstanding delivery installment payable on the deepwater drillship Glomar Jack Ryan, completed by Harland and Wolff in July 2000. The judges ruled that Global Marine must pay $27 million and £3.3 million, as previously decided in arbitration.
A unit of Conoco Inc. has begun a tender offer for Gulf Canada Resources Ltd., Calgary. The $4.3 billion deal was announced last month (OGJ Online, May 29, 2001).
Kerr-McGee Corp. said it has been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, regarding the $1.7 billion acquisition of HS Resources Inc. The deal was announced last month (OGJ Online, May 14, 2001).
AltaCanada Energy Corp., Calgary, has acquired interests in the East Central Alberta area from an unnamed company for $3.4 million (Can.). The assets acquired include working interests in production, facilities, and undeveloped land in the Drumheller, Three Hills Creek, and Wildmere areas of Alberta.
The Canadian unit of Houston-based Marathon Oil is selling some Canadian oil assets to concentrate on natural gas, particularly offshore Nova Scotia. Marathon Oil Co. will sell primarily heavy oil properties in Alberta and Saskatchewan and reduce its Canadian production by one-third to 31,000 boe/d. The lands for sale produce about 15,000 boe/d.
PetroCorp Inc., Tulsa, has completed its merger with Southern Mineral Corp., Houston. The deal was announced last month (OGJ Online, May 9, 2001).
Canadian company First Calgary Petroleums Ltd. has reached agreement with Canaccord Capital (Europe) Ltd., as agent, to market a private placement of common shares and warrants. The financing will create up to $16.4 million in new equity for First Calgary. The proceeds from this financing will be used to advance FCP's exploration activities in Algeria.
Emera Inc. expects to close the acquisition of the 8.4% interest in the Sable Offshore Energy Project held by Nova Scotia Resources (Ventures) Ltd. by June 15, said Pengrowth Energy Trust, Calgary, which will acquire a net royalty from Emera.