Finance/Companies news briefs, Sept. 28

Sept. 28, 2001
Westport Resources Corp. ... Devon Energy Corp. ... PanCanadian Petroleum Ltd. ... Williams Cos. Inc. ... Bowridge Resource Group Inc. .... ESI Energy Services Inc. ... Talisman Energy Inc. ... Lundin Oil AB

Westport Resources Corp., Denver, said its board has authorized the repurchase up to $30 million of its stock through 2002. The company said the current stock price does not reflect the value of its assets and its portfolio of growth opportunities.

Devon Energy Corp., Oklahoma City, plans to make a private placement of up to $3 billion in senior notes. The funds will finance a portion of the purchase of Anderson Exploration Ltd. and Mitchell Energy & Development Corp. The company anticipates closing the offering by early October.

PanCanadian Petroleum Ltd., Calgary, said stockholders have approved an arrangement that makes the company a wholly owned subsidiary of a new firm, PanCanadian Energy Corp., effective Oct. 1. The new firm's stock will begin trading Oct. 3.

Williams Cos. Inc., Tulsa, has created a third major business group, a marketing and trading unit. The other two groups are energy services (of which marketing and trading had been a part) and gas pipelines.

Bowridge Resource Group Inc., Calgary, is acquiring ESI Energy Services Inc., Calgary, for $30 million. The transaction is expected to close this fall.

Talisman Energy Inc., Calgary, has acquired 104.59 million shares of Lundin Oil AB stock for 36.50 krona/share. About 98% of Lundin's outstanding stock was tendered.