In the article titled "Petro-Canada to pay $3.2 billion (Can.) in cash for Veba international assets" (OGJ Online, Jan. 29, 2001), the statement that BP is Veba's biggest shareholder was premature. The companies have agreed in principle to BP's proposed purchase of 51% of Veba in July 2001 but only gave go-ahead for the $1.63 billion deal Jan. 30. OGJ Online regrets the error.
Argonauts Group Ltd. has agreed to acquire Chain Energy Corp. Both companies are Canadian. The consideration is $1 (Can.)/Chain share, 0.44 Argonaut share/Chain share, or a combination thereof. The offer is worth $30.7 million, including assumption of $5.3 million in debt. The deal will give Argonauts proven plus one-half probable reserves of 5.6 million boe.
Petroleos de Venezuela SA, through CITGO International Latin America, Panamanian company Petroleos Paven SA, and Vepica International SA signed a memorandum of understanding to evaluate the introduction of PDV brand fuels and products to the Panamanian market.
Westfort Energy Ltd., Jackson, Miss., has sued Patterson Petroleum LP and Patterson Drilling LP alleging negligence and breach of contract in Patterson's conduct of the drilling and completion attempts of the Karges 18-3 No. 1 well in Pelahatchie field, Rankin County, Miss.