By OGJ editors
HOUSTON, Nov. 10 -- Canadian Natural Resources Ltd. (CNR), Calgary, announced plans to buy a western Canadian subsidiary from Anadarko Petroleum Corp., for $698 million (Can.).
Anadarko announced it was selling a smaller package of Canadian properties to an undisclosed buyer for $155 million (Can.). Anadarko declined to release any information about the second buyer, including whether it's a private company.
Both transactions are expected to close by yearend, Anadarko said. The transactions are part of Anadarko's previously announced plan to sell properties representing 15% of its yearend 2003 proved reserves and 25% of its current oil and gas production (OGJ Online, June 10, 2004).
In a news release concerning both sales, Anadarko said it was divesting various assets in Alberta and northeastern British Columbia, representing 55 million boe of proved reserves as of Sept. 1. The average production in September for the properties was 22,200 boe/d.
Anadarko Pres. and CEO Jim Hackett said the company is "ahead of schedule on the sale process and exceeding our value estimates."
CNR said its initial assessments identified 90 new well locations and 200 well recompletion opportunities on the properties it is acquiring. The transaction will extend CNR's North Alberta core region into the light oil operating area of Dawson, executives said.
