By OGJ editors
HOUSTON, July 29 -- Paramount Resources Ltd. acquired Summit Resources Ltd. for $332 million, including $80 million in Summit debt.
Summit held 115.6 bcf of proved and 34.7 bcf of probable gas reserves and 10.5 million bbl of proved and 3.7 million bbl of probable oil and natural gas liquids reserves. It also held more than 376,500 net acres of undeveloped land throughout Alberta, British Columbia, Saskatchewan, Montana, and North Dakota.
Summit produced 52.3 MMcfd of gas and 4,812 b/d of oil and condensate in the first quarter of 2002.
Paramount said the two Calgary companies' holdings are highly complementary and that it expected minimal employment losses to occur as a result of the transaction.