Finance/Companies news briefs, Nov. 21
Parker Drilling � Nabors Alaska Drilling � Bargo Energy � Chevron � Texaco � Samson Canada � Petro-Canada � ENI � Gaz de France � MarkWest Hydrocarbon � Crosstex Energy Services � Tejas Gas Transmission
Parker Drilling Co., Tulsa, has sold its last US land rig to Nabors Alaska Drilling Co. for $20 million cash. After more than 30 years of providing drilling service and equipment in the US, Parker decided to exit the Alaska and Lower 48 land drilling business 2 years ago in pursuit of the offshore Gulf of Mexico and international drilling markets.
Bargo Energy Co., Houston, has agreed to sell its properties in Kern County, Calif., to an undisclosed buyer. Bargo expects to close the sale by Jan. 15; the effective date is Dec. 1, 2000.
Chevron Corp. will refile its premerger notification and report with the Federal Trade Commission. Chevron and Texaco Inc. recently announced their intention to merge. Chevron said the refiling gives the commission and staff more time to review the information submitted by the companies before it decides what additional information, if any, it will request.
Samson Canada Ltd. has agreed to buy oil and gas properties in northeast British Columbia from Petro-Canada, Calgary, for about $90 million (Can.). The three fields�in the Buick Creek, Fireweed, and St. John areas�have average net production of 15 MMcfd of gas. Samson, a unit of Samson Investment Co., Tulsa, said the properties fit with its acquisition earlier this year of Calahoo Petroleum Ltd. for $140 million (Can). It said the deal provides opportunities for development and operating efficiencies for Samson and continues its focus on northeast British Columbia and northwest Alberta. The sale is scheduled to close by yearend.
ENI SPA and Gaz de France SA last week signed a 24-year take or pay supply contract for 2 billion cu m/year of gas from Libya. ENI Managing Director Vittorio Mincato said the contract is part of the 8 billion cu m scheduled to arrive from Libyan fields starting in 2004. ENI is developing fields in Libya with its partner there at a cost of 5.6 billion francs. "We expect to complete the placement of the remaining 2 billion cu m by the end of the year," Mincato said.
MarkWest Hydrocarbon Inc., Denver, Colo., will acquire interests in several coalbed methane properties and gathering systems in New Mexico's San Juan basin for $5.625 million from an undisclosed seller. The properties include 4,800 acres and 40 producing gas wells containing 3.9 bcf of proven developed reserves and 3 bcf of proven undeveloped reserves net to MarkWest. Included is 11 miles of gathering pipeline. MarkWest will be operator of both the production and gathering systems, with initial production of 1.2 MMcfd net to the company.
Crosstex Energy Services Inc., Dallas, will acquire from Tejas Gas Transmission LLC the 484-mile Gulf Coast Pipeline System Texas intrastate pipeline system, which runs from Refugio County in South Texas to the Brazos River in Fort Bend County, Tex., near Houston. The system has two supply pipeline laterals, which gather gas from 500 wellheads and six plant tailgates. It also has three laterals delivering gas to large industrial and utility consumers along the Gulf Coast and interconnects with multiple third party pipelines. Throughput on the system is 120 MMcfd.