Finance/Companies news briefs, Nov. 27

Addison Energy Inc., a wholly owned subsidiary of EXCO Resources Inc., Dallas, has agreed to purchase Canadian oil and natural gas assets from an unnamed independent producer for $33.8 million (US) in cash. The assets include total proved reserves of 3 million bbl of oil and natural gas liquids and 21.4 bcf of gas. Most of the properties are in Alberta. Closing is expected in mid to late December.

DONG AS and Denerco Oil AS have each acquired 3.6185% in the Siri license on the Danish continental shelf from Phillips Petroleum Co., bringing their respective interests to 23.6185% and 11.1185%. The field is in 60 m of water in Block 5604/20 on the Ringkøbing-Fyn High, some 130 nautical miles west of Esbjerg.

Stolt Offshore SA has decided to buy back the 6.1 million shares issued to engineering group Vinci as partial compensation for the ETPM SA acquisition in December 1999 at the guaranteed $18.50/share price. The cash outlay of $113.6 million will be made when the guarantee comes due in the second quarter 2002.

Technip-Coflexip Group plans to repurchase up to 0.9% of its share capital at up to 150 euros/share, bringing the shares it controls up to 10%. The shares repurchased will be used to stabilize the price of Technip-Coflexip shares, to buy or sell Technip-Coflexip shares according to market conditions and for other asset management programs.

Halliburton Co. has completed the $100 million acquisition of Magic Earth Inc., a 3-D visualization and interpretation technology company (OGJ Online, Apr. 30, 2001).