Finance/Companies news briefs, July 12

Plains All American Pipeline LP ... CANPET Energy Group ... Gulf Canada Resources ... Conoco ... Institut Français du Pétrole ... Isis ... Axens ... Swift Energy ... Pride International ... Marine Drilling ... Husky Oil Operations ... Santos ... Interline Resources ... and more


Plains All American Pipeline LP, Houston, has completed the $42 million acquisition of crude and LPG marketer CANPET Energy Group Inc., Calgary. The deal was announced in April (OGJ Online, Apr. 11, 2001).

Canada has approved the $6.3 billion acquisition of Gulf Canada Resources Ltd. by Conoco Inc. This is the last regulatory approval required for the transaction, announced in May (OGJ Online, May 29, 2001).

Institut Français du Pétrole said its refining, petrochemicals, and gas processes licensing business has been merged into a subsidiary of French technology sector holding company Isis. Procatalyse (the Isis unit) and the IFP business will form Axens Co. If Technip SA succeeds in its attempt to acquire Isis, IFP will attempt to acquire the Axens holdings of Isis (OGJ Online, July 3, 2001).

Swift Energy Co., Houston, has filed a universal shelf registration statement with the US Securities and Exchange Commission to raise up to $350 million. Any offering, said Swift, will be used to raise funds to reduce bank debt and for working capital, capital expenditures, and other general corporate purposes.

Pride International Inc. and Marine Drilling Cos. Inc. have received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for their proposed merger (OGJ Online, May 24, 2001).

Husky Oil Operations Ltd., operator of the White Rose oil field off Newfoundland, has begun public hearings on the development application. Husky hopes to gain regulatory approval by the fourth quarter.

The South Australian government has informed Santos Ltd. that it will not be changing a rule that keeps any one shareholder from controlling more than 15% of the voting shares in the company. Santos said it hopes the matter will be reconsidered.

PanCanadian Petroleum Ltd. and ENI SPA have joined the CO2 Capture Project, a consortium of companies formed to research and develop technology aimed at reducing greenhouse gas emissions. Existing partners include BP PLC, Chevron Corp., Norsk Hydro AS, Royal Dutch/Shell Group, Statoil AS, and Texaco Inc.

EXCO Resources Inc., Dallas, has acquired oil and gas property interests located in Pecos County, Tex., from its partners in Pecos-Gomez LP. It also acquired the Pecos-Gomez natural gas hedge contract.

Seven Seas Petroleum Inc., Houston, has acquired $45 million in financing to fund its 2001-2002 business plan. Chesapeake Energy Corp. has agreed to purchase $22.5 million of senior secured notes with detachable warrants to purchase 12.6 million shares of Seven Seas, and a group of investors will purchase $22.5 million of short-term secured notes.

Newalta Corp., Calgary, has agreed to acquire Anadime Corp., Calgary, an oil field services company offering waste processing and disposal services to the oil and gas industry in western Canada. Newalta recovers and recycles oil, gas, and industrial waste.

Santos Ltd., as operator of the Moomba Gas Plant for the South Australian Cooper Basin Producers, said production is now returning to normal levels after an incident in June (OGJ Online, June 18, 2001).

The US group Crowley Marine Services and the Brazilian company Triunfo Ltda. inked a contract that establishes that both companies will provide logistical support to oil companies that operate in the offshore Campos and Santos basins. These are the first private companies to render these services.

Canadian company Durum Cons. Energy Corp. said a reorganization of interests in New Zealand exploration permit 38256 has left it with 10% of the permit, up from the previous 20% in the northern area of the permit.

The Australian Woolworths supermarket chain has acquired the independent Liberty Group's 69 service stations. They are in New South Wales, Queensland, Victoria, South Australia. and Western Australia. By the end of June 2002, Woolworths expects to own a total of 260 retail petrol outlets in Australia, about 8% of the Australian retail market.

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