Finance/Companies news briefs, May 7

Newfield Exploration ... Swift Energy ... GEOCAN Energy ... Geopet ... Elk Point Resources ... Redwood Energy ... Canadian Natural Resources ... PDVSA ... Vintage Petroleum ... Regent Energy ... Dresser-Rand India Pvt Ltd.


Newfield Exploration Co., Houston, said its board authorized spending up to $50 million to repurchase its stock. Newfield has 45 million shares outstanding. The stock repurchase will be financed through operational cash flow and by borrowing from a revolving credit facility.

Swift Energy Co., Houston, has agreed to sell natural gas to New Zealand electricity generator Genesis Power Ltd. The deal calls for 38 bcf during a 10-year period, or 3.8 bcf/year. The gas will come from Swift's Rimu discovery and will be used at Huntly Power Station.

GEOCAN Energy Inc., Calgary, has closed the acquisition of producing oil and gas interests in the Carrot Creek, Tomahawk, Manyberries, and Elmsworth areas of Alberta. Total current debt stands at $2 million (Can.) and represents 10 months of GEOCAN's cashflow.

Peru's Geopet has obtained the first agreement with Perupetro, the state oil agency, for a service company to promote petroleum exploration blocks after completing technical studies. Geopet signed an 18-month technical evaluation studies agreement with Perupetro.

Elk Point Resources Inc., Calgary, has closed on oil and gas assets in the Pembina, Easyford, and Bigoray areas of Alberta. The $23.8 million (Can.) deal includes production of 2.9 MMcfd of gas, 385 b/d of light crude, and 55 b/d of natural gas liquids.

Redwood Energy Ltd., Calgary, intends to purchase up to 1 million of its shares, or 5% of outstanding stock, by Apr. 30, 2002. Redwood has 20.6 million shares outstanding. Redwood's board said the market price of its stock is below the actual value.

Canadian Natural Resources Ltd. has bought an additional equity interest in Ivory Coast Block CI-26 to bring its holdings to 58.67%. The assets were acquired from Addax Petroleum Côte d'Ivoire Ltd., a wholly owned subsidiary of Addax Petroleum NV.

State oil company Petroleos de Venezuela SA (PDVSA) received $213.75 million in 2000 dividends from its subsidiary, Citgo Corp., Tulsa. Contreras Maza, Citgo president, said there are no plans to sell Citgo and denied rumors Citgo was planning to move its headquarters to Houston.

Vintage Petroleum Inc., Tulsa, successfully completed a tender offer to buy Genesis Exploration Ltd., Calgary. Vintage paid $898 million (Can.), including debt.

Regent Energy Corp., Houston, plans to buy the interests of outside working interest owners in Horseshoe Gallup/Northeast Hogback Unit oil and gas field. Regent will own 100% of the property in San Juan County, NM. The deal is expected to close June 15.

Dresser-Rand India Pvt. Ltd. was selected to supply two separable compression systems for Gujarat State Petronet Ltd. The $3 million contract is for Gujarat State Energy Generation Co.'s gas booster application in Hazira gas fields near Surat, India.

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