Denbury Resources Inc., Dallas, plans to acquire privately held Matrix Oil & Gas Inc., Covington, La., for approximately $163 million in cash and stock, including the assumption of Matrix's liabilities. The total estimated cash cost to Denbury will be financed with debt available under the company's bank credit facility. Credit Suisse First Boston was Denbury's financial advisor in the transaction. After the closing, approximately 15% of Denbury's reserves and 25% of its daily production will be offshore. Penn Virginia Corp., Radnor, Pa, will acquire Synergy Oil & Gas Inc. for $112 million in cash, funded from an existing bank facility. The acquisition will be accounted for as a purchase and is expected to add to operating cash flow immediately, but be neutral to earnings for 2001. Penn will acquire 59.2 billion cu. ft. of gas equivalent, 55% gas. The company will also acquire interests in 25 fields including two in Texas-SW Rugles in Matagorda County and Tom Lyne in Live Oak County. Penn will gain control of 27,300 net developed and 10,000 net undeveloped leasehold acres, and 214 miles of seismic data. EOG Resources Inc., Houston, has plans to acquire Energy Search Inc. for $8.22 per share, a premium of approximately $1.40 per share or 21% more than the 20-day average closing price. The deal may be completed in the third quarter. Energy Search's assets are primarily gas and are in the Appalachian Basin. Greka Energy Corp., New York, plans to buy Vintage Petroleum 's producing properties and facilities in the Santa Maria Valley of central California for $17.75 million in cash. The properties consist of five fields and approximately 110 producing wells, encompassing more than 5,000 acres of mineral interests and over 800 acres of real estate. They reportedly have total daily production of 2,000 bbl. of heavy crude oil and 300,000 cu. ft. of gas. Proved reserves are approximately 5.5 million BOE. Americomm Resources , Tulsa, has acquired Empire Petroleum Corp. , a private company, for stock, increasing its working interest in a Cheyenne River, Wyo., prospect to 75%. Cheniere Energy Inc. , Houston, has agreed to sell one of its two licenses to 3-D seismic data covering 6,800 square miles in offshore Texas and Louisiana to Gryphon Exploration Co. for $7 million. Both companies will use the data to generate prospects in the Gulf region. With this transaction, Gryphon's 3-D seismic database will increase from 8,800 square miles in the region to approximately 16,000, equal to 2,000 offshore Gulf of Mexico blocks, from which to generate prospects. KCS Energy Inc., Houston, has acquired interests in the West Mission Valley Field and other minor properties in Victoria County, Texas. The properties include approximately 19.6 billion cu. ft. of gas equivalent of net proved reserves, 10,000 acres and several drilling prospects. Fossil Bay Resources Ltd., Dallas, plans to acquire certain operated gas properties of Falconer 1996 LLC in La Plata County, Colo., including 18 producing gas wells with proven reserves of 2.8 billion cu. ft. Pangea Petroleum Corp., Houston, acquired the remaining 75% interest in the A.A. Sharp No. 6 lease in Jim Wells County, Texas. The company now owns a 100% working interest in this well. Regent Energy Corp., Houston, plans to purchase the South Thornwell Field in Jefferson Davis, La., from MTBB Acquisition LLC for $1.1 million and 25% of the field's cash flow. Regent will operate three of the four wells. The acquisition may take the form of a purchase, allowing Regent to book income from Jan. 1, 2001. The Texas Municipal Gas Corp. , Houston, has acquired from EnRe LP , San Antonio, Texas, an overriding methane royalty and production payment carved from EnRe's Clayhill and West Ponder properties in Denton and Wise counties, Texas. In establishing the purchase price, Texas Municipal entered gas price hedges for 20 years at more than $4 per MMBtu each year. EnRe is scheduled to drill 45 additional development wells and open additional productive zones from existing wells. EnRe will continue as operator of the properties and will retain all gas liquids, oil, condensate and residual gas production. EnRe will also retain a significant portion of the excess production over the levels estimated at the time of the acquisition.
Aethon Reinforces Executive Team Amid Natural Gas, Energy Investment Push
2023-02-04 - Lola Oyewole, Aaron Wimberly and Clayton McGratty will join Aethon Energy’s executive team as the company looks to expand footprint in the Haynesville Shale.
Chevron Appoints Mark A. Nelson Vice Chairman
2023-01-27 - With more than 35 years of experience with Chevron, Mark A. Nelson will take on additional responsibilities with the added role of vice chairman.
EnCap Flatrock Promotes VP Brett Knowles to Managing Director
2023-01-09 - Knowles, a recent Hart Energy Forty Under 40 honoree, has been at EnCap Flatrock for 10 years.
ProPetro Adds Mary Ricciardello to Board of Directors
2023-01-23 - Ricciardello brings her extensive public company board expertise to her new appointment in ProPetro’s board of directors.
Suncor Board Appoints Rich Kruger to President and CEO
2023-02-21 - Kruger, a former Exxon Mobil and Imperial Oil executive, will take over for Suncor’s interim CEO Kris Smith, who has been in the position since July.