Contango Oil & Gas Co., Houston, has acquired additional south Texas assets for $2.6 million. The assets contain proved developed producing reserves estimated at 1.1 billion cu. ft. of gas equivalent. With this, Contango has now completed four acquisitions in its south Texas focus area totaling $25.9 million with 14 billion cu. ft. of gas equivalent of proved developed producing reserves. Penn Virginia Corp., Radnor, Pa., has rejected Boone Pickens Capital Energy Equity Fund LP and Boone Pickens Capital Energy Equity International Holdings I LP's acquisition offer of $40 per outstanding share for a total deal value of $360 million. The board and its financial and legal advisors concluded the offer is not in the best interests of the company and its shareholders. Abraxas Petroleum Corp., San Antonio, has sold its interests in the East White Point Field in south Texas to Peoples Energy Production for approximately $10.5 million. The assets include production of approximately 1.8 million cu. ft. of gas equivalent per day, net. Peoples' working interest in the field is approximately 55% and it will operate a portion of the properties. Greka Energy Corp., New York City, sold its producing interests in the Potash Field in Louisiana to Sundown Energy Inc. for $20 million in cash. The assets include a 100% working interest and a net revenue interest of 78% to 83% in approximately 3,000 acres. The field has a total of 132 wells. One is producing approximately 3.5 million cu. ft. of gas per day. Ox Bow Energy Corp. and Medicine Bow Energy Corp., both of Denver, have merged. The deal included the sale of $2 million of shares to EnCap Investments and Credit Suisse First Boston Private Equity Inc. Tipperary Corp., Denver, sold to Delta Petroleum Corp. all of its interests in the West Buna Field in east Texas for $4.1 million in cash. Total reserves are estimated at 4.3 billion cu. ft. of gas equivalent. The Exploration Co., San Antonio, has acquired the Pena Creek Field in Dimmit County, Texas, from Merit Energy Co. for $3.75 million The property includes 10,000 acres, production of approximately 300 bbl. of oil per day, and approximately 1.4 million bbl. of proved reserves. The price per barrel of oil equivalent is $2.68, according to The Exploration Co. Stratford American Corp., Phoenix, has acquired working interests in 23 properties in Oklahoma and Texas for $738,000 cash. BP Exploration & Production Inc., Houston, has acquired 75% of EEX Corp.'s, Houston, interests in 23 outer continental shelf leases. BP will conduct further leasing and geophysical activities in an area encompassing 140 blocks. BP may commit to the drilling up to three wells. EEX will be carried for its 25% interest of the costs of the initial evaluation period as well as the drilling of the first three exploration wells. Oneok Inc., Tulsa, Okla., sold its remaining equity interest in Magnum Hunter Resources Inc., Irving, Texas, for $35.8 million to a group of U.S. institutions. Aspen Group Resources Corp., Oklahoma City, sold 23 properties in Oklahoma for approximately $1.3 million to Crown Energy Drilling & Production Fund 2001-1 LP. The assets include an average working interest of 3.6% and an average net revenue interest of 2.72%. The net production rate was 100 BOE per day. Additionally, Aspen acquired 45 producing wells in the Anadarko Basin of west Oklahoma in 11 counties averaging a 44% working interest from Malmaison de Portefeuil Ltd. for $750,000 and 2.8 million shares.
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