Key Production Co. Inc., Denver, has merged with Cimarex Energy Co., the exploration and production business of Helmerich & Payne Inc. Helmerich & Payne shareholders received approximately 0.532 Cimarex share for each H&P share. Nuevo Energy Co., Houston, has acquired Athanor Resources Inc. for 2 million shares of Nuevo common stock, approximately $62 million in cash and the assumption of $20 million of debt. The assets include approximately 100 billion cu. ft. of gas equivalent of proved reserves, 97% gas and associated liquids. Magnum Hunter Resources Inc., Irving, Texas, has sold more than $60 million of noncore assets to a limited partnership with an affiliate of GE Structured Finance's oil and gas unit for $49 million. The assets include approximately 41 billion cu. ft. of gas equivalent of proved producing reserves. The price per thousand cu. ft. of gas equivalent of proved reserves is $1.00, according to Magnum. Additionally, Magnum Hunter sold 9.1 billion cu. ft. equivalent of proved producing reserves for $11 million at auction. The price per thousand cu. ft. of gas equivalent of proved reserves is $1.35, according to Magnum. Encore Acquisition Co., Fort Worth, Texas, has acquired properties in southeast Utah's Paradox Basin for $17.9 million. The properties are divided between the Ratherford unit (11.06%), operated by ExxonMobil Corp., and the Aneth unit (9.68%), operated by ChevronTexaco. Net production is approximately 900 BOE per day with reserves estimated at 3.6 million BOE. Energy Resource Technology Inc., Houston, a subsidiary of Cal Dive International Inc., Houston, has acquired the 74.8% working interest from Shell Exploration & Production Co. in the South Marsh Island 130 Field (SMI 130) for $12.2 million in cash and assumed Shell's pro rata share of the related decommissioning liability. ExxonMobil Corp., Irving, Texas, acquired a 25% interest in a Gulf of Mexico oilfield development and a 25% interest in the pipeline to transport the crude to onshore storage and distribution facilities. Recoverable reserves are estimated at more than 1 billion BOE from Thunder Horse and Thunder Horse North fields. BP has a 75% interest in the Thunder Horse fields. GMX Resources Inc., Oklahoma City, entered into agreements with two Wichita, Kansas-based companies to sell most of its Kansas assets for $3.9 million. The assets include approximately 10% of the company's total proved reserves, 77% gas. The price per thousand cu. ft. of proved reserves is $0.53, according to GMX. Imperial Petroleum Inc., Evansville, Ind., and Warrior Resources Inc. have terminated their merger plans. Warrior will continue to operate as a subsidiary of Imperial which owns approximately 36% of its common stock. Miller Exploration Co., Houston, has sold its 35% interest in the Pine Grove Field and other developments to Bean Industries Inc. Quest Resource Corp., Benedict, Kan., has sold more than 22,000 acres in southwestern Anderson County, Kan., to a joint venture of Suncor Energy (Gas) America Inc., a subsidiary of Suncor Energy Inc., and Colt Gas LLC, in Dallas, a subsidiary of Colt Energy Inc. Seitel Inc., Houston, has sold a portion of the remaining assets of DDD Energy Inc. to Rising Star Energy LLC for $1.98 million. Capital providers... Pam Pierce, former president of Mirant Energy Capital, has joined J.M. Huber Corp., Houston, as chief operating officer of Huber Energy. Prior to joining Mirant, she was an A&D executive for Vastar Resources until it was rolled back into Arco upon the latter's merger with BP. Mirant Energy Capital has been closed, and its portfolio is for sale.
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