• Gulf Canada Resources Ltd., Calgary, is buying Crestar Energy Inc. in a C$1.15-billion cash-and-stock deal that will create one of the top five independent oil and gas explorers in Canada and one of the top 10 in North America. (For more on this, see the full story in this issue.) • AEC Oil & Gas has acquired the Canadian assets of Westminster Resources Ltd., Calgary, for C$62.7 million in cash. Westminster will use some proceeds to continue and expand its joint venture in the San Joaquin Basin, Calif. Griffiths McBurney & Partners acted as financial advisor to Westminster. • Grey Wolf Exploration Inc., Calgary, has agreed to acquire long-life gas producing properties and undeveloped land in the company's core area of Sundre/Caroline, Alberta, in exchange for its shallow-gas interests in the Redwater, Radway, Thorhild, Newbrook and Abee areas and C$500,000 in cash. The deal will increase the company's average working interest in the properties from 18% to approximately 44%. • Triumph Energy Corp., Calgary, plans to sell certain nonoperated properties for a total C$15.85 million representing proved producing and total proved reserves of 1.4 million BOE. • Bridgetown Energy Corp., Calgary, has acquired oil and gas assets from PricewaterhouseCoopers Inc., receiver for Probe Exploration Inc., for C$8 million. The acquisition includes a 92% working interest in a property in the Majestic area of southern Alberta. • Roseland Resources Ltd., Calgary, has acquired two private companies for C$5.8 million and 401,725 Roseland shares, more than doubling Roseland's reserves. The acquired companies' assets are in east-central Alberta and produce approximately 250 BOE per day, 68% gas. Proven reserves are estimated at 2.4 billion cu. ft. of gas and 426,000 bbl. of liquids. • KeyWest Energy Corp., Calgary, has acquired a private Alberta company whose major assets are in the Merid area of western Saskatchewan for C$4.2 million in cash, Keywest shares and assumption of debt. The private company's assets include 270 BOE per day of which 60% is oil, interests in 13,000 acres of undeveloped land, and total reserves of approximately 700,000 BOE. • The Magin Energy Inc., Calgary, merger with Place Resources Corp. has been canceled. Approximately 49.5 % of Place shares were tendered; the offer required at least 66.66%. • Real Resources Inc., Calgary, has acquired Prism Petroleum Inc. for approximately C$9.8 million in cash and approximately 2.25 million Real common shares. • Endeavour Resources Inc., Calgary, is buying a private producer of approximately 165 BOE per day in Alberta and Saskatchewan, for 8.4 million shares and 4.2 million warrants.
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