• Petrobank Energy Resources Ltd., Calgary, and Ventus Energy Ltd. have merged. Ventus shareholders may receive C$9.75 per share up to C$100 million or one share of the new company per Ventus share. Each Petrobank shareholder will receive one new company share per 4.25 Petrobank shares. The new company's core areas will be in northwest Alberta, central Alberta and southeast Saskatchewan. Domestic and high-impact international projects will be pursued. In western Canada, the new company will have 1.1 million net acres of undeveloped land with a large inventory of drilling locations that will allow it to operate a year-round development and exploration program. At Gift Lake, an agreement with the Gift Lake Metis Settlement allows the company access to more than 180,000 acres of prospective land.Separately, Ventus will sell its Boyer property, which is currently producing approximately 13 million cu. ft. of gas per day, for C$107 million to a senior Canadian oil and gas company. And, Petrobank, through a subsidiary, Barrington Petroleum Ltd., plans to sell several noncore properties for more than C$40 million. After the dispositions, Petrobank and Ventus will have gas production of approximately 35 million cu. ft. per day and liquids production of 10,000 bbl. per day. Pro forma net debt will be approximately C$140 million including C$47.5 million of subordinated notes and the new company will have 31.7 million common shares outstanding along with 2.0 million voting preferred shares. BMO Nesbitt Burns Inc. and FirstEnergy Capital Corp. were financial advisors to Ventus. • Samson Canada Ltd., Tulsa, has acquired Courage Energy Co., Calgary, at C$5.20 a share, totaling about C$130 million. Samson's production will increase from 13,000 to 17,000 BOE per day and its interests in central Alberta, British Columbia and Peace River Arch areas will increase. The price per flowing BOE is C$32,500. • Russia-based Lukoil Overseas Holding Ltd. plans to buy Bitech Petroleum Corp., Toronto, for C$1.55 per share, totaling approximately C$123 million, cash. Bitech has agreed not to solicit other offers. • Husky Energy Inc., Calgary, has acquired Avid Oil & Gas Ltd. for approximately C$93.8 million. Avid's operations are in the Provost region, west-central and Peace River Arch of Alberta. Avid produces approximately 5,800 BOE per day and has proved reserves of 11.6 million BOE with 100,000 acres of undeveloped land. The price per BOE of proved reserves is C$8.09. • Advantage Energy Income Fund, Calgary, plans to acquire a private oil and gas company for C$57.8 million, cash. The company produces 1,650 BOE per day, including 660 bbl. of oil, 5.4 million cu. ft. of gas and 90 bbl. of gas liquids. Total proved reserves are approximately 7.1 million BOE. The price per BOE of proved reserves is C$8.14. • The Wiser Oil Co., Dallas, wholly owned subsidiary The Wiser Oil Co. of Canada has exchanged producing properties with Talisman Energy Inc. Wiser acquired from Talisman an interest in exploration acreage in the Western Canadian Sedimentary Basin and producing properties valued at US$25.3 million in exchange for two producing properties valued at US$16.2 million and US$9.1 million cash, before closing adjustments. The cash portion was funded with US$4.5 million of cash on hand and US$4.6 million of bank debt. Talisman received interests in the Pine Creek, Sunchild and Portage fields, where it already operates. Wiser Canada estimates its production will increase by approximately 450 bbl. of oil per day. • Shenandoah Resources Ltd., Calgary, with an undisclosed partner, plans to purchase a producing gas property in southwest Saskatchewan for C$22.6 million. The property contains 34 wells producing 4.15 million cu. ft. of gas per day, more than 1,200 kilometers of 2-D seismic and 240,040 gross acres of Crown and freehold land. The property also contains extensive gathering systems with four compressor/dehydration facilities. The purchase price per flowing thousand cu. ft. of gas per day is C$5,445. • Energy North Inc., Calgary, Dynamic Oil & Gas Inc. and Trioco Resources Inc. have purchased interests in lands and facilities at St. Albert, Alberta, previously held by Fletcher Challenge Oil & Gas Inc., and owned now by Apache Corp., Houston, for C$34 million. Energy North purchased 25% of Fletcher's interests in the shallow gas and facilities and 16.5% of Fletcher's Devonian oil interest and facilities. Energy North's share of the total price paid, prior to adjustments, was C$7.22 million. Energy North's total daily production will increase by approximately 540 to 1,700 BOE per day on a 6-to-1 basis. It estimates it will acquire proved reserves of 1.34 million bbl. of oil with the purchase. The purchase price is C$5.39 per BOE of proved reserves, to Energy North. The St. Albert property consists of 19 gas wells and seven producing oil wells including a solution gas plant, oil battery and 13,336 gross producing acres of land. The property has produced in excess of 23 million bbl. of oil and 83 billion cu. ft. of raw gas. • Integrated Production Services Ltd., Calgary, has acquired Delaney Energy Services Corp. for C$1.05 per Delaney share, cash, totaling C$21.8 million. Peters & Co. Ltd. was financial advisor to IPS. Delaney was advised by Raymond James & Associates and initially rejected IPS' unsolicited offer. • Encounter Energy Inc., Calgary, has closed the previously announced sale of its Lethbridge, Alberta, assets for C$12 million to an undisclosed party. Encounter will use proceeds to further exploration and development of existing prospects. Encounter will retain C$10.5 million in working capital, no debt and a base production level of 250 BOE per day for remaining properties. Encounter had a 55% working interest in Lethbridge and the undisclosed party will receive production of 310 bbl. of oil per day, two gas facilities and undeveloped land. The price per BOE of production per day is C$38,710. • Case Resources Inc., Calgary, plans to acquire a 50% working interest in heavy-oil properties producing 800 bbl. of oil per day, for C$4 million from a private Alberta company. Griffiths McBurney & Partners was financial advisor to Case. Case's production after the acquisition will be approximately 550 bbl. of oil per day. The price per flowing bbl. of oil per day, net to Case, is C$10,000. • Terradyne Energy Corp., Calgary, has acquired Leo Oil & Gas Co. Ltd. The shareholders of Leo received 0.77 common share of Terradyne, having a value of C$0.32 per share, per share of Leo. Leo holds rights to more than 26 net sections of land in the Manyberries and Redwater areas of Alberta as well as rights to approximately 300 kilometers of interpreted seismic data. • A Ripper Oil and Gas Inc., Calgary, property acquisition has been reduced to a purchase price of C$610,000 cash and 500,000 shares of Ripper, at a deemed value of C$0.50 per share. It is anticipated that this acquisition will add 54 BOE of production per day to Ripper to total 108 BOE per day, a 6-to-1 basis. The purchase price per flowing BOE per day is C$15,926. • Abenteuer Resources plans to acquire from 903739 Alberta Ltd. certain nonoperated, nonunitized, producing properties in the Kingsford area of southeast Saskatchewan, and a nonproducing, water injection well, for C$800,000 to be paid by C$150,000 in cash, and 2.6 million common shares at a deemed price of C$0.25 per share. • Kinloch Resources Inc., Calgary, has acquired producing properties for C$342,000 cash. The assets are comprised of working and royalty interests primarily in the Pembina, Leduc and Alder areas of Alberta. Production is approximately 10 million cu. ft. of gas and six bbl. of oil and gas liquids per day. The price per flowing thousand cu. ft. of gas equivalent per day is C$21,760, on a 6-to-1 basis. • Spearhead Resources Inc., Vancouver, has purchased a 50% working interest in a battery facility and 360 mineral acres in Suffield core areas of Saskatchewan. The property produces 45 to 50 bbl. of oil per day. • Cusac Gold Mines Ltd., Vancouver, plans acquire 906459 Alberta Ltd., a private oil and gas producer, for 15 million shares of Cusac, for a deal value of C$2.85 million based on Cusac's stock price of C$0.19 each. 906459 Alberta has producing properties in the Provost (Kirkpatrick West and East) and Badger areas of southern Alberta. Net production for the first four months of 2001 was 55 BOE per day (on a 6-to-1 basis) comprised of 286,000 cu. ft. of gas and seven bbl. of oil and gas liquids. The purchase price is C$51,812 per daily flowing BOE. Production is 87% gas. The reserves are long-life, having low decline rates. • MGV Energy Inc., Calgary, the Canadian subsidiary of Quicksilver Resources Inc., Fort Worth, with Gulf Canada Resources Ltd. will explore for and develop coalbed-methane reserves on certain leasehold acreage in Alberta belonging to Gulf Canada. Out of a planned 50 exploration wells, 21 have been drilled. • Oiltec Resources Ltd., Calgary, has signed a joint exploration agreement with Talisman Energy Inc., and two other companies, in the Monkman/Sukunka area of northeast British Columbia to target gas in two, deep reservoirs underlying the existing Monkman gas field. The field area covers approximately 1,960 square kilometers or 485,000 acres.