Canadian Oil Sands Ltd. plans to acquire a 10% interest in the Syncrude project from EnCana Corp., Calgary, for approximately C$1.07 billion. EnCana has also granted Canadian Oil the option to purchase, prior to year-end, EnCana's remaining 3.75% share and an overriding royalty. Acclaim Energy Trust, Calgary, has acquired Elk Point Resources for 26.3 million trust units and C$10.9 million in cash-a deal valued at C$174 million. The Elk Point west-central Alberta assets represent approximately 60% of the production acquired. A newly created company will consist of Elk Point's subsidiary Bellevue Resources Inc., which owns all of Elk Point's existing U.S.-based properties, and certain Alberta-based minor properties. The company will have production of approximately 325 BOE per day, 30,000 net acres of undeveloped land, several shut-in gas wells, and hold a one-year option to farm-in on approximately 25,000 gross acres of Elk Point's undeveloped lands. APF Energy Trust, Calgary, and APF Energy Inc. have acquired Hawk Oil Inc., Calgary, in a deal valued at C$50 million. The assets add daily production of approximately 2,700 BOE, comprised of 9.3 million cu. ft. of gas and 1,150 bbl. of oil and gas liquids. Hawk's assets are mainly in central Alberta. Hawk's total proved reserves are estimated at 5.7 million BOE. Drilcorp Energy Ltd., Calgary, acquired producing properties south of Grand Prairie, Alberta, from Enerplus Resources Corp. and Enermark Inc. for C$10.47 million. The properties currently produce approximately 93.7 bbl. of oil, 990,000 cu. ft. of gas and 33.7 bbl. of liquids per day from 14 producing oil wells, one shut-in oil well, two producing gas wells. Included are 1,120 acres of undeveloped land. Drilcorp's production has increased to approximately 500 BOE per day. Additionally, Exall Resources and Drilcorp Energy plan to merge. Shareholders will receive approximately 2.4 shares of the merged entity per Drilcorp share, and one share of the merged entity per Exall share. Drilcorp, pending acquisition of properties in the Jayar area of Alberta, will have approximately 500 BOE per day of production. The combined entity will be named Exall Energy Corp. NCE Petrofund, Calgary, has sold Canadian properties for C$23.8 million. The assets consist of 37 properties in noncore locations, with high operating costs, limited upside potential and large time requirements. Additionally, NCE Petrofund has acquired Solaris Oil and Gas Inc., Calgary, and interests in the Mitsue Gilwood Sand Unit No. 1 and the North Pembina Cardium unit for C$10.6 million. The combined properties have production net to the acquired interest of approximately 305 BOE per day with net established (proven plus 50% probable) reserves estimated at 1.505 million BOE. The price per BOE of established reserves is C$7.20, according to NCE.
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