• Patina Oil & Gas Corp., Denver, has acquired Cordillera Energy Partners LLC for $244.5 million in cash and stock, gaining 235 billion cu. ft. equivalent of proved reserves. Cordillera's shareholders received $240.5 million of cash plus five-year warrants to purchase 500,000 common shares of Patina at $45 each. The acquired reserves are 93% gas and primarily in the Midcontinent (91 billion cu. ft. equivalent), the San Juan Basin (132 billion) and the Permian Basin (12 billion). Patina estimates that its total proved reserves are now approximately 1.5 trillion cu. ft. equivalent. Net daily production from the Cordillera properties exceeds 31 million cu. ft. equivalent. The deal establishes a third core area for Patina in the San Juan Basin. It also has holdings in Colorado's Wattenberg Field and in the Midcontinent. • North Coast Energy Inc., Twinsburg, Ohio, reports it received several proposals to acquire the company, in response to its April hiring of R.W. Baird & Co. to help it evaluate strategic alternatives to improve shareholder value. "The prices reflected in these proposals are below the recent market trading prices of the company's stock," North Coast reports. The company's stock was trading at around $3 at the time of the spring announcement. Since then, shares improved to nearly $15 and were around $11 recently. Evaluations of proposals and discussions with interested parties continue, North Coast reports. The company primarily explores for gas in the Appalachian Basin. • Oneok Energy Resources Co., a subsidiary of Oneok Inc., Tulsa, Okla., plans to acquire East Texas properties and related gathering systems from Wagner & Brown Ltd., Midland, Texas, for approximately $240 million. Proved reserves are estimated at 177.2 billion cu. ft. of gas equivalent. Production is approximately 26 million cu. ft. of gas equivalent per day. The proved reserves have a reserve life of 12.4 years and are 91% gas. • XTO Energy Inc., Fort Worth, has acquired properties in Texas, Arkansas, New Mexico and Colorado for $100 million, gaining proved reserves of 83 billion cu. ft. of gas, 60% proved developed. The assets are producing 12.7 million cu. ft. of gas per day. In East Texas, XTO purchased 42 billion cu. ft. equivalent of reserves, 38% proved developed, in Freestone and Limestone counties. Production is 4 million cu. ft. equivalent per day. Included are 11,000 gross acres and a gas-processing plant. In the Arkoma Basin, XTO acquired 19 billion cu. ft. equivalent of reserves, 88% proved developed, in Franklin, Logan, Pope and Sebastian counties. The interests produce about 4.3 million cu. ft. a day, net, mostly from the Aetna Field. In the San Juan Basin, XTO added 22 billion cu. ft. equivalent of reserves, 78% proved developed, in New Mexico and Colorado. The interests contribute 4.4 million cu. ft. per day of production, with about 70% attributable to the Fruitland Coal formation. • Apache Corp., Houston, and Unocal Corp. have traded some Gulf of Mexico-area assets. Unocal received Apache's 13% working interest in the Unocal-operated Ship Shoal 208 Field and an undisclosed amount of cash in exchange for Unocal's majority interest in the Lake Pagie Field in Terrebonne Parish, La. Unocal now holds 100% of the Ship Shoal 208 Field, which covers three Gulf blocks. Apache now operates and holds substantially all of the net revenue interest in the Lake Pagie Field. The net production increase to Unocal at Ship Shoal 208 is about 800 BOE per day, and net proven reserves added are about 1.4 million BOE. Lake Pagie net production received by Apache is 1,200 BOE per day plus net proven reserves of approximately 2.5 million BOE. Unocal is also selling 20 additional properties in the Lower 48. It expects that, by year-end, it will have sold its working interest in about 90 Gulf-area fields, having net average daily production of about 20,000 BOE and proved reserves of 40 million. It is retaining interest in 25 producing fields in the Gulf region, having 61,000 BOE per day of production and 105 million in reserves. • ChevronTexaco plans to acquire additional working interest and assume operatorship of the Blind Faith discovery from BP. ChevronTexaco will earn the right to operate Blind Faith with a 50% working interest, and BP will own the remaining interest. The Blind Faith #1 discovery well was drilled in June 2001 in some 6,900 feet of water in Mississippi Canyon 696. The discovery well partnership consisted of BP with 77.5% working interest and ChevronTexaco with the balance. • Mission Resources Corp., Houston, has closed the sale of its East Texas assets to Danmark Energy for gross proceeds of $21.5 million. The properties are in the East Texas Field and had net production of approximately 1,150 BOE per day from 180 wells. Reserves are approximately 4 million BOE. • Edge Petroleum Corp., Houston, has acquired properties in its core South Texas area for $9.1 million. Proved reserves are estimated at 6.2 billion cu. ft. equivalent. Daily production is 1.8 million cu. ft. equivalent. Both are approximately 85% gas. The assets are 70% operated. • Harken Energy Corp., Houston, has cancelled plans to sell most of its properties in the Texas Panhandle for $8.7 million in cash to an undisclosed buyer. Harken has not provided a reason for the cancellation. However, it is negotiating with another potential buyer. Petrie Parkman & Co. is advising Harken. • Bandera Petroleum Inc., Tulsa, subsidiary Bandera Minerals LLC has purchased all of the mineral and royalty holdings of Commercial Minerals Inc. The assets are in Texas, Oklahoma and Kansas and include some 70,000 gross acres with 240 producing wells. The deal increases Bandera's total holdings to more than 1.2 million gross acres, including more than 3,800 producing wells. • Angus Energy Corp., Dallas, has acquired operating interests in the Stanton Powell Ranch and surrounding properties in Bosque County, Texas, from an unknown seller. Angus now controls more than 17,000 acres of mineral interests in the Barnett Shale. • Arena Resources Inc., Tulsa, Okla., plans to acquire a 100% working interest in mineral leases in Eddy County, N.M., and Yoakum County, Texas. The leases consist of approximately 2,700 acres with existing production from 30 wells. • Empiric Energy, Dallas, has sold approximately 13,000 net acres in the Texas Panhandle Field in Moore and Potter counties for $350,000 in cash and stock.
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