Dekania Corp., Philadelphia, (Amex: DEK) plans to acquired Denver-based BlueCreek Energy Inc. in a deal valued at $80 million, less the amount of any assumed debt.

BlueCreek has coalbed methane assets in the Rockies, primarily in the Wyoming Powder River Basin. The company has 76 gross wells (42 operated) on the assets, with 42 in the Prima Thore project in Campbell County, Wyoming. Gross production is more than 2 million cubic feet of gas per day. Proved and probable reserves as of year-end 2007 were 20 billion cubic feet.

Dekania is a special purpose acquisition company formed to enter a business combination. Following the acquisition, the combined company will be led by BlueCreek founder and chief executive Kevin Norris.

Norris says, “We are pleased to undertake this transaction with Dekania, which when completed, will provide us with the additional capital and public currency that we will deploy to take advantage of multiple strategic opportunities that are emerging in our space. The additional financial flexibility that we are gaining through this strategic combination positions BlueCreek for continued expansion and development, even as investor interest in our space keeps growing.”

Dekania chief investment officer David Nathaniel says, “We believe that this transaction offers the best avenue towards maximizing value for our shareholders, by partnering with a growth-oriented company in an industry that continues to grow. While BlueCreek’s industry is a departure from our prior focus on transactions in the insurance industry, we believe that severely adverse insurance industry headwinds, ongoing growth of the energy sector’s potential and recent transitions in our own investor base make this a highly opportunistic deal that we are confident will meet with the approval of our shareholders.”

Maxim Group is financial advisor for Dekania.

Dekania will hold a meeting on Feb. 6 to discuss extending the date of closing to Aug. 31 and the name of the pro forma business.