Cirrus Energy Corp., Calgary, (Toronto Venture: CYR) plans to acquire Wilderness Energy UK Ltd. from privately held, Calgary-based Wilderness Energy Corp. for approximately C$1.05 million in stock.

Cirrus will issue 500,000 shares to Wilderness as consideration..

Wilderness Energy UK has assets in the U.K. North Sea including nonoperated interests ranging from 25% to 50% in eight exploration licenses in the central and northern North Sea and one exploration license in the southern North Sea. Gross acreage under license is 1,972 square kilometers (800 net square kilometers) and there are currently one gas and 15 medium-to-heavy oil prospects and leads identified. The licenses expire in 2012 or later.

Wilderness Energy UK will become a subsidiary of Cirrus.

All of the licenses were jointly acquired by Wilderness Energy UK and Silverstone CNS Ltd., who operates all of the licenses. There are no firm well commitments and ongoing work commitments during the next two years are estimated to total £700,000 (US$1.15 million) net to Wilderness Energy UK, which includes lease rentals and geological and geophysical work.

Cirrus president and chief executive David Taylor says; “This acquisition provides an attractive low-cost entry into the U.K. North Sea. The licenses contain significant exploration potential particularly for heavy oil, which has recently benefited from improved fiscal terms. As there are no firm drilling commitments in the acquired U.K. licenses, Cirrus remains fully in control of its investment decisions but at the same time gains exposure to significant exploration upside and further opportunities in an additional attractive low-risk jurisdiction.”

Faroe Petroleum Plc (London: FPM) plans to swap an interest in the North Sea Trym development with Dong E&P Norge AS for a combination of £4 million (US$6.6 million) in cash and interests in the producing Glitne and Enoch oil fields.

Under the terms of this transaction, Faroe will exchange its 10% interest in the Trym development for up to £4 million in cash of which £2 million is payable at completion and up to an additional £2 million payable upon production targets being met, as well as a 9.3% share in the producing Glitne oil field and a 1.86% share in the producing Enoch Field. Dong Energy will also retain the abandonment liability for the Glitne field, capped at £8.5 million.

The Trym development is an undeveloped gas field close to the Norwegian-Danish border with approval of a field-development plan pending.

Acquired assets include Glitne Field, which produces some 7,000 barrels of oil per day, with 650 barrels net to Faroe. Enoch oil field is on the U.K./Norway median line and produces 8,000 barrels per day, with 150 barrels net to Faroe.

Graham Stewart, Faroe chief executive, says, “We are very pleased with this transaction, which provides cash and oil production revenues in Norway, freeing up Faroe’s equity reserves and significantly undrawn debt facility for other purposes.”

Nemmoco Slovenia Corp., a subsidiary of Ascent Resources Plc, London, (London Aim: AST) has farmed out one half of its 80% participation in the Eastern Slovenian exploration project to Aspect Energy International, a subsidiary of Denver-based Aspect Holdings LLC, for an undisclosed price.

The Eastern Slovenian project is situated on the eastern edge of the Pannonian Basin, covering 864 square kilometers of the 2,473-square-kilometer Pomurje regional exploration area, adjacent to the Hungarian and Croatian borders. The exploration license is held by Nafta Geoterm, a subsidiary of state-owned energy and petrochemicals conglomerate Nafta Lendava, which retains a 20% carried interest.

Work on the project has already commenced with a comprehensive geological and geophysical study in its final stages. A 3-D seismic acquisition and an appraisal and exploration drilling is planned during the coming year.

Nemmoco and Aspect Energy will equally pay the exploration expenditures; however, Aspect Energy will pay the first €1 million (US$1.4 million) and a disproportional payment mechanism will apply until a cumulative €3 million ($4.2 million) has been spent.

Ascent managing director Jeremy Eng says, “This is the second exploration partnership that Ascent has undertaken with Aspect, which over the past five years has successfully explored and exploited hydrocarbon reserves in neighboring Hungary. We look forward to continuing their success in Slovenia. Previous exploration work in the area has provided encouraging results and we look forward to the completion and interpretation of the geoscience studies and commencement of further appraisal and exploration drilling.”

Premier Oil Plc, London, (London: PMO) has closed its acquisition of Oilexco North Sea Ltd., a subsidiary of Oilexco Inc., Calgary, (CDNX, London: OIL) for US$505 million.

Oilexco North Sea has interests in significant producing fields including the Balmoral, Brenda, Nelson and Nicol fields. The assets will be complementary asset base in the North Sea to Premier’s existing assets, balancing the group by delivering critical mass in a second core area in addition to Asia.

Production is approximate 13,700 barrels of oil equivalent per day. Proved and probable reserves as of Dec. 31 were 60 million barrels equivalent, and total unrisked reserve potential is up to 385 million barrels equivalent across 15 exploration prospects.

Premier funded the acquisition with proceeds from a US$252-million rights issue and the balance from existing credit facilities and cash.

The sale price is less than the amount owed by Oilexco North Sea to its creditors and Oilexco will not receive more than $1 at closing.

Premier chairman David John says, “This is the most exciting development in Premier’s recent history and offers the potential to create substantial value for our shareholders. The acquisition contributes significantly to Premier’s strategic objective of growing production and cash flow. We will also maintain our high-impact exploration program and continue to review selected value-adding acquisitions within core areas.”

Premier chief executive Simon Lockett says, “The acquisition of Oilexco North Sea significantly expands our presence in the North Sea. It secures an attractive, high growth North Sea focused business and delivers synergies with our existing North Sea assets at a compelling valuation of less than US$8.50 per barrel.”

Deutsche Bank was financial advisor to Premier.

Sumitomo Corp., Tokyo, (Tokyo: 8053) led a consortium that acquired Nether­ands-based E&P Oranje-Nassau Energie BV fromOranje-Nassau Groep, a subsidiary of Wendel SA, Paris, (Paris: MWDP) for US$860 million.

The consortium consists of Dyas UK Ltd., a subsidiary of Dutch company, SHV Holdings NV and ONH BV, a Dutch private-investment company controlled by Marcel van Poecke.

Oranje-Nassau Energie currently holds assets in British and Dutch North Sea and Gabon, its core activity area.

The purchase includes all of Oranje-Nassau Energie’s assets in the U.K. North Sea excluding the Buzzard Field subsequent to the completion of the purchase of the Oranje-Nassau Energie shares. The assets consist of Elgin/Franklin Field where Total and Gaz de France are operator, Wytch Farm Field operated by British Petroleum, and four other producing and development fields. Production is 7,000 barrels of oil equivalent per day.