2010-11-30-2010-11-24

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$63.1MM
Description

To buy remaining Canadian assets, which are undisclosed.

Private held, Calgary-based Tourmaline Oil Corp. has acquired the remaining Canadian assets of Cabot Oil & Gas Corp., Houston, (NYSE: COG) for $61.3 million.

The assets were not disclosed. Cabot had previously sold its Canadian subsidiary Cabot Petroleum Canada Corp. to Tourmaline in 2009.

Cabot chairman, president and chief executive Dan O. Dinges says, "This event is timely and enhances our strong balance sheet by turning a previously difficult to market instrument into cash. With our previously disclosed efforts in the Marcellus and Eagle Ford, along with the current natural gas price outlook, this influx of additional capital is a positive."

The transaction, combined with planned sale announced Nov. 19 of midstream assets in Susquehanna County, Pennsylvania to Williams Partners LP, Tulsa, Okla., (NYSE: WPZ) for $150 million, will bring a capital infusion of more than $200 million in the fourth quarter.