Renaissance selling gas assets to cut into $1.4-billion debt

Article Abstract:

Renaissance Energy Ltd. of Calgary, Alberta, is selling energy assets worth between C$400 million and C$500 million in a move to trim down its debt load. Renaissance stated that packaged for sale are primarily natural gas assets with current production volumes beyond 100 million cubic feet per day. The company's debt load was brought about by its C$376 million acquisition of Pinnacle Resources Ltd. in July 1998, which marks its first purchase in its 16 years of operations. COO Sheldon Steeves stated that Renaissance aims to raise money to be able to acquire more oil properties.

Comment:

Is selling energy assets worth between C$400 mil & C$500 mil in a move to trim down its debt load

Asset sales & divestitures, Crude Petroleum & Natural Gas, Petroleum industry, Natural gas, Gas industry, Renaissance Energy Ltd.

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Chevron Canada seeks major gas acquisition

Article Abstract:

Chevron Canada Resources Ltd., the Calgary, Alberta-based subsidiary of Chevron Corp. of San Francisco, CA, has announced it is seeking to acquire a natural gas producer as part of its goal of doubling its daily gas production. Chevron Canada President William Edman noted his company is targeting to buy a company with a capacity to add between 150 and 250 million cubic feet of gas to its daily production. Chevron Canada, whicgh currently has daily gas production of approximately 250 millin cubic feet, hopes to complete the planned acquisition within 1999.

Comment:

Announces it is seeking to acquire a natural gas producer as part of its goal of doubling its daily gas production

Acquisitions & mergers, Crude Petroleum, Chevron Canada Resources Ltd.

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