AEC launches $1.1-billion expansion

Article Abstract:

Alberta Energy Co. Ltd. (Calgary) (AEC) is spending more than $1.1-billion as part of its major expansion into one of North America's biggest natural gas fields. AEC is buying McMurray Oil Co. (Casper, WY) for $910-million in cash to acquire a stake of more than one-third in the Jonah gas field in Wyoming. The deal gives AEC 1.2 trillion cubic feet of Jonah's estimated three million cubic feet of gas reserves. AEC is also buying a local pipeline system in the Wyoming area for $240-million. It has agreed to buy 92.5% of the pipeline concern and has offered to buy the remaining 7.5%. The acquisition of McMurray increases AEC's 2000 gas sales by 80 million cubic feet or about 8% to $1.08 billion cubic feet per day. McMurray's gas field stake is expected to boost AEC sales by 16.4% or 180 million cubic feet a day to 1.28 billion during AEC's first full year ownership in 2001. Gas sales from AEC's stake in the Jonah field are expected to reach 220 million cubic feet a day in 2002. The deal, subject to regulatory approval, is expected to close on June 1.

Natural Gas, Alberta Energy Company Ltd., McMurray Oil Co.

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Ulster Petroleums jilts hostile Hunt to tie knot with Anderson

Article Abstract:

Calgary, Alb.-based Anderson Exploration Ltd. will acquire Ulster Petroleums Ltd. for $639 million. Dallas, Texas-based Hunt Oil Co. had made a previous hostile takeover bid for Ulster.

Anderson Exploration Ltd.

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Takeover fever grips oil patch

Article Abstract:

Calgary, Alb.-based Ranger Oil Ltd., which is led by president Fred Dyment, has offered itself for sale. Ulster Petroleums Ltd. has received a $512 million hostile takeover bid from Texas oil tycoon Ray Lee Hunt's Hunt Oil Co. of Houston.

Ranger Oil Ltd., RGO

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