Bow Valley finds new partner for controversial project

Article Abstract:

Bow Valley Energy Ltd. of Calgary, Alberta, said it will proceed with a controversial Iranian oil field project with a new partner, Premier Oil PLC of the UK. Premier Oil replaces Indonesian-based Bakrie Minarak Petroleum Co. Ltd., which backed out in January 1998 because of the Asian financial crisis. Bow Valley's announcement, meanwhile, prompted a US State Department spokesman to say that the US government will again investigate the project. The Iran-Libya Sanctions Act prescribes sanctions against US and foreign companies investing in Iran's energy sector.

Comment:

Agrees to be the partner of Bow Valley Energy in a controversial Iranian oil field project

Natural resources, Iran, Development Oil & Gas Wells, Oil well development, Premier Oil PLC, Natural gas well development, Article, Bow Valley Energy Ltd

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Canadian 88 investors get Prize dividend

Article Abstract:

Natural gas company Canadian 88 Energy Inc has spun out its 45.3% interest in junior company Prize Energy Inc of Calgary, Alberta, to shareholders as dividend. Under the deal, shareholders of Canadian 88 will get one share of Prize Energy for each 5.1 shares held, translating to a dividend of 7.6 cents per share. Canadian 88 will distribute the shares on Oct 1, 1999, to shareholders of record Sep 24.

Canada, Crude Petroleum & Natural Gas, Securities issued, listed, Petroleum industry, Natural gas, Gas industry, Prize Energy Inc.

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Ranger Oil plans asset sale to reduce debt, layoffs revealed

Article Abstract:

Ranger Oil Ltd is selling as much as $200 million of its assets to cut down on debt and foresees a possible $230 million writedown if oil prices do not recover. The Calgary, Alberta-based senior oil company has also reduced staff by 15% and removed five vice presidents for 1999. The writedown will cover the heavy oil assets Ranger gained following the 1997 acquisition of Elan Energy Inc.

Financial management, Crude Petroleum, Alberta, Ranger Oil Ltd.

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