Hunt makes friendly bid for Newport Petroleum

Article Abstract:

Hunt Oil Co. (Dallas, TX) makes a friendly $489-million bid for Newport Petroleum Corp. (Calgary). Hunt is offering $5.50 a share in cash for Newport. The decision to sell Newport came in late February as investors grew increasingly disenchanted with its sluggish production growth and Newport's stock price languished around $3.30. Now, with the announcement of the deal, Newport shares gained 35 cents or 7% to close at $5.35 in heavy trading of 13.8-million shares yesterday on the Toronto Stock Exchange (TSE). The TSE's oil and gas index rose 65.57 points yesterday to 7,627.74, up 30% so far this year. Newport will pay a breakup fee of $25-million to Hunt if the deal falls through, and Newport's board has also agreed to tender their shares to the cash bid. Hunt will inherit $271-million in Newport debt under its takeover proposal.

United States, Hunt Oil Co., Newport Petroleum Corp.

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Deal turns spotlight on Husky's heavy oil

Article Abstract:

Calgary, Alb.-based Husky Oil Ltd. has acquired Calgary, Alb.-based Renaissance Energy Ltd. for $2.58 billion. Husky, which is an oil and gas company, will gain access to Renaissance's shallow oil and natural gas reserves.

Renaissance Energy Ltd., Husky Oil Ltd.

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Canadian Natural director has knack for timing

Article Abstract:

Calgary, Alb.-based Canadian Natural Resources Ltd. has acquired Ranger Oil Ltd. for $1.04 billion in cash and stock. Canadian Natural, which is led by Murray Edwards, is a leading oil and gas producer.

Crude Petroleum, Ranger Oil Ltd., RGO, Canadian Natural Resources Ltd.

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