Renaissance bids for Pinnacle

Article Abstract:

Renaissance Energy Ltd. of Calgary, Canada, intends to acquire Calgary-based Pinnacle Resources Ltd. for C$684 million in a stock-swap deal. Renaissance's offer calls for 0.66 of the company's share for every Pinnacle share. Likewise, Renaissance offers to assume Pinnacle's debt worth C$376 million. Renaissance, which posted C$115 million in profit in 1997, is involve in exploring, developing, producing and marketing crude oil and gas. Meanwhile, Pinnacle, which posted C$13 million in profit in 1997, is involved in exploring and developing oil and natural gas prospects, particularly in Saskatchewan and Alberta, Canada.

Comment:

Intends to acquire Calgary-based Pinnacle Resources Ltd for C$684 mil in a stock-swap deal

Oil & Gas Extraction, Oil and Gas Extraction, Renaissance Energy Ltd., Petroleum mining, Article, Pinnacle Resources Ltd.

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U.S. gas giant snaps up Poco

Article Abstract:

Burlington Resources of Houston, TX, has announced its bid to acquire Poco Petroleum Ltd of Calgary, Albertafor C$2.7 billion in stock. Under the deal, Burlington will pay 0.25 share of its stock for every each Poco share, or an estimated C$16.78 per share on a fully diluted basis. The deal would make Burlington one of the major independent natural gas producer in North America. Burlingto said that Poco, which produces 490 million cubic ft/day of gas and 75,515 barrels a day of oil and liquids, will operate as a standalone unit.

Poco Petroleums Ltd.

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