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IMPORTANT OIL & GAS NEWS

OIL & GAS NEWS ARCHIVE ... January - March 1998

1/97 - 6/97 7/97 - 12/97 1/98 - 3/98 4/98 - 6/98 7/98 - 9/98 7/98 - 12/98 1/99 - 3/99 4/99 - 6/99 7/99 - 9/99 10/99 - 12/99 1/00 - 3/00 4/00 - 6/00 7/00 - 9/00 10/00 - 12/00 1/01 - 3/01 current quarter

(3/31) ... API reported crude oil stocks up 2.20 MMB, distillates stocks down 0.83 MMB, gasoline stocks up 0.83 MMB, refinery capacity down 0.9% at 94.1% versus last week ... Seneca Resources closed the acquisition of properties in the Midway Sunset and Lost Hills fields in the San Joaquin Basin of California ... Seneca and HarCor Energy signed a Definitive Merger Agreement for the acquisition of HarCor by Seneca ... MarkWest Hydrocarbon acquired 40 wells in the San Juan Basin of Colorado ... Pool Energy Service closed the acquisition of Sea Mar ... Forcenergy acquired properties in the Gulf of Mexico, Texas, Louisiana, and Mississippi from Corpus Christi Hydrocarbons ...
(3/30) ... Seagull Energy agreed to acquire BRG Petroleum and its assets and limited partnerships covering properties in East Texas and Western Oklahoma for approx $100 million ... Affiliates of Shell Oil and The Meridian Resources Corp. have signed a Definitive Merger Agreement involving all Shell's producing properties in Southern Louisiana ... Kerr-McGee (Thailand) was awarded a concession covering 4.8 million acres in Thailand's Andaman Sea ...
(3/27) ... The Williams Company is OK'd by FTC to proceed with the acquisition of MAPCO ... Ocean Energy completed the merger with United Meridian ... Allegheny Energy received the approval from Maryland Public Service Commission which will allow the issuing of stocks for the merger with DQE Inc. ...
(3/26) ... Indonesia and Russia also announced to cut back on production ... Canada oil industry, in 1997, totaled C$16.3 billion worth of merger and acquisition, versus C$10.2 billion in 1996 ... Haskel International acquired M.D.C. Pty Ltd and Hydraulics & Air Pty Ltd of Brisbane, Australia ... Geokinetics entered the agreement to acquire Geophysical Development ... Pioneer Natural Resources entered the agreement to acquire 25% working interest in Mississippi Canyon Block 305 in the Gulf of Mexico from Mariner Energy ...
(3/25) ... The U.N. allows Iraw to sell an additional $400 million worth of oil to make up for the earlier short fall .. AGA reported a withdrawal of 78 BCF from the natural gas storage over the week, resulting in 32.3% full ... LG&E Energy and KU Energy announced their merger plan has been approved the FERC ... Great West Energy & Exploration recompleted an Austin Chalk well with short radius lateral flowing 622 B/D and 513 MCF/D ... Key Energy (East Brunswick, NJ) completed the acquisition of Lauffer Well Service and Lundy Vacuum Service ... Dawson Production Services acquired the assets of Patterson Well Service ...
(3/24) ... API reported crude oil stocks up 4.99 MMB, distillates stocks down 2.58 MMB, unleaded gasoline stocks down 0.77 MMB, refinery capacity up 1.5% to 95.0% versus last week ... Chevron signed an Exploration and Production Sharing Agreement with Qatar covering over 4,200 acres near the Dukhan oil field ... Dailey International acquired all outstanding shares of Integrated Drilling Services, a Scottish company ... Cabot Oil & Gas and Union Pacific Resources formed a Joint Venture with UPRC owns 67% and operates to explore the acreage in Terrebonne Parish, Louisiana ...
(3/23) ... Libya, Algeria, and Oman (non-OPEC) also agreed to reduce production, effectively worldwide cut announced at 1.150 MMB/D ... Iraq still planned to increase production by 350,000 B/D in 3 months ... Plains Resources entered an agreement to acquire stocks of All American Pipeline Co., Caleron Gathering Corp., and Caleron Trading & Transportation from Goodyear Tire & Rubber for approx $420 million ... Queen Sand Resources announced the plan to acquire non-operating and overriding interests in over 500 wells for approx $150 million ...
(3/22) ... Saudi Arabia, Venezuela, Mexico announced agreement to cut back production ... followed by Kuwait, Iran, and United Arab Emirates ...
(3/20) ... Torrington Resources and Lodestar Energy announced the close of their amalgamation ... Genesis Energy LP intends to acquire Falco S&D, a crude oil gatherer in Louisiana and East Texas ... Midas Resources agreed to acquire Scorpion Energy ...
(3/19) ... Caye Chapel entered a merger discussion with Oilex ... NQL Drilling Tools completed the acquisition of P&T Servicios Petroleros CA ... First Energy and Belden & Blake formed F E Holding, an equal joint venture to acquire natural gas properties ...
(3/18) ...AGA reported a withdrawal of 143 BCF from the natural gas storage, resulting in 34.3% full ... Venezuela is seeking agreement between OPEC and non-OPEC producing countries to reduce the total world's crude oil output by up to 2 MMB/D from the current total quota of 27.5 MMB/D ... Chevron began production from the Opolo field, offshore Nigeria at 20,000 B/D ... Callon Petroleum tested its Vermilion Block 130#1 well for 21 MMCF/D from 14,000 feet ... Saba Petroleum and Ominex Resources announced plan to merge ...
(3/17) ...API reported crude oil stocks down 1.33 MMB, distillates stocks up 2.19 MMB, gasoline stocks down 1.05 MMB, refinery capacity up 0.1% to 93.5% versus last week ... Black Warrior Wireline completed the acquisition of Phoenix Services for approx. $19 million ...
(3/16) ... Kerr McGee agreed to acquire the North Sea assets from Gulf Canada Resources for approx $418 million ... Williams agreed to connect its Midcontinent refined products pipeline system to a Texaco Pipeline project from Wichita Falls, TX to Duncan, OK ...Cambridge Energy agreed to acquire Triton Wellhead and Manufacturing ... Turboscope acquired Baytron for its drilling rig instrumentation from Superior Energy ... Apache tested its well in the West Mediterranean Concession in Egypt for 8,277 B/D and 4 MMCF/D ...
(3/14) ... "The age of quotas is finished.", announced by Erwin Arrieta, Venezuella's Energy Minister, as he claimed to be too busy to attend a proposed meeting of the OPEC regarding possibility of cutting production ...
(3/13) ... PetroFina announced a discovery in the Tempa Rosa field in southern Italy testing a combined rate of 8,083 B/D ... Crystal Oil completed the acquisition of Petal Gas Storage Co. ... TransTexas Gas and Davis Petroleum announced the successful confirmation well in the Eagle Point field in Galveston Bay, TX testing 41 MMCF/D and 10,700 B/D ...
(3/12) ... Canadian Occidental announced its wholly-owned subsidiary, CXY Energy, agreed to acquire 50% of Fina's acreage interest in the Gulf of Mexico ... Kaneb Pipeline Partners announced its subsidiary, ST Services, acquired the terminal in the Chicago area from Martin Oil Marketing ...
(3/11) ... AGA reported a withdrawal of 54 BCF from the natural gas storage, representing 38.8% full ... Amoco, Enterprise Products, Exxon Chemical, and Williams announced plan to form a JV called Baton Rouge Fractionators LLC to build and operate a facility to generate 60,000 B/D ... Dominion Energy offers to acquire Archer Resources of Canada for approx $128 million ...
(3/10) ... API reported crude oil stocks down 4.38 MMB, distillates stocks down 1.27 MMB, gasoline stocks down 2.99 MMB, refinery capacity up 4.4% to 93.4% ... TECO Energy (Tampa, FL) annouced the sales of properties in the Gulf of Mexico area to American Resources Offshore for approx. $58 million ...
(3/9) ... Western Atlas agreed to acquire Wedge Dia-Log for approx $218 million ... Home-Stake Oil & Gas acquired non-operating interest in 18 Oklahoma wells from Bass Enterprise Production for approx $6.7 million ... Harken de Colombia signed a contract with Colombian state-owned Ecopetrol for the right to explore and develop 374,000 acres for a total of 1.4 million acres ...
(3/6) ... Kinder Morgan Energy Partners completed the acquisition of Santa Fe Pacific Pipeline Partners for approx $1.4 billion ...
(3/5) ... American weapons inspector Scott Ritter returns to Iraq ... Kerr-McGee signed an agreement to sell its forest products operations to Castle Harlan ... Chesapeak Energy agreed to acquire natural gas interests in the Texas Panhandle from Occidental for approx. $105 million ... Energy Drilling Industries signed a letter of intent to acquire all outstanding shares of Acqueren and N.P.I. ...
(3/4) ... AGA reported a withdrawal of 47 BCF from the natural gas storage, resulting in 40.5% full ... EVI and Weatherford Enterra announced the merger creating the world's 4th largest oilfield service company, a deal worth $2.6 billion ... Samson Canada announced the acquisition of oil and gas properties from Canadian Natural Resources for approx $20 Canadian$ ... Newpark Resources signed a letter of intend to acquire Southwestern Universal in a deal worth approx $10 million ...
(3/3) ... API reported crude oil stocks down 2.01 MMB, distillates stocks down 0.53 MMB, gasoline stocks up 0.93 MMB, refinery capacity up 0.3% to 89.0% ... Baker Hughescompleted the acquistion of Western Rock Bit ... Newpark Resources agreed to acquire Protec Mud Service ...
(3/2) ... UPRC announced the acquisition of majority of shares of Norcen Energy Resources ... Apache signed an agreement with FX Energy to become 50/50 in developing 1.5 million acre concession in southern Poland ...
(2/27) ... ONEOK signed an agreement to acquire oil and gas reserves from Oxy USA for approx $135 million ... Titan Resources entered a joint venture with Bligh Oil & Minerals NL to develop oil and gas properties in New Zealand ...
(2/26) ... Halliburton and Dresser Industries announced plan to merge into the world's largest oil field service company worthing $7.7 billion ... Belco completed the merger with Coda Energy, its wholly owned subsidiary ... Mapco is approved by share holders to be a wholly owned subsidiary of Williams Companies ... Alta Quest and Patria Resources (Calgary) are awarded 300,000 acres in the Midlands Basin area of the United Kingdom ...
(2/25) ... AGA reported a withdrawal of 77 BCF from the natural gas storage last week, representing 42.0% full ... Williams and Exxon signed an agreement for Williams to build a new plant in Alabama to process 300 MMCF/D Mobile Bay area gas ... Cross Timbers agreed to acquire properties in East Texas and North Louisiana from EEX for approx $265 million ...
(2/24) ... API reported crude oil stocks up 1.86 MMB, distillates stocks down 2.63 MMB, and gasoline stocks up 1.62 MMB, refinery capacity down 1.2% to 88.7% compared to last week ... Syntroleum announced the agreement to develop a 8,000 B/D gas-to-liquids plant financed by Enron, Enron also acquired the license to process outside of North America ... Barrett Resources reported the gas sales from the 18,000-ft deep well in the Wind River Basin, Wyoming ...
(2/23) ... U. N. Secretary General Annan addressed the Security Council, new Iraqi agreement is similar to the existing one with the addition of the accompanion of senior diplomats to the weapon inspections teams ... Trans Energy agreed to acquire the holding of Gulf Canada's 24,000 acres leasehold in Wyoming ... Marathon and Santa Fe announced the start of the production from the Tchatamba Marine field offshore Gabon ...
(2/20) ... Boots & Coots International Well Control completed the acquisition of Code 3, and emergency response service company ... the U. N. voted to allow Iraq to sell $5.2 billion worth of oil every 3 months instead of $2.1 billion ...
(2/19) ... Middle Bay Oil began a cash tender offer for all outstanding shares of Enex Resources ... Cronus entered a contract to acquire all outstanding stocks of Triple J Resources from Liberty Petroleum for the rights to oil and gas concessions in Queensland, Australia ... The BLM announced to extend another 5 years the royalty reduction plan for 15 BOPD or less wells located on federal land ...
(2/18) ... API reported crude oil stocks up 0.56 MMB, distillates stocks up 0.46 MMB, and gasoline stocks down 2.76 MMB, refinery capacity down 1.1% to 89.9% compared to last week ... AGA reported a withdrawal of 93 BCF from the natural gas storage (44.4% full) ... Cooper Cameron agreed to acquire Orbit Valve International for approx. $100 million ... Automated Transfer Systems acquired all stock shares of Stone Canyon Resources with acreage holding in Colorado and Wyoming ... Tengasco acquired oil and gas assets and properties in Kansas from AFG Energy ...
(2/13) ... Unocal Canada agreed to exchange certain oil and gas properties for 28.7% ownership in Tarragon Oil & Gas ...
(2/11) ... AGA reported a withdrawal of 81 BCF from the natural gas storage (47.3% full) ...
(2/10) ... API reported crude oil stocks up 4.95 MMB, distillates stocks down 5.47 MMB, and gasoline stocks up 1.10 MMB, refinery capacity up 0.2% to 91.0% compared to last week ... Comeco Petroleum acquired 5% interest in the East Shabwa Contract Area in the Yemen Arab Republic from Naftex Energy ... EEX agreed to acquire 25% interest in the Tuban Production Sharing Contract on the island of Java, Indonesia from Risjad Salim Petroleum, EEX already holds 25% interest ... CMS Energy acquired 50% ownership interest in PremStar Energy Canada ...
(2/9) ... Key Energy Group completed the acquisition of Sitton Drilling, Four Corners Drilling, and Legacy Drilling ...
(2/5) ... United Meridian was awarded by the Republic of Angola 20% participation in Block 19 covering 1.2 million acres ... Occidental completed the acquisition of U.S. government's 78% interest in the Elk Hill field for approx $3.5 billion with an estimated net reserves of 1 billion equivalent barrel ...
(2/4) ... AGA reported a withdrawal of 102 BCF from the natural gas storage (49.8% full) ... Unicorp acquired Laissez-Faire Group then changed its name to United States Refining and Petrochemicals ...
(2/3) ... API reported crude oil stocks down 0.88 MMB, distillates stocks down 1.27 MMB, and gasoline stocks up 0.53 MMB, refinery capacity down 0.9% to 90.8% compared to last week ... Koch Midstream Processing acquire the other 50% interest in 11 gas processing plants in Oklahoma from ONEOK ... Koch already owned 50% from the recent acquisition of Delhi Group from USX ... Energy Resources Technology acquired the interest in 6 Gulf of Mexico blocks from Sonat Exploration ... Caye Chapel acquired all assets of Great Plains including 1800 shallow oil wells in South Central Texas ...
(1/30) ... KN Energy completed the acquisition of MidCon from Occidental for approx. $3.49 billion plus $500 million liability ... Sonat completed the acquisition of Zilkha Energy ...
(1/29) ... Southern Mineral completed the acquisition of Amerac Energy ... Taurus Exploration completed the acquisition of properties in the Gulf of Mexico from Chateau Oil & Gas ... Engage Energy Canada and EPCOR Utilities have formed Encore Energy Solutions ... Caye Chapel acquired Churchill Resources ...
(1/28) ... AGA reported a withdrawal of 136 BCF from the natural gas storage (53.1% full)... Belco agrees to acquire West Texas properties from EnerVest for approx $38 million ...
(1/27) ... API reported crude oil stocks up 3.34 MMB, distillates stocks down 1.78 MMB, and gasoline stocks up 1.38 MMB, refinery capacity down 1.0% to 92.6% compared to last week ... Continental Natural Gas announced a $12-million binding agreement with Gothic Energy including the acquistion of interests in 4 natural gas gathering systems and marketing rights ... Kerr-McGee intends to sell its coal and chemicals businesses ...
(1/26) ... Union Pacific Resources agrees to acquire Norcen Energy (one of Canada's biggest oil & gas producers for approx. $2.6 billion ... ICE Drilling acquired Percussion Drilling Services ... Gothic Energy completed the acquisition of natural gas properties from Amoco for approx. $238 million ...
(1/23) ... Stone Energy acquired Conoco's interest in the East Cameron Block 64 for approx $13 million ... Patterson Energy agreed to acquire Robertson Onshore Drilling with 15 drilling rigs for approx $40 million ...
(1/22) ... Unocal signed a joint venture with Amoco to explore and develop 22,000 acres in the Cotton Valley Reef trend in Leon County, East Texas ... Midland acquired Arcoenergy for approx. $50 million covering the manufacturing of octane and oxygen enhancer used in producing gasoline ...
(1/21) ... AGA reported a withdrawal of 159 BCF from the natural gas storage (57.3% full)... API reported crude oil stocks up 14.64 MMB, distillates stocks down 1.34 MMB, and gasoline stocks up 2.11 MMB, refinery capacity down 2.3% to 93.6% compared to last week ...
(1/20) ... Columbia Gas changed its name to Columbia Energy Group ... Lone Star International and Prism formed Provident Energy to acquire and operate the Two Medicine Cut Bank Sand Unit in Montana ...
(1/19) ... Yukos and Sibneft, 2 Russian's leading oil companies, merged into Yuksi, a new company world's largest in reserves and third in production ...
(1/14) ... AGA reported a withdrawal of 50 BCF from the natural gas storage (62.3% full)... Conoco plans to acquire from Amoco the gas producing and acreage in New Mexico San Juan Basin for approx $57 million ...
(1/13) ... API reported crude oil stocks down 3.18 MMB, distillates stocks up 0.80 MMB, and gasoline stocks up 5.69 MMB, refinery capacity up 0.3% to 95.9% compared to last week ... Sun signed an agreement to sell its Amalie line of lubricants to Petroleum Packers ... Chesapeake Energy acquired reserves in Oklahoma and Kansas in transactions with Ranger Oil and Enervest for approx. $88 million ...
(1/12) ... Southern Union completed the acquisition of Atlantic Utilities for approx. $23 million ... Miller Petroleum completed the acquisition of the assets of AKS Energy covering acreage, producing wells, and rigs ...
(1/9) ... NYMEX crude oil price dropped 27% since October 3rd ... U. S. rig count dropped 13 to 990 ... Shell Oil completes the merger with Tejas Gas forming one of the largest company in transportation, processing, and storage of natural gas ...
(1/8) ... Texaco is first international company contracted to explore for coalbed methane in China ... Chevron's oil pipeline in Fourchon, Louisiana is still shut down after being struck by a tug boat affecting a 7,000 barrels per day throughput ... Carrizo Oil & Gas sold 300,000 preferred stocks and warrants (to 1 million common shares) to affiliates of Enron for $30 million ...
(1/7) ... AGA reported a withdrawal of 138 BCF from the natural gas storage (63.9% full)... Tom Brown acquired 5 drilling rigs from W E Sauer (Casper, WY) for approx $8 million ... Forest Oil agrees to buy 13 onshore Louisiana properties from a private company for approx $230 million ... Lomak Petroleum divested $54 million in the sales of oil and gas properties but then acquired 3 properties in West Texas for approx $31 million and stocks ...
(1/6) ... API reported crude oil stocks down 7.74 MMB, distillates stocks up 6.04 MMB, and gasoline stocks up 4.54 MMB, refinery capacity down 1.0% to 95.6% compared to last week ...
(1/5) ... Texoil completed a business combination with Cliffwood Oil & Gas with the latter became a wholly-owned subsidiary ... Grey Wolf agreed to acquire Murco Drilling including 10 land rigs for approx $56 million ... Shell Gas Direct Ltd is formed after Shell bought Esso's share of Quadrant and Gas Direct in May 1997 to sell Shell's North Sea gas ...
(1/2) ... FieldPoint Petroleum completes the acquisition of Bass Petroleum for properties in Texas and Wyoming ...

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