Apco Argentina Inc. , Tulsa, and privately held Globex Energy Inc., Dallas, plan to merge, creating an international exploration company with interests in Argentina, Australia, Equatorial Guinea, Cameroon and the Philippines. Globex common and preferred shares will be exchanged for Apco common stock. The existing Apco shareholders will own 65% of the combined company. For 2000, Apco reported revenue of $42.9 million and Globex, $34.9 million. The combined company is expected to have proven reserves of approximately 56 million BOE and daily net production of approximately 11,000 BOE. The Williams Cos. owns 69% of Apco common. Banc of America Securities LLC is financial advisor to Apco; McDonald Investments Inc. , to Globex. Bow Valley Energy Ltd. , Calgary, has signed a deal with Amerada Hess Corp. to develop its Chestnut oil field in the North Sea after its previous partner, Brovig Production Services Ltd. , bowed out. Bow Valley said Amerada Hess would fund the remaining costs of an extended well test at Chestnut and become its operator in exchange for a 50% equity stake and a share of production revenues. Bow Valley currently owns 17.75% of the prospect, Block 22/2a. Its interest will be cut back to 8.875% after Amerada Hess fulfills its obligations. Evergreen Resources Inc. , Denver, plans to acquire a 100% working interest in 480,000 acres of prospective tight gas sand properties in Ireland for $500,000 and the reservation of a small royalty interest to the sellers. The acreage is contiguous with the 605,000 acres of tight gas sand properties in northern Ireland that Evergreen acquired earlier this year. Evergreen now owns a 100% working interest in 1,085,000 acres of prospective tight gas sand properties in the northwest Carboniferous Basin, which holds unrisked recoverable reserves estimated at up to 5 trillion cu. ft. of gas. Calgary-based Pyramid Energy Inc. has sold its Pakistan interests for C$2.5 million, after adjustments, to Asia Pacific Oil Ltd. and Industrial Support Ltd. Pinnacle Resources Inc., Englewood, Colo., plans to acquire Eastern Petroleum (Cyprus) Ltd., a 49% owner of an oil producing property on the northwest Caspian Sea. The property is in a field in Kalmykia that has flowed 950,000 bbl. of oil from 12 unequipped wells. London-based Quad Engineering Ltd. estimates the property has 19.7 million bbl. of recoverable reserves.
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