• Pogo Producing Co., Houston, (NYSE: PPP) plans to divest certain non-strategic oil and gas properties mainly in the Gulf of Mexico, South and East Texas, South Louisiana, the Permian Basin and Texas Panhandle, and in Western Canada, for proceeds of up to $800 million. Jefferies Randall & Dewey, a division of Jefferies & Co. Inc., is advisor to Pogo.



• Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has acquired or is in the process of acquiring assets in South Texas, the Barnett Shale and northwestern Oklahoma from four private companies for a total of $660 million in cash.

The South Texas assets are 47% of the total, with 45% in the Barnett Shale and 8% in northwestern Oklahoma. The assets include proved reserves of 160 billion cu. ft. of gas equivalent and unproved reserves of 330 billion cu. ft. equivalent for total reserves of 490 billion cu. ft. equivalent.



• Privately held Chaparral Energy Inc., Oklahoma City, has acquired Tulsa, Okla.-based Calumet Oil Co. and certain affiliates for approximately $500 million in cash, gaining properties principally in Oklahoma and Texas.

Production is 28 million cu. ft. of gas equivalent per day, raising Chaparral's daily production to 115 million cu. ft. equivalent. Proved reserves are 309 billion cu. ft. equivalent (93% oil).



• El Paso Exploration & Production Co., a subsidiary of El Paso Corp., Houston, (NYSE: EP) plans to acquire producing properties and undeveloped acreage in Zapata County, Texas, from Laredo Energy III LP (operator and majority owner) and other undisclosed sellers for about $255 million.

Net production is 19 million cu. ft. equivalent per day; proved reserves are approximately 84 billion cu. ft. equivalent (73% proved undeveloped). The properties are 100% operated with an average working interest of 85%.



• St. Mary Land & Exploration Co., Denver, (NYSE: SM) plans to acquire assets in West Texas from several undisclosed private sellers for $250 million in cash. The properties include an average 95% working interest (71% net revenue interest) in 70 producing wells and are in the Midland Basin targeting the Spraberry.

Net production is approximately 16 million cu. ft. of gas equivalent per day with net proved reserves of 78.1 billion equivalent and net probable-plus-possible reserves of 110 billion equivalent.

• Southern California Public Power Authority, representing the cities of Anaheim, Colton, Burbank and Pasadena, Calif., and irrigation provider Turlock Irrigation District, Turlock, Calif., have acquired assets in the Newark East Field in the Barnett Shale from Collins & Young Holdings LP, Fort Worth, Texas.

Proved reserves are approximately 67 billion cu. ft. of gas equivalent.

Devon Energy Corp., Oklahoma City, (NYSE: DVN) is operator. Petrie Parkman & Co. was financial advisor to Southern California Public Power Authority and Turlock Irrigation District.



Comments