• Atlas Energy Resources LLC, Pittsburgh, (NYSE: ATN) plans to acquire DTE Gas & Oil Co., a subsidiary of DTE Energy Co., Detroit, (NYSE: DTE) for $1.23 billion in cash.

DTE Gas & Oil has 75% average working interest in approximately 2,150 gas wells (75% operated) on 228,000 net developed acres and 66,000 net undeveloped acres in the Antrim shale in Michigan's northern Lower Peninsula. Production is approximately 59 million cu. ft. of gas equivalent per day, and is expected to increase to up to 66 million cu. ft. per day in 2008.

Proved reserves are 613 billion cu. ft. equivalent (100% gas), and probable and possible reserves are approximately 76 billion equivalent. Pro forma, Atlas' production will increase to 88 million equivalent per day. Proved reserves will increase 330% from 181 billion equivalent to 794 billion.

Atlas chairman and chief executive Edward E. Cohen says, "This acquisition is a transformative event for our company...These assets will provide even greater stability to our company's existing reserve base and will enable us to materially increase our distributions to unit-holders."

Atlas president and chief operating officer Richard D. Weber says, "The acquisition of DTE Gas & Oil Co. gains us long-lived reserves with shallow production declines and minimal drilling risk."

Atlas will fund the deal with a private placement of $600 million and an $850-million senior secured revolving credit facility. DTE Gas & Oil president Dick Redmond will become president of Atlas' new Michigan business unit. UBS Investment Bank is financial advisor to Atlas. JP Morgan Securities Inc. is financial advisor to DTE Energy.



• Dune Energy Inc., Houston, (Amex: DNE) has acquired Houston-based Goldking Energy Corp. for $302.5 million in cash and $18 million in stock in a total deal valued at $320.5 million.

Goldking has properties on more than 65,000 net acres onshore the Gulf Coast of Louisiana and Texas. Proved reserves are 112.4 billion cu. ft. of gas equivalent (56% gas, 48.5 billion proved developed producing) and net probable reserves of 35.5 billion equivalent.

Production for the combined entity is 30 million equivalent per day. Dune now has proved reserves of approximately 142 billion equivalent (41% proved developed, 63% gas) and assets covering 28 fields along the Gulf Coast and on the fairway of the northern Barnett shale, Fort Worth Basin, Texas.



• Abu Dhabi National Energy Co., Abu Dhabi, UAE, (Abu Dhabi: TAQA) plans to acquire Northrock Resources Ltd. from Pogo Producing Co., Houston, (NYSE: PPP) for US$2 billion in cash.



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