Companies in the news

Middle Bay Oil Co. closed its acquisition of properties and interests, the majority of which it already operated, in Texas and Louisiana.

NKK Corp. of Japan and Siderca S.A. inked an agreement to build a strategic alliance. Siderca would own 51% and NKK would hold 49%. NKK would provide Siderca with technical assistance regarding steel and steel pipe manufacturing, while Siderca would provide its worldwide marketing systems network.

Caminus LLC and Orion canceled their acquisition plans, and formed a strategic alliance.

PrimeEnergy Corp. purchased interests in 131 oil and gas wells and related assets located in Oklahoma.

Bellwether Exploration acquired interests in five operated wells and 229 non-operated wells with net-proved reserves of 1.4 million boe in southeastern New Mexico.

Tuboscope Inc. and Newpark Resources Inc. elected to form operation alliances in key markets rather than proceed with a merger agreement.

FirstEnergy Corp. acquired Belden Energy Services, a subsidiary of Belden & Blake Corp.

Gulf Canada Resources Ltd. agreed with Fina Resources Inc. to participate in further development of Gulf’s Surmont oil sands and Kerrobert heavy oil projects and fund certain project activities during the pilot phase. In return, TOTALFINA earns an option to acquire a 50% working interest either in the Surmont commercial development project or in a combination of the Surmont and Kerrobert projects.

Red Man Pipe & Supply Co. completed its acquisition and name change of R. J. Gallagher Co.

Durameter Pump Co. Inc. was formed by Aqua Care Systems, Inc., to manufacture EV series metering pumps in a wide range of sizes, alloys and non-metallic materials to handle corrosive fluids in a variety of applications.

The Prospective Investment and Trading Co., Ltd. purchased about 2.97 million bbl of oil and 15.7 Bcfg in its third reserves acquisition in 1999.

Maynard Oil Co. purchased interests in 170 producing oil and gas properties located in southeastern New Mexico and West Texas. The acquisition will add 1,000 net bpd of oil and 3 MMcfgd to the firm’s production.

Delta Petroleum agreed to acquire Whiting Petroleum Corp.’s interests in the Point Arguello Unit, including its three producing platforms, as well as in the undeveloped Rocky Point Unit.

BP Amoco acquired all of the shares of ProGas that it does not currently own. Meanwhile, BP Amoco also agreed to purchase a significant part of Repsol-YPF’s holding in Crescendo Resources, a major gas producer and processor in Texas and Oklahoma.

Burlington Resources completed its acquisition of Poco Petroleums Ltd.

Pioneer Natural Resources Co. acquired a 100% working interest in two properties both located in the Neuquen basin of Argentina, Al Sur de la Dorsal and Estacion Fernandez Oro from Perez Companc and Pan American, respectively. These two properties add eight new blocks covering 230,000 acres to Pioneer’s core position in the basin. Net production is about 2,000 bopd and 9 MMcfgd. Net proved reserves are about 7.7 million boe.

Renaissance Energy concluded its sale of a gas property in the McLeod River area of west-central Alberta. This producing property was part of the Pinnacle Resources Ltd. acquisition and was non-strategic to Renaissance’ ongoing business plan.

Paradigm Geophysical Ltd. opened an office in Bahrain to serve its customers in the Middle East.

Nabors Industries completed its acquisition of Pool Energy Services Co.

Best Pacific Resources Ltd. acquired oil and gas properties primarily in southeastern Saskatchewan. Included in the sale are 200,000 net acres of undeveloped land and a 2-D and 3-D seismic database. Reserves are estimated to be 6.9 million bbl of proved oil and 4.5 million bbl of probable oil.

Aker Maritime opened a new engineering office in Luanda, Angola.

ARCO agreed to sell its operations in Ecuador and other interests in Latin American exploration properties to Burlington Resources.

Global Industries opened its 625-acre offshore construction headquarters in Carlyss, Louisiana.

ECL and Everest-Tecnologia em Servicos Ltda. formed a strategic alliance in Brazil.

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