Companies in the news

Cal Dive International acquired 85% of Canyon Offshore, Inc., a supplier of ROVs and robotics. Cal Dive would purchase the remaining 15% at a price to be determined by Canyon’s performance during the years 2002 through 2004. Chairman and CEO Owen Kratz said "Acquiring Canyon will be a vertical integration which flows from the CDI policy of directly controlling all aspects on the critical path of significant projects."

Kerr McGee Oil & Gas Corp., and partners were apparent high bidders on 16 blocks in the eastern Gulf of Mexico lease sale 181. This was the first sale in the area in over a decade. The firm will operate 60% of the blocks with an average working interest of about 63%.

Woodside Energy Ltd. reports initial production from Australia’s Echo-Yodel fields, three months early and within budget. The fields will add about 37 million boe to North West Shelf Venture production over the next four to five years. The fields are in permit WA-28-AP, northwest of Dampier in Western Australia.

Anadarko Petroleum Corp. and El Paso Energy announced an innovative arrangement to jointly develop Anadarko’s Marco Polo deepwater discovery, about 150 mi offshore Louisiana in the Gulf of Mexico, using a floating production platform capable of accommodating production from multiple fields.

Tri-Valley Oil & Gas Co. announced its financial position continued to strengthen in the final quarter of 2001. During the period, $17.5 million of debt and convertible securities were retired. Bank debt fell $3.7 million and $13.8 million of subordinated notes and convertible securities were retired at a discount.

Kerr-McGee is budgeting $70 million in exploration expenses and $890 million for capex for 2002. Capital expenditures include the development of its 100%-owned Tullich field in the UK sector of the North Sea.

ADB Systems International Inc., entered into an agreement with VM Alliansen, a consortium of energy companies, to provide procurement, logistics and project management capabilities that will support large-scale oil and gas operations in Norway. Comprised of Halliburton KBR, Sorco and Fabricom, VM Alliansen will take advantage of WorkMate, ADB’s enterprise asset management.

Spectrum Energy and Information Technology Ltd. agreed with SOLGAS Petroleum Ltd., a Nigerian indigenous oil company allowing Spectrum to promote its recently acquired 3-D seismic data in its shallow water, offshore Nigeria. Several leads and prospects were identified. The Noa 1 wildcat was drilled in early 2001, encountering both oil and gas. Reserves estimated at 75 million bbl of recoverable oil.

Tappit Resources Ltd. announced a production acquisition of about 125 bopd in S.E. Saskatchewan, Canada, increasing Tappit’s ownership in the proposed North Tatagwa Waterflood Unit project from 47.25% to 70.28%. Purchase price was $3.2 million. Due to the onset of winter conditions, the waterflood project is now slated to begin injection in June of 2002 with oil output increases beginning in fall 2002. The field now produces over 400 bopd, but the acquisition should increase output to 1,355 bopd.

Huntingdon Fusion Techniques Ltd. relocated to Burry Port in Carmarthenshire, UK. It has outgrown its current premises for the fourth time.

Halliburton and Vanco Energy Co. signed an agreement for the provision of engineering and consulting services in several deepwater regions offshore West Africa. Vanco plans to drill at least six deepwater wildcats offshore Equatorial Guinea, Côte d’Ivoire, Morocco and Namibia. Halliburton is also providing Vanco with a LNG project screening study, software licenses, and screening tools.

Dong and Denerco Oil have each taken over 3.6185% in the Siri license from Phillips Petroleum. Dong will participate with a 23.6185% and Denerco Oil will have an 11.1185% share.

Lundin Petroleum announced a 2002 capital expenditure budget of US $37 million. Of the total, $31.5 million will be spent on exploration and appraisal activities in Sudan and Iran.

ITT Industries, Inc., signed an agreement to acquire the business and assets of BIW Connector Systems, LLC, a leading designer and manufacturer of power connections for harsh and demanding applications, such as those used in energy production. BIW will become part of ITT Cannon business.

Patterson / UTI Energy acquired 17 land-based drilling rigs from Cleere Drilling Co., for $13.5 million in cash, 450,000 shares of Patterson-UTI Energy common stock and 325,000 warrants convertible into common shares. The acquisition includes 28 rig-moving trucks and other equipment and inventory.

The Qatari government signed a production-sharing agreement with TotalFinaElf and United Arab Emirates Offsets Group to develop gas in two blocks of Qatar’s giant offshore North Field, via two unmanned platforms. Output is expected to plateau at a rate of 2.5 Bcfgd. The gas will be treated onshore at the Ras Laffan terminal. From there, a 48-in. pipeline will transport the gas to the United Arab Emirates serving the markets of Abu Dhabi, Dubai and Fujairah.

Eni signed a production-sharing agreement with the Nigerian National Petroleum Corp. for the exploration of offshore Block 244 south of the Brass terminal. Plans call for seismic acquisition and two wildcats.

Red Valve Co. acquired RKL Controls from Moyno, Inc., a wholly-owned subsidiary of Robbins & Myers of Dayton, Ohio.

Downhole Products plc acquired a majority share holding in the Ian Hay Engineering Ltd., a precision engineering machine shop.

Journey Oil Gas, L.L.C., and Journey Acquisition II, L/P acquired certain oil and gas properties in Kentucky from Equitable Production Co., KRCC Oil and Gas Company, Inc., including 436 producing oil and gas wells.

Noble Affiliates, Inc., announced its wholly-owned subsidiary Samedan Oil Corp. agreed with Aspect Energy to acquire production from about 110 wells located in a 15-county / parish area along the Texas and Louisiana Gulf Coast for $125 million.

St. Mary Land & Exploration subsidiary Nance Petroleum Corp. signed a purchase and sale agreement to acquire properties from Choctaw II Oil & Gas, Ltd., of Houston, Texas, for $41 million in cash. The properties are primarily in the Williston basin of Montana and North Dakota and the Green River basin in Wyoming. The properties currently produce an estimated 1,200 bbl of oil and 4,600 Mcfgd.

Petris Technology, Inc., combined with GeoNet Services, Inc., merging two complementary software companies into a single entity. Petris is a Houston-based software development and services company focused on data management and integration needs. GeoNet is an application service provider (ASP) to both upstream and downstream sectors.

Kicking Horse Resources Ltd. closed its acquisition of the producing assets at Retlaw, Alberta, Canada. The net cost of the acquisition, after purchase price adjustments, was $488,000. Included in the acquisition is an average 41.51% working interest in 2,560 acres and two producing gas wells. Proved reserves are 279 MMcfg and 2,000 bbl of natural gas liquids. In addition, it acquired a 32.861% interest in the Retlaw Gas Facility, enabling the firm to process its own gas, or to utilize excess plant capacity by processing third party gas on a customer fee basis. WO

Denerco Oil just increased its share of the Nini License 4/95 in the Danish part of the North Sea from 25% to 30% through the acquisition of a 5% interest held by the German energy company WEW.

Hunting Oilfield acquired Thread Tech Energy Systems Ltd., a Calgary, Alberta, Canada-based supplier of oilfield tubulars, premium connections and associated products throughout Canada.

MISTRAS Holding Group has relocated to its 50,000 sq-ft corporate headquarters in Princeton, New Jersey. The firm acquired Vibra-Metrics, Inc.

Parker Hannifin Corp. acquired the assets of Dayco Industrial from Mark IV/BC Partners.