Companies in the news

Kerr McGee and Ocean Energy have exchanged 33% of their interests in 20 Atwater Valley leases in the Gulf of Mexico and 50% in two leases in adjacent Lloyd Ridge, for 50% of BHP Billiton’s interest in 32 leases and 25% of its interest in two leases. Operators will not change. Drilling is slated to begin before year-end. Kerr McGee and Ocean Energy have now amassed more than 60 blocks and doubled their identified prospects, to about 15 in this deepwater play.

Chesapeake Energy Corp. agreed to acquire 4.5 million shares of fully diluted Canaan Energy Corp. common stock not already owned by Chesapeake for $18.00/share in cash. Debt assumed through this transaction is about $33 million and $4 million of Canaan common stock, previously acquired by Chesapeake at $12.00/share. Total estimated cost of this transaction is $118 million.

Remington Oil and Gas Corp. announced year-end 2001 proved oil and gas reserves of 13.9 million bbl of oil and 112 Bcfg (or 195 Bcfe), representing a 29% increase in reserves from 151 Bcfe at year-end 2000 and a 253% replacement of production of 28.8 Bcfe.

The Offshore Energy Center’s (OEC) Ocean Star has been selected to receive a 2001 – 2003 International Partnership Among Museums (IPAM) award by the American Association of Museums to undertake an exchange with the Norsk Oljemuseum-Stavanger (Norwegian Petroleum Museum). OEC’s Education Director, Misty Yarotsky will spend June 2002 in Stavanger, and Geir Mossige Johannesen will spend part of August and September in Houston and Galveston.

Both institutions are dedicated to providing the public with educational experiences about the history and importance of the offshore petroleum industry. The project has three objectives: 1) to establish a "science corner" at each museum, including new exhibits to enhance teacher / student resources; 2) expansion of OEC’s "International Hall of Fame" and to establish one in Stavanger; and 3) explore applications to increase the use of technology, including video conferencing between both museums, and create on-line educational programs. The Ocean Star is the first Houston / Galveston area museum to receive the award since it was established in 1980.

Noble Affiliates, Inc.’s, shareholders have approved changing the company’s name to Noble Energy, Inc., to better align the firm’s name with its business. Initially, only Noble Affiliates will be affected, but eventually all business units will be operating under the new name. In addition, the firm is changing its place of incorporation from Delaware to the Cayman Islands.

Noble Drilling agreed to purchase two semisubmersible drilling rigs, the Transocean 96 and Transocean 97, from subsidiaries of Transocean Sedco Forex Inc. for an aggregate of $31 million in an all-cash transaction.

Offshore Technology Management Ltd. has officially changed its name to OTM Consulting Ltd. to better reflect its wider activities in the upstream sector and provide a greater expansion in the downstream sector.