Anadarko Completes Gulfstream Acquisition

abarrelfullabarrelfull wrote on 03 Jul 2012 13:44

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Aug 14, 2001

Anadarko Petroleum Corporation (NYSE:APC) announced today it has acquired 100 percent of the common shares of Canadian-based Gulfstream Resources Canada Limited (Toronto:GUR).
The Gulfstream shares tendered were purchased for C$2.65 per share, for a total value of approximately US$118 million plus the assumption of approximately US$10 million of debt.

Gulfstream is being acquired through Anadarko Canada (International) Acquisition Corporation, an indirect, wholly owned subsidiary of Anadarko Petroleum Corporation.

Gulfstream's assets and operations will continue as part of Anadarko's international exploration and operations groups, which oversee a number of the company's international activities from the Houston headquarters.

The acquisition of Gulfstream gives Anadarko additional proved reserves of approximately 70 million barrels of oil equivalent.

Summary of Gulfstream Operations

Qatar - Block 12
Net production from the Al Rayyan field is currently more than 4,500 barrels of oil per day (BOPD). A redevelopment program, which will include increasing existing facility capacity and drilling new horizontal wells, is under way and is expected to more than double Anadarko's net production from this field beginning in 2002. Block 12 and Al Rayyan are operated by BP. Gulfstream holds a 65 percent contract interest in the block.

Qatar - Block 11
Two exploration wells are planned for this year, both of which should be completed by the end of 2001. Block 11 is operated by Wintershall. Gulfstream holds a 49 percent contract interest.

Qatar - Block 13
Anadarko is reviewing existing seismic data and developing an exploration plan. The boundaries for this block had been in dispute since 1986 but were confirmed by the International Court of Justice in spring 2001. Like Block 12, Block 13 is operated by BP, and Gulfstream holds a 65 percent contract interest.

Oman - Block 30
The first horizontal well is being drilled in the Hafar field as part of the development program. Gross gas production is expected to average 84 million cubic feet a day (MMcf/d) when the field is fully developed in mid-2002. Gulfstream is the operator of Block 30 and the development project, with a 100 percent contract interest.

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