Anadarko Completes Gulfstream Acquisition.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 14, 2001 Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) announced today it has acquired 100 percent of the common shares of Canadian-based Gulfstream Resources Canada Limited (Toronto:GUR Gur (gûr), in the Bible, ascent near Ibleam. ). 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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 proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. 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 BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ). 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. Anadarko Petroleum Corporation is the largest independent exploration and production company in the world, with proved reserves of more than 2 billion barrels of oil equivalent and reported daily production of 570,000 barrels equivalent in the second quarter of 2001. Domestically, it is the most active driller in North America and has operations in Texas, Louisiana, the Mid-Continent and Rocky Mountain regions, Alaska and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Internationally, it is active in Canada, Algeria, Tunisia, West Africa, Venezuela, Georgia and the North Atlantic. www.anadarko.com This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that its goals will be achieved. See Additional Factors Affecting Business in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial (MD&A) included in the company's 2000 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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