PETROCORP ACQUIRES CANADIAN GAS RESERVES
PETROCORP ACQUIRES CANADIAN GAS RESERVES HOUSTON, Dec. 16 /PRNewswire/ -- PetroCorp announced today that it
has acquired natural gas interests in the Hanlan-Robb area of western Alberta from Gulf Canada Resources Limited (AMEX: GOU) and from Petro-Canada. PetroCorp's purchase price was approximately $94,000,000 (Canadian).
"The quality of these reserves is outstanding," said Lee Sargent, PetroCorp's chief executive officer. "The Hanlan unit alone has produced 400 billion cubic feet of natural gas to date and has another 900 billion cubic feet remaining." PetroCorp acquired a 26.4 percent interest in the Hanlan unit, as well as varying interests in surrounding fields. The property interests acquired by PetroCorp (through its Canadian subsidiary, PCC Energy Inc.) include net reserves estimated at 170 billion cubic feet of natural gas and 900,000 long tons of sulphur. PetroCorp also acquired an interest in the Hanlan-Robb gas processing plant; the plant has the processing capacity of 300 million cubic feet of natural gas per day. Leasehold interests included in the transaction total approximately 170,000 acres. PetroCorp is a Texas general partnership, owned 84 percent by a subsidiary of CIGNA Corporation (NYSE: CI). PetroCorp is engaged in the acquisition, development and production of oil and gas reserves, principally in the Gulf Coast and Mid-Continent regions of the United States. This acquisition marks PetroCorp's entry into the Canadian oil and gas markets. It represents a key step forward in PetroCorp's ongoing strategy to increase its reserve base through acquisitions and drilling activities. The closing of this transaction has more than doubled PetroCorp's reserves owned and/or managed, bringing the total to over 300 billion cubic feet equivalents. -0- 12/16/91 /CONTACT: Neil McBean, executive vice president of PetroCorp, 713-875-2500/ (GOU CI) CO: PetroCorp; Gulf Canada Resources Limited; Petro-Canada ST: Texas, Alberta IN: OIL SU: TNM FC-OS -- NY032 -- 2485 12/16/91 11:47 EST
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|Date:||Dec 16, 1991|
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