• NCE Petrofund Corp., Toronto, plans to acquire producing properties in central Alberta from a Canadian company for C$40.2 million. The package includes two gas-producing properties and two oil-producing properties. Three of the properties are unitized and one is operated. Reserves are approximately 67% oil; proven reserves account for 80% of the total value. Current production net to the acquired interest is approximately 1,800 BOE per day. Established net reserves are estimated to be 8.8 million BOE. Additionally, NCE Petrofund and NCE Energy Trust are in discussions regarding a possible merger. Both are members of NCE Resources Group. • Upton Resources Inc., Calgary, plans to acquire Empire Energy Inc., Calgary, in a deal valued at C$30.9 million including assumption of debt and a working capital deficit. Empire's assets include production of approximately 1,700 bbl. of oil per day and 128,400 net acres of undeveloped land in southeast Saskatchewan. Combined production in 2002 will be approximately 6,700 BOE per day, including 5,900 bbl. of oil. Combined reserves will be 11.6 million BOE, proven, and 14.9 million, established. • Addison Energy Inc., a subsidiary of Exco Resources Inc., Dallas, plans to purchase assets from an independent for approximately US$26.2 million and has completed several asset purchases for approximately US$1 million. Exco estimates net proved reserves of approximately 1.7 million bbl. of liquids and 20.6 billion cu. ft. of gas from these transactions. Net daily production is estimated at 8.7 million cu. ft. of gas equivalent, consisting of 5.1 million cu. ft. of gas, 395 bbl. of oil and 200 bbl. of gas liquids. • EOG Resources Canada Inc., Calgary, has acquired Fox Energy Corp., Calgary, in a deal valued at C$14 million, cash. Fox produces about 1,000 BOE a day, 55% gas. Capital providers... • J.M Huber Corp. has formed a producer-finance and risk-management business unit based in Houston. David Pruner, formerly of Enron Corp. and Coastal Corp., is among managers of the new service. Huber already has a financial services unit based in Dublin, Ireland, that does private placements with European investors, thus it plans to enter into oil and gas deals now as well. • Shell Capital Inc. is being closed by Royal Dutch/Shell. The parent determined the energy-finance business is not part of its core strategy. The staff can be contacted through June.
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