Woodside Energy (USA), a subsidiary of Australia-based Woodside Petroleum Ltd., has acquired Houston-based Gryphon Exploration Co. for approximately US$297 million. Privately held Gryphon has 72 billion cu. ft. equivalent of proven reserves and 114 billion cu. ft. equivalent of proven-plus-probable reserves. The assets are in the Gulf of Mexico and 86% gas. Additionally, Gryphon has licensed approximately 2,300 offshore blocks (19,350 square miles) of highly contiguous 3-D pre-stack time-migrated seismic data. Gryphon also owns interests in 118 leases, 95 operated, totaling more than 400,000 gross acres (300,000 net acres) with 80 prospects identifying 2.5 trillion cu. ft. equivalent of potential. The company has four exploration wells in progress and production from its 15 fields, 11 of which are operated, was about 30 million cu. ft. equivalent per day at the end of June. Woodside chief executive Don Voelte says the deal builds upon the company's existing Gulf of Mexico interests, offering it a diverse portfolio across the shelf and deep water. "It capitalizes on the alliance we formed with (Louisiana-based start-up) Explore Enterprises earlier this year and builds Woodside's position in a region we have identified as a core area of interest," he adds. While Gryphon's management team will not join Woodside, the employees will be retained. Gryphon was formed in October of 2000 through equity investments made by Warburg Pincus, Cheniere Energy Inc. (Amex: LNG) and Gryphon's management team. • Pioneer Natural Resources Co., Irving, Texas, (NYSE: PXD) plans to divest its deepwater Gulf of Mexico properties to reduce exploration risk and production volatility. Pioneer also plans to sell its nonoperated position in Tierra del Fuego, southern Argentina. "Divesting these assets, if successful, would concentrate our portfolio and reestablish a more predictable foundation capable of more consistent, sustainable production growth while enhancing our net asset value," says Tim Dove, president and chief operating officer. • Maritech Resources Inc., The Woodlands, Texas, subsidiary of Tetra Technologies Inc., (NYSE: TTI) has acquired interests in the offshore and inland waters of the Gulf Coast region from Devon Energy Corp. for approximately $70 million, consisting of $66 million of assumption of abandonment liability and $4 million of cash. With adjustments, Maritech received a net settlement of $18.3 million in cash at closing. The deal involves 43 fields (22 operated and 21 nonoperated). In another deal, Maritech has acquired Timbalier Bay Field offshore Louisiana from Pioneer Natural Resources USA Inc. for approximately $67.6 million, consisting primarily of cash plus the present value of the assumed associated abandonment liabilities. Maritech paid Pioneer $500,000 and is to pay $4.4 million by July 2006. • El Paso Corp., Houston, (NYSE: EP) has closed the acquisition of Denver-based Medicine Bow Energy Corp. for US$834 million in cash, up from an expected $814 million. Before closing, Medicine Bow increased its stake in Four Star Oil & Gas to 43.1%, up from 38.6%. El Paso now gains 383 billion cu. ft. equivalent and estimated average daily production is 103 million cu. ft. equivalent from Medicine Bow. More than half of the proved reserves are in the Rockies. • Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has acquired or agreed to acquire a total of $410 million of gas assets in transactions with four private companies, including Hallwood Energy III LP. Through these transactions, the company will acquire 33 million cu. ft. of gas equivalent per day of production, 113 billion equivalent of proved reserves and 181 billion equivalent of probables and possibles. The largest of the four acquisitions is with Hallwood Energy III LP.