Equity Company Exchange / Symbol Headquarters Amount Comments PetroQuest Energy Inc. (Nasdaq: PQUE) Lafayette, La. US$19.8 million Issued 4.5 million of its shares at US$4.40 each. The proceeds will fund exploration and development, pay debt and for general corporate expenses. Johnson Rice & Co. was manager. Advantage Energy Income Fund (Toronto: AVN) Calgary C$19.8 million Issued 2.5 million trust units at C$7.90 each. The underwriters were led by Scotia Capital and included CIBC World Markets Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc. The proceeds will be used to complete the acquisition of assets in the Medicine Hat area of Alberta. Crescent Point Energy Ltd. (Canadian Venture: CPG) Calgary C$9.4 million Issued 6.3 million special warrants at C$1.50 each. Proceeds will fund capital expenditures. The underwriters were led by Griffiths McBurney & Partners, and included National Bank Financial Inc., FirstEnergy Capital Corp., Haywood Securities Inc. and Octagon Capital Corp. Argonauts Group Ltd. (Canadian Venture: AGW) Calgary C$7.98 million Privately placed 7.6 million common shares at C$1.05 each. For each common share subscribed for the investor group and other subscribers received one warrant, each exercisable into one common share at C$1.25 at 12 to 36 months from issue. Case Resources Inc. (Canadian Venture: CAZ) Calgary C$7.5 million Privately placed, with Griffiths McBurney & Partners Ltd., 25 million common shares at C$0.30 each. The proceeds together with bank debt will pay for the acquisition of properties in central Alberta. Royal Sovereign Exploration Inc. (Canadian Calgary Venture: RSX) C$4.67 million Privately placed 4.78 million common shares at C$0.50 each and 3.8 million flow-through shares at C$0.60 each. Proceeds will fund exploration and development. Bulldog Energy Inc. (Canadian Venture: BDE) Calgary C$4.24 million Completed its IPO issuing 2.54 million class A shares on a flow-through basis and 372,768 class B shares on a flow-though basis. Geocan Energy Inc. (Canadian Venture: GCA) Calgary C$3 million Plans to privately place C$3 million in secured, subordinated convertible debenture with Paramount Resources Ltd. The proceeds will fund exploration and development in the Czech Republic. Puma Energy Inc. (OTC BB: PUMX) Dallas Up to US$3 million Will issue up to 3 million shares of common stock at US$1.50 each. The proceeds fund development and production in Azerbaijan. CanArgo Energy Corp. (Oslo: CNR) Oslo US$1.7 million Privately placed approximately 5.2 million shares at US$0.33 each. The proceeds will be used for working capital and capital expenditures in Georgia. ABG Sundal Collier ASA was agent. Virtus Energy Ltd. (Canadian Venture: VEL) Calgary Up to C$2 million Will privately place up to 5 million common shares at C$0.40 each with FirstEnergy Capital Corp. The proceeds will fund acquisition, exploration and development programs and general corporate expenses. Priority Ventures Ltd. (Canadian Venture: PVS) Courtenay, C$1.5 million Plans to privately place 2 million units on a flow-through basis at C$0.75 British Columbia each. Each will consist of one flow-through share and a flow-through share purchase warrant exercisable at C$1.05 each. The funds will be used to further advance the company's main energy projects with emphasis on Vancouver Island. Debt FSFC Developments Inc. (Canadian Venture: FSC) Calgary C$1.4 million Will issue up to 14 million units at C$0.10 each. The proceeds will finance acquisition, future capital costs and administrative expenses. Corridor Resources Inc. (Canadian Venture: CDH) Halifax, Nova Scotia C$601,800 Privately placed 354,000 nonflow-through special warrants at C$1.70 each. The funds will be used for general corporate purposes. Jennings Capital Inc. was agent. Westfort Energy Ltd. (Toronto: WT) Jackson, Miss. US$600,000 Privately placed 4 million units at US$0.15 each. Each unit consists of one common share and one warrant, each warrant being exercisable into one common share at US$0.20 each until Jan. 24, 2004. The proceeds will be used for working capital and drilling and development. Flowing Energy Corp. (Canadian Venture: FLO) Calgary C$575,000 Privately placed 2.88 million common shares at C$0.20 each. Proceeds will finance exploitation, development and exploration. Anadarko Petroleum Corp. (NYSE: APC) Houston US$650 million Sold US$650 million in five-year notes. Credit Suisse First Boston and J.P. Morgan were joint lead managers. Magnum Hunter Resources Inc. (Amex: MHR) Irving, Texas US$500 million Will receive a US$500-million senior bank credit facility from Deutsche Bank's Bankers Trust. The facility will retire outstanding debt. Talisman Energy Inc. (NYSE: TLM) Calgary C$325 million Sold C$325 million in 5.80% unsecured nonredeemable notes. Compagnie Generale de Geophysique (NYSE: GGY) Paris US$50 million Will offer US$50 million in senior notes due 2007. The proceeds will be used in place of credit lines.
Recommended Reading
Enverus: Permian Gains Will Sustain US Oil Production Through 2030
2024-05-09 - Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
Mighty Midland Still Beckons Dealmakers
2024-04-05 - The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.
Life on the Edge: Surge of Activity Ignites the Northern Midland Basin
2024-04-03 - Once a company with low outside expectations, Surge Energy is now a premier private producer in one of the world’s top shale plays.
CEO Darren Woods: What’s Driving Permian M&A for Exxon, Other E&Ps
2024-03-18 - Since acquiring XTO for $36 billion in 2010, Exxon Mobil has gotten better at drilling unconventional shale plays. But it needed Pioneer’s high-quality acreage to keep running in the Permian Basin, CEO Darren Woods said at CERAWeek by S&P Global.