2010-10-14-2010-07-20-2010-10-12

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$3,250.0MM
Description

Closed Canadian portion of deal with 1.3 million net acres in BC, AB, gaining 46,500 BOE/d, 224 MMBOE proved.

Apache Canada Ltd., a subsidiary of Apache Corp., Houston, (NYSE: APA) has closed its acquisition of all of the upstream natural gas business in western Alberta and British Columbia held by BP Plc, London, (London: BP) for $3.25 billion.

The deal is part of a larger $7-billion acquisition by Apache of international BP assets, which includes acreage and infrastructure in the Permian Basin of West Texas and New Mexico and in Egypt's Western Desert. Apache acquired the Permian assets in August for $3.1 billion.

The assets include 1.3 million net acres with positions in several emerging unconventional plays, including the Montney, Cadomin, Doig and coalbed methane. Production during the first half of 2010 averaged 46,500 barrels of oil equivalent per day. Proved reserves are approximately 224 million barrels equivalent.

The payment was made on July 30. The effective date was July 1. Apache Canada will take over operations on Nov. 1.