? StatoilHydro, Stavanger, Norway, (NYSE: STO) has acquired a 40% stake in 50 blocks in the DeSoto Canyon area of the Gulf of Mexico from BHP Billiton, Melbourne, Australia, (NYSE: BHP) for an undisclosed price. DeSoto Canyon, east of StatoilHydro’s current production operation at Independence Hub, is in depths of about 1,000 meters.
“DeSoto Canyon is a mostly unexplored region in the eastern part of the Gulf of Mexico,” says StatoilHydro vice president of exploration for North America Tony Dore. “Obtaining early access to new plays is regarded by the company as key to our success.”
He says that StatoilHydro did a similar early-access deal with ExxonMobil in 2005 in the Walker Ridge Area of the central Gulf of Mexico. “We believe that through a close cooperation with BHP Billiton we can mature high-quality prospects,” he adds.

• Cabot Oil & Gas Corp., Houston, (NYSE: COG) plans to sell its Canadian operations to an undisclosed private Canadian company for C$78 million in cash and C$24 million in equity in a total deal valued at C$102 million. Stifel, Nicolaus & Co. Inc. values proved reserves at C$2.16 per thousand cu. ft. of gas equivalent and production at C$11,781 per daily flowing thousand cu. ft. equivalent.
Cabot has 35,415 net acres in Alberta and Saskatchewan at year-end 2008. Production during the first quarter was estimated by Stifel Nicolaus at 7.4 million cu. ft. equivalent per day. Proved reserves as of Dec. 31 were 40.4 billion cu. ft. equivalent.
Analysts at Pritchard Capital Partners say that, based on a price per barrel equivalent of flowing production and a price per barrel of proven reserves, “the sale looks attractive versus recent Rockies and Midcontinent transactions.” The deal is an average 60% premium to the two first-quarter transactions that occurred, they report.

• Triad Energy Corp., Houston, has retained RBC Richardson Barr and Barrier Advisors to sell all of the company assets in West Virginia, Ohio and Kentucky within the Appalachia Basin as part of Chapter 11 bankruptcy proceedings. Triad holds a total 94,035 net acres (70% held by production) with 88,417 in the Appalachian Basin (75% held by production) and a small position in the Permian Basin in West Texas and New Mexico. Approximately 47,700 net acres are in the Marcellus shale fairway (59% held by production).