A&D Watch December 2005 - Oil and Gas Investor

'
December 2005, Vol. 19, No. 12
Shale sells. “Right now we are hearing the magic ‘shale’ word a lot,” Jeff Robertson,
senior vice president, Lehman Brothers, said at the annual IPAA meeting in Houston.
“Oftentimes companies can mention ‘shale’ enough times in their investor presentations
and their stock price will have come up by the time the presentation is over. What
investors don’t realize is the amount of risk involved.”
Appalachian, Illinois. The Appalachian and Illinois basins have technically recoverable
resources of 4.8 billion barrels of oil and 79- to 96 trillion cubic feet of gas, according
to the Interstate Oil and Gas Compact Commission. The gas reserves are mainly in
coalseams, Devonian-age shales, and low-permeability tight-gas sands. Oil reserves
include heavy oil, oil sands and oil shale. Oil sands, primarily in Kentucky, are estimated
at 3- to 4 billion barrels of oil in place, the commission reports.
Dayrates. New contracts for Todco rigs are in the low-$80,000s up from between
$50,000 and the mid-$60,000s, Lehman Brothers reports. Ensco International
signed a Gulf jackup at $140,000 per day, up from $85,000, to work for Anadarko
Corp.
Rowan Cos. has signed three 116-C Gulf jackups at $130,000 (Cont. on p. 48.)
Recent Deal-Making
Special Report:
Seitz and Transier’s Endeavour
A&D Marketplace Notes
TARC gains 56.4
Bcfe/proved in DJ Basin.
See p. 24.
Santos takes in
Tipperary. See p. 24.
Dune revises
Voyager deal. See
p. 22.
Parallel adds 2.9
MMBOE/proved.
See p. 24.
THX to buy 88 Bcfe/proved
from KMG. See p. 23.
ERT trades for WI in
Tiger discovery. See
p. 23.
Cadence gains Aurora’s
295K net acres. See p. 21.
Unit adds 42.5
Bcfe/proved.
See p. 25.
Chesapeake gains stake
in Gastar. See p. 22.
Chesapeake picks up
CNR’s 1.1 Tcfe/proved.
See p. 21.
Burlington picks up 200K
net acres. See p. 21.
Delta to buy
Castle Energy.
See p. 22.
ATP buys OCS properties
for $40MM. See p. 21.
Inside...
Editor’s Commentary . . . . . . . . . . . . . . 2
Special Report: Endeavour International
Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
On The Market . . . . . . . . . . . . . . . . . . . . 7
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Canada . . . . . . . . . . . . . . . . . . . . . . . . . 15
International . . . . . . . . . . . . . . . . . . . . . . 17
Service & Supply . . . . . . . . . . . . . . . . . . 17
Divestment Services . . . . . . . . . . . . . . . 19
E&P A&D News . . . . . . . . . . . . . . . . . . 20
A&D U.S. . . . . . . . . . . . . . . . . . . . . . . . . 21
A&D Canada . . . . . . . . . . . . . . . . . . . . . 25
A&D Australia. . . . . . . . . . . . . . . . . . . . . 27
A&D Europe . . . . . . . . . . . . . . . . . . . . . . 27
A&D FSU . . . . . . . . . . . . . . . . . . . . . . . . 28
A&D Latin America . . . . . . . . . . . . . . . . 28
Joint Ventures . . . . . . . . . . . . . . . . . . . . 28
New Companies . . . . . . . . . . . . . . . . . . 28
A&D Advisors. . . . . . . . . . . . . . . . . . . . . 29
Capital Providers . . . . . . . . . . . . . . . . . . 29
Upstream Analysts . . . . . . . . . . . . . . . . 30
E&P People . . . . . . . . . . . . . . . . . . . . . . 30
E&P Other . . . . . . . . . . . . . . . . . . . . . . . 31
In Memoriam . . . . . . . . . . . . . . . . . . . . . 32
A&D Networking Opportunities . . . . . . . 33
S&S A&D News
A&D U.S. . . . . . . . . . . . . . . . . . . . . . . . . 34
A&D Canada . . . . . . . . . . . . . . . . . . . . . 34
A&D International. . . . . . . . . . . . . . . . . . 35
People . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Financial News
Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Buybacks . . . . . . . . . . . . . . . . . . . . . . . . 38
Insider Trading. . . . . . . . . . . . . . . . . . . 39
Exploration News
Eastern U.S.. . . . . . . . . . . . . . . . . . . . . . 41
Gulf States. . . . . . . . . . . . . . . . . . . . . . . 42
Midcontinent . . . . . . . . . . . . . . . . . . . . . 43
Western U.S. . . . . . . . . . . . . . . . . . . . . . 44
International . . . . . . . . . . . . . . . . . . . . . . 45
Companies in This Issue. . . . . . . . . . . 46
At Closing . . . . . . . . . . . . . . . . . . . . . . . 48
© 2005 by Hart Energy Publishing LP. Federal copyright law prohibits unauthorized reproduction by any means and imposes fines of up to $100,000 for violations.

Editor’s
Commentary
Insurance Sea Change
New Premiums For Gulf-Asset Insurance Are Quadrupling Or More For Some Owners
From the desk of
A&D Watch’s
Nissa Darbonne
Several Gulf of Mexico operators may be visiting their insurance brokers in London in the coming months in meetings that will decide
whether these producers have to give up in the region. Word on the street is that post-KatRita insurance costs may force several Gulf independents
to call it quits. One producer reports that insurance costs alone now represent a third of his lease operating expenses.
New premiums are projected to cost four times more for production assets and 400% more for pipelines. Also, underwriters may begin
to require separate, large windstorm deductibles, and cap this liability.
“All in all, we expect our premium to increase by 110% and we might be one of the lucky ones,” another Gulf operator says.
At press time, some 50% of oil production and 40% of gas production from the Gulf of Mexico remained offline, and a portion of it may
never flow again. An abandonment-services firm reports that 2006 orders to decommission destroyed or damaged platforms alone may
exceed all the expected 2006 orders, pre-storms. Insurers estimate market losses for KatRita at more than $11 billion, and business-interruption
claims remain open.
“It is likely that no one will be fully covered anymore; rather, the producers will live with 50% to 60% of the assets under coverage and
simply hope that no group of storms in a 12-month period will ever destroy more than that percentage,” the operator says.
The smallest of operators are most exposed, while larger producers have premium caps and they have other assets—onshore and abroad—
that insurers want to underwrite, “so my best guess is that the end of the market (in the Gulf) that will suffer is middle and down.”
As for the supply of Gulf assets on the market, affected producers may carry on at least until their new premium is due. “If you renewed
in June, for example, you got a decent rate…However, you just might consider selling once the production is restored and before the next
renewal date comes around…The producer might as well take insurance proceeds (from KatRita) and fix the damage and restore as much
as possible.”
Tim Sullivant, chief operating officer of Madison Energy Advisors, says, “I think everybody is concerned. Right now, it’s not going to
push operators out of the Gulf unless commodity prices fall.”
The Houston Exploration Co., Kerr-McGee Corp., Forest Oil Corp. and Pioneer Natural Resources are among producers divesting
in the Gulf. But these plans were under way prior to this year’s major hurricanes. “Gulf properties are harder to sell,” Sullivant adds.
“There are only so many players in the Gulf.”
Insurance for Gulf of Mexico assets has been relatively inexpensive over the years, says Bill Martin, a Houston-based representative of
Benfield Corporate Risk, which focuses on marine, energy and other areas for London-based reinsurer and risk intermediary Benfield, “It
has been sold below cost…The market had been very soft.”
Estimates are that, for each $1 paid in premiums for coverage of Gulf assets during the past four years, between $4 and $4.50 in loss
claims have been paid, he says. “That’s not going to work.” One of the largest reinsurers, Munich Re, has already reported that its rates will
go up 400%.
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2 • A&D Watch • December 2005

Editor’s Commentary
During the soft market, insurance was a commodity—asset-owners didn’t look hard at
how much they needed and on what assets because the premium was affordable to cover
everything. “Everyone will take a look now at how much insurance they need.”
Also, insurers will look harder at the assets to be covered. “There are a lot of old assets
in the Gulf of Mexico that, due to reservoir technology, are still being used.” Coverage
costs may have been in the past for old platforms at the same rate as for newer structures—
like assigning the same cost to insure a Gulf Coast mobile home and a fixed, inland home.
Consideration will be given too to “air gap” or the difference in elevation between water
and platform. “The underwriting will become much more technical.”
There will likely be caps on windstorm coverage, so each producer will have to consider
how to handle this. “The board of directors doesn’t want to hear you’ve had a loss that
has blown through your coverage.”
One producer, whose coverage expired Nov. 1, received a 700% bigger invoice. That
producer has insurance right now “but he’s not particularly happy with it…,” Martin says.
“It’s a crisis when it sneaks up and bites you…That’s going to happen to people…This
is going to be a hot topic.” The London insurance market is in turmoil right now, while
many loss claims are still open, such as for business-interruption and pollution, he adds.
Generally, he says, “higher premiums alone probably will not force the smallest operators
out of the Gulf…but it may affect what you pay for assets.”
Smaller Gulf operators may also encounter lowered credit ratings, thus a higher cost of
capital. Standard & Poor’s Ratings Services says restoration of Gulf production is taking
longer post-KatRita than after Ivan, which affected the easternmost Central Gulf producing
region and was most noted for causing Gulf shelf mudslides that rearranged pipelines like
Pick-Up-Sticks game pieces. Katrina also affected most of the eastern-central Gulf region,
and Rita affected all of the Central Gulf as well as some of the Western Gulf.
“This is a fairly fresh story and the markets haven’t even settled yet....”
—Bill Martin,
Benfield Corporate Risk
If there are credit downgrades, the likely targets will be small and midsize operators
rather than large, diversified ones. “Strong realized commodity prices on (other) producing
properties and healthy liquidity levels are expected to help offset near-term production
disruptions and support ratings,” S&P reports.
Already beaten down by reserve revisions, Stone Energy Corp., whose assets are nearly
wholly in the Gulf and on the Gulf Coast, has been hurt not carrying business-interruption
insurance, “which could cause concern if meaningful levels of production remain
offline for any significant period of time,” S&P reports.
New entrants will assume liabilities, such as Mariner Energy Inc., which will expand
in the Gulf soon by taking in Forest Oil Corp.’s assets there in a deal that was announced
post-Katrina but before Rita. As of Nov. 9, some 100 million cubic feet equivalent of Forest’s
daily Gulf output remained offline, reduced from 180 million offline on Oct. 1, shortly
after Rita. What remains offline is waiting for third-party processing and infrastructure
repairs.
The deal is a bit of a bonus to Mariner, however: at least 10 billion cubic feet equivalent
of Forest’s proved, developed, producing Gulf reserves weren’t produced since Katrina.
This easy revenue will go to Mariner’s balance sheet, instead, post-closing.
Martin at Benfield says, “The key to senior management is to understand this (insurance-cost)
change and get in front of it in your thinking and business planning with financial
and operational personnel to determine your risk profile…
“This is a fairly fresh story and the markets haven’t even settled yet…This is a sea
change, if you will, in terms of the offshore insurance market…I don’t suspect this will be
a one-year deal and the markets will go back to where they were before.”
Hart Energy Publishing LP
Phone: 713-993-9320 • Fax: 713-840-0923
Editor
Nissa Darbonne
Ext. 165, ndarbonne@hartenergy.com
Associate Editor
Taryn Maxwell
Ext. 133, tmaxwell@hartenergy.com
Contributing Editors
Peggy Williams, Don Lyle,
Brian A. Toal, Bertie Taylor
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Advisory Board
George Solich, Cordillera Energy Partners
Binney Williamson, Peoples Energy
Anne McConville, Five States Energy
Alan Smith, Chalker Energy Partners
John Walker, EnerVest Management Partners
Clint Wetmore, Shell E&P
Marty Searcy, Sawtooth Energy Partners LLC
Leah D. Smith, Pogo Producing Co.
Bryan Dullye, Hunt Petroleum Corp.
Steve Herod, Petrohawk Energy Corp.
Doug Brooks, Marathon Oil Co.
Doug Jacobson, Chesapeake Energy Corp.
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A&D Watch • December 2005 • 3

Special Report
To The North Sea
Bill Transier And John Seitz Are Applying Their International E&P Acumen To A Start-Up
Interview by Taryn Maxwell
When John Seitz left the president and chief executive officer post at
Anadarko Petroleum Corp. in 2003, he called old friend Bill Transier.
As chief financial officer and executive vice president of Ocean
Energy Inc., Transier was in the throes of overseeing the sale of
Ocean to Devon Energy Corp., but was already looking toward the
next venture.
The pair considered prospects all around the globe, and narrowed
their focus to one area in particular: the North Sea, which
they view as having the potential to become the next Gulf of Mexico
for U.S. independents. Together they formed North Sea New Ventures
(NSNV).
To attract the capital they would need for such an enterprise, they
decided to tap public-capital markets. Continental Southern
Resources, a small publicly held E&P company with assets scattered
throughout the U.S. and some in Thailand, had been recruiting
Transier to head a restructuring. Instead, Transier and Seitz merged
NSNV into Continental Southern through a reverse-merger in February
2004, and turned it into Endeavour International Corp.
(Amex: END).
Today, Endeavour has amassed working interests in 18 blocks in
the U.K. and various fields in Norway. Its proved reserves total some
2.7 million barrels equivalent and it will drill four wells in the North
Sea this year, counting on one to bring Endeavour its first exploration
success.
Seitz and Transier both hold the title of co-chief executive officer,
an arrangement they say represents the partnership they have forged
and helps them be in two places at once. Looking at what they have
achieved in the past 18 months, it’s obvious they have been.
A&D Watch Why form Endeavor as a public company?
Transier We had a concept about bringing people together to compete
effectively in the North Sea. We wanted to attract very senior
people who had significant North Sea experience. But to do that, we
wanted to offer them an ownership interest in the company.
Of course, we also realized that to establish a company with the
size and scope needed to compete effectively in the North Sea, we
would need access to the type of funding sources that only a publicly
traded company can access.
We had lots of venture capitalists, or private-equity firms, that
were willing to give us a lot of capital to get started, but they wanted
too much control over the business strategy, the board and the
management. John and I felt like we had the experience to run an
E&P company.
With the reverse-merger we raised $50 million of new equity, part
of which was from our management team. The management team,
including John and I, bought 10% of the offering.
A&DW How did you proceed?
Seitz The very first thing we did with that funding was put a technical
team together. We already had a very large 3-D seismic database
that we acquired within North Sea New Ventures called the
MegaMerge. It’s a vast 3-D seismic program of about 94,500 square
kilometers.
We went to the 22nd Seaward Licensing Round in the U.K. and
won 18 blocks, which provides strong evidence that we have the
right technical tools and people.
“Our egos are in check and the only objective we
have is to create value for the shareholders.”
—John Seitz
A&DW Does your team consist mainly of former Ocean and
Anadarko personnel?
Seitz The entire technical team is really recruited from highly experienced
North Sea personnel and their entire experience base is North
Sea. The geosciences and the operating people at the executive level
came from Anadarko and the finance and accounting people at the
higher levels came from Ocean.
A&DW Why the North Sea?
Seitz It is a world-class petroleum province that has been ignored for
a significant amount of time by the majors, mostly because of past
low oil prices.
4 • A&D Watch • December 2005

Special Report
A&DW What is your prior experience with operating in the North
Sea?
Seitz In the oil and gas business, most often you earn the highest
returns when you’re relatively early—not the first, but when you’re
early. If you look at the Gulf of Mexico 20 or 25 years ago, the independents
pretty much took it over from the majors because they were
focused on somewhere else in the world. We saw the same situation
occurring in the North Sea. We’re in a very stable environment politically
and I can’t think of anywhere else in the world I’d rather be.
A&DW What potential does the North Sea hold for a start-up, U.S.
independent?
Transier It would be very tough to try to start Endeavour today and
do what we’ve done in the North Sea. The barriers to entry have gotten
a lot more difficult, so our timing could not have been better.
Now there are a number of companies on the scene, but we are
pleased that we are recognized as a partner of choice in the region.
We have more data and more exploration people focused on the
North Sea than anyone.
A&DW Have you experienced any difficulties operating in the
North Sea?
Transier It sounds odd, but the increase in commodity prices has
actually worked against us. If you’re trying to build a solid E&P
company over time, you have to have a balanced approach and when
we went into this, we actually thought we would be doing a lot more
M&A than we have.
In February 2004, oil prices were $28 a barrel. We sit here today
with $65 oil, so that’s made it tough for companies to want to do
transactions. They all should be selling at these prices.
On the flip side, the one transaction we completed has really
worked well for us. It was a small company in Norway that has a
producing base of a couple thousand barrels a day. With the increase
in prices, the revenue from that production is covering our worldwide
general and administrative costs.
A&DW In what parts of the North Sea are you interested?
Seitz We were U.K.-driven initially because of the licensing round,
but with the acquisition of our production base in Norway, we’re
gearing up for exploration there. We’ve also put together additional
seismic data in the Netherlands and we’re undertaking studies there
now.
A&DW Has funding been easy to find?
Transier There has been a lot of interest in the energy business for
the last several years. When we put our original deal together, we
sold it on the basis of the strength of our management team and the
business concept. It was very easy to sell—we were five times oversubscribed
for our initial offering. At the end of the first year, we
used part of that capital to buy the company in Norway.
In January, the convertible markets were as hot as they’ve ever
been historically, and hotter for energy issuances than for anything
else. So we were able to raise another $81 million in convertible
equity.
We’re generating cash now from Norway, and we sold our
Thailand assets that were carried over from the purchase of Continental
Southern. Today we have about $100 million in cash on the
balance sheet. That allows us a lot of flexibility to execute our business
strategy.
A&DW How does the partnership of co-CEOs work?
Seitz Bill and I can do either role, the operating side or the financial.
Obviously our individual strengths are greater in one area than the
other, but the best part is we can be in two places at one time. It
extends our visibility and our ability to handle issues. We think
amazingly alike on all issues.
Transier This is a risk business, and John and I have a very similar
view about how to build an E&P company. We also have a common
impatience—we want to get there as quickly as we possibly can.
Seitz Our egos are in check and the only objective we have is to create
value for the shareholders.
Transier It actually is an interesting position to be able to walk next
door and discuss business issues with your co-CEO and not feel that
you ultimately have to make these decisions all on your own.
Seitz Sometimes it’s very hard to get an impartial or objective point
of view from someone who is working for you, but since we’re
working together, we don’t hold anything back.
“The industry will continue to consolidate, and at
some point we will consolidate with someone else.”
—Bill Transier
A&DW Will you exit eventually?
Transier The industry will continue to consolidate, and at some
point we will consolidate with someone else. The question is: will
we run it, or will they? Either way, we’ll do what’s best for our
shareholders. We’re not in this for the jobs, we’re in this to find oil
and gas and create value for the equity-holders. Since our management
team holds a large sum of equity, we are fully aligned with the
interests of the stockholders.
A&DW Even though making an acquisition has been difficult
because of high commodity prices, do you expect to do that this
year?
Transier Yes. It’s more difficult right now with high commodity
prices. But building a balanced E&P company means not shying
away from transactions. For now, our best shot is to expand our
exploration inventory and drill some of these excellent prospects our
technical team is generating. Our goal is to become a several-billiondollar
company and with the right acquisition we could make that
happen very quickly.
Seitz Whatever you see us do will make a lot of sense.
A&D Watch • December 2005 • 5

On The Market
—United States
—Canada
—International
Location Seller Agent Deal #
For more information on each deal, see the text that follows this chart.
U.S.
Alabama Medallion Exploration The Oil & Gas Asset Clearinghouse 26
California Chevron Corp. EnergyNet 5
Gulf of Mexico Pioneer Natural Resources Co. Randall & Dewey 30
Gulf of Mexico Shell Exploration & Production Co. IndigoPool 35
Gulf of Mexico The Houston Exploration Co. Wachovia Securities 36
Kansas NA Black Gold Trading LLC 2
Louisiana Kaiser-Francis Oil Co. The Oil & Gas Asset Clearinghouse 22
Louisiana Kilrush Petroleum Inc. Burks Oil and Gas Properties Inc. 23
Louisiana Lamar Oil and Gas Inc. PetroSales 24
Louisiana Main Energy Inc. The Oil & Gas Asset Clearinghouse 25
Louisiana Mid-America Resources Corp. Burks Oil & Gas Properties Inc. 27
Louisiana Reef Oil and Gas Partners LLC The Oil & Gas Asset Clearinghouse 32
Louisiana Will-Drill Resources Inc. Tristone Capital 37
Louisiana Winwell Resources Inc., Nemours Energy Albrecht & Associates Inc. 39
Mississippi Will-Drill Resources Inc. Tristone Capital 37
Montana Citation The Oil & Gas Asset Clearinghouse 10
Montana Main Energy Inc. The Oil & Gas Asset Clearinghouse 25
New Mexico Bettis Brothers LP Riviera Energy Corp. 1
New Mexico Chevron Corp. EnergyNet 5
New Mexico Chi Energy Inc. et al. Scotia Waterous Inc. 7
New Mexico Cimarron Exploration Co. Riviera Energy Corp. 9
New Mexico Primexx Energy Partners Energy Spectrum Advisors Inc. 31
New Mexico SDX Resources Energy Capital Solutions LP 34
Oklahoma Chevron Corp. EnergyNet 5
Oklahoma Chevron Corp. EnergyNet 5
Oklahoma NA Energy Listings 17
Oklahoma K&M Oil Co. EnergyNet 21
Oklahoma Orion Energy Resources LLC Meagher Oil & Gas Properties Inc. 28
Oklahoma Primexx Energy Partners Energy Spectrum Advisors Inc. 31
Texas Black Stone Minerals Co. LP The Oil & Gas Asset Clearinghouse 3
Texas Buckeye Energy Inc. Riviera Energy Corp. 4
Texas Chevron Corp. EnergyNet 5
Texas Chief Oil & Gas Lehman Brothers 6
Texas Cimarex Energy Co. Tristone Capital 8
Texas Cimarron Exploration Co. Riviera Energy Corp. 9
Texas Compass Oil & Gas LP Albrecht & Associates Inc. 11
Texas David H. Arrington Lehman Brothers 12
Texas Denton Partners Ltd. PLS 13
Texas Dominion Exploration & Production Inc. The Oil & Gas Asset Clearinghouse 14
Texas Eagle Oil & Gas Co. Energy Spectrum Advisors Inc. 15
Texas Encon Services Inc. Tristone Capital 16
Texas Entre Energy Partners LP Tristone Capital 18
Texas Lamar Oil and Gas Inc. PetroSales 24
Texas Main Energy Inc. The Oil & Gas Asset Clearinghouse 25
Texas NA PetroSales 29
Texas Primexx Energy Partners Energy Spectrum Advisors Inc. 31
Texas Scythian Ltd. Randall & Dewey Inc. 33
Texas Will-Drill Resources Inc. Tristone Capital 37
A&D Watch • December 2005 • 7

On the Market
Location Seller Agent Deal #
Utah J-W Operating Co. Meagher Oil & Gas Properties Inc. 20
Wyoming GasTech Inc. Meagher Oil & Gas Properties Inc. 19
Wyoming Williams Production RMT Co. Meagher Oil & Gas Properties Inc. 38
Canada
Western Canada Acclaim Energy Trust, StarPoint Energy Trust NA 40
Alberta Duna Resources Ltd. EnergyNet 41
Alberta Grizzly Resources Ltd. Collins Barrow Securities Inc. 42
Alberta, B.C., Sask. Imperial Oil Resources IndigoPool 43
Alberta Innova Exploration Ltd. Sayer Securities Ltd. 44
New Brunswick Innova Exploration Ltd. Sayer Securities Ltd. 45
Alberta Ketch Resources Ltd. Canaccord Enermarket 46
Alberta Ledge Resources Ltd. Canaccord Enermarket 47
B.C., Alberta Northpoint Energy Ltd. Canaccord Enermarket 48
Alberta Penn West Petroleum Ltd. Scotia Waterous Inc. 49
Saskatchewan Profico Energy Management Ltd. Tristone Capital 50
Alberta, B.C. Samson Canada Ltd. Scotia Waterous, BMO Nesbitt Burns 51
Alberta Sawtooth International Resources Inc. Haywood Securities Inc. 52
Alberta Solex Exploration Ltd. Tristone Capital Inc. 53
Alberta NA Tiverton Petroleums Ltd. 54
Alberta Vista Resources Inc. Sayer Securities Ltd. 55
International
Colombia Empresa Nacional del Petróleo Scotia Waterous Inc. 56
Spain, Mediterranean Sea Petroleum Oil & Gas Espana SA Scotia Waterous 57
Argentina Pioneer Natural Resources Scotia Waterous Inc., TD Securities 58
Service & Supply
Oklahoma Southeast Transmission & Compression Co. Inc. PetroSales 59
U.S.
1. Bettis Brothers LP has retained Riviera
Energy Corp. to sell nonoperated interests
in the Ingle Wells Field, Eddy County, New
Mexico.
The package includes 30 producing wells
with gross production of 1,016 barrels of oil
and 1.8 million cubic feet of gas per day (16
barrels and 32,000 cubic feet per day, net).
For more information, contact Monty Fields,
432-686-9400.
2. Black Gold Trading LLC has been
retained by an undisclosed company to sell
conventional- and coalbed-gas development
properties in southeast Kansas.
The package includes 27,000 acres with
40 completed wells and eight wells on production.
For more information, contact Tom
Smart, 405-478-0404.
3. Black Stone Minerals Co. LP has
retained The Oil & Gas Asset Clearinghouse’s
mid-value negotiated unit to sell
interests in certain nonoperated producing
properties in Tyler County, Texas, in a single
divestment package.
The sale includes net production of 115
barrels of oil and 750,000 cubic feet of gas
per day, varied working and net revenue
interests, upside potential and development
drilling. For more information, contact John
Young, 218-873-4600.
4. NEW—Buckeye Energy Inc. has
retained Riviera Energy Corp. to sell its
operated interest in the W.G. McMeans
lease in Kent County, Texas.
The sale includes one producing well,
four inactive wells and one saltwater-disposal
well on approximately 640 acres. For
more information, contact Jeffrey Longbotham,
432-686-9400.
5. NEW—Chevron Corp. will offer properties
via EnergyNet.com in Los Angeles
and Orange counties, California; Leon and
Shackelford counties, Texas; Lea County,
New Mexico; Ellis, Seminole, Harper and
Beaver counties, Oklahoma; and White and
Crawford counties, Illinois.
6. NEW—Chief Oil & Gas reports it will
put itself up for sale. At press time, the Barnett
Shale producer was in the final stages of
hiring an investment bank to represent it
through the selling process. Sources report
the banker will be Lehman Brothers.
Chief is the No. 3 producer in the Barnett
Shale. The company is expected to sell for
between $1- and $1.2 billion. Bidders are
expected to be Burlington Resources, The
Williams Cos., Chesapeake Energy Corp.
and Shell Oil.
Devon Energy Corp. is the No. 1 producer
in the Barnett; XTO Energy Inc. is
No. 2.
7. Chi Energy Inc. et al. have retained Scotia
Waterous Inc. to sell certain producing
assets in the Permian Basin.
The package includes the company’s
interest in certain producing assets in Eddy
County, New Mexico, with forecast fourthquarter
2005 net production of approximately
1,700 barrels of oil equivalent per day
(70% oil).
Net proved reserves on the properties are
some 15.4 million barrels of oil equivalent.
Major fields in the offering include the Benson
Delaware, South Carlsbad, Happy Valley,
HG and Turkey Track.
A&D Watch • December 2005 • 9

On the Market
For more information, contact Adrian
Goodisman, 713-437-5050.
8. Cimarex Energy Co. has retained Tristone
Capital to sell certain oil and gas assets
in the Permian Basin and North Texas three
packages.
The properties are in the Walnut Bend,
Westbrook, Levelland, Slaughter, Abell and
P&P fields. They are waterflood properties
that are geographically focused with cash
flow that has been substantial and predictable
to the owner.
For more information, contact Miles
Redfield, 832-601-7690.
9. Cimarron Exploration Co. has retained
Riviera Energy Corp. to sell operated
properties in Cochran County, Texas, and
Lea County, New Mexico.
The Cochran County package includes
33 producing wells on 7,520 acres with
gross production of approximately 56 barrels
of oil and 93,000 cubic feet of gas per
day.
The Lea County package includes seven
producing wells on 1,674 acres with current
gross production of approximately 90 barrels
of oil and 45,000 cubic feet of gas per day.
For more information, contact Jeffrey
Longbotham, 432-686-9400.
10. NEW—Citation will offer its interests
in the Big Wall Field, Musselshell County,
Montana, via The Oil & Gas Asset Clearinghouse
auction Dec. 14-15. For more
information, go to ogclearinghouse.com.
11. Compass Oil & Gas LP has retained
Albrecht & Associates Inc. to sell its interests
in the Jameson (Strawn) Field, Coke
County, Texas.
The sale includes total proved reserves of
2.5 million barrels of oil equivalent, properties
that are 100% operated and 51 proved
undeveloped locations. For more information,
contact Robert Albrecht, 713-951-
9586.
12. NEW—David H. Arrington, a private
operator in the Barnett Shale, is for
sale. The company is being represented
by Lehman Brothers.
13. NEW—Denton Partners Ltd. has
retained PLS to sell its Denton County,
Texas, package.
The sale includes nine vertical gas wells
on 500 acres in the Fort Worth Basin. The
properties had production in September of
57 barrels of oil and 3.6 million cubic feet of
gas per day. For more information, contact
Ronyld Wise, 713-753-1212.
14. NEW—Dominion Exploration & Production
Inc. has retained The Oil & Gas
Asset Clearinghouse’s mid-value negotiated
unit to sell certain operated producing
properties in the NE Thompsonville Field,
Jim Hogg County, Texas.
Net production is 600,000 cubic feet of
gas per day from the Wilcox formation. The
sale includes a working interest of 69% and
a net-royalty interest of 50%.
For more information, contact John Dyer,
281-873-4600.
15. NEW—Eagle Oil & Gas Co. has
10 • A&D Watch • December 2005

On the Market
retained Energy Spectrum Advisors Inc.
to sell certain interests in the Pittsburg Field,
Camp County, Texas.
The sale includes 65 active producing
wells, 35 active injection wells and three disposal
wells on 6,234 gross acres. The properties
have current net production of 313
barrels of oil per day.
For more information, contact Chandler
Phillips, 214-987-6120.
16. Encon Services Inc. has retained Tristone
Capital to sell oil and gas assets in the
Westhoff Ranch Field, Jackson County,
Texas.
The package includes 15 wells with current
production of approximately 2.1 million
cubic feet of gas and 450 barrels of oil per
day. All properties are operated by Encon,
which has 100% working interest.
For more information, contact Christopher
Simon, 832-601-7606.
17. NEW—EnergyListings.com is offering
an oil and gas package in Muskogee
County, Oklahoma.
The package includes two leases on 160
acres with five producing wells. The leases
are 100% operated and produce three barrels
of oil and 3,000 cubic feet of gas per day.
18. Entre Energy Partners LP has retained
Tristone Capital to sell all of its assets in
the El Campo Field, Wharton County,
Texas.
The properties are in the Yegua Trend of
the Texas Gulf Coast and include a total of
10 wells producing approximately 1.6 million
cubic feet of gas and 112 barrels of oil
per day. Entre controls operations on 99% of
the production.
For more information, contact Christopher
Simon, 832-601-7606.
19. NEW—GasTech Inc. has retained
Meagher Oil & Gas Properties Inc. to sell
the Bend acreage block in the Greater Green
River Basin, Sweetwater County, Wyoming.
The sale includes a 100% working interest
in 48,740 acres with an intense surface
fault swarm with fracture haloes to provide
fracture permeability for upward gas migration.
For more information, contact Julia
Foster at 303-721-6354, ext. 229.
20. NEW—J-W Operating Co. has
retained Meagher Oil & Gas Properties
Inc. to sell its Uinta Basin, operated,
coalbed-methane Soldier Creek prospect.
The project has the potential for 80 horizontal
coal wells. The prospect includes
15,000 gross acres (14,300 net) and a 100%
working interest on a majority of the leases.
A&D Watch • December 2005 • 11

On the Market
For more information, contact Julia Foster,
303-721-6354, ext. 229.
21. NEW—K&M Oil Co. will offer properties
via auction at EnergyNet.com in Canadian
and Kingfisher counties, Oklahoma.
22. NEW—Kaiser-Francis Oil Co. has
retained The Oil & Gas Asset Clearinghouse’s
mid-value negotiated unit to sell
certain operated, producing properties in
Lafayette Parish, Louisiana.
Net production is 120 barrels of oil per
day and prove, developed, nonproducing
upside potential. For more information, contact
John Dyer, 281-873-4600.
23. Kilrush Petroleum Inc. has retained
Burks Oil and Gas Properties Inc. to sell
its interests in the Edgerly and Barnes Creek
fields in southwestern Louisiana.
The Edgerly Field has five new producing
completions in four wellbores with net
production of approximately 75 barrels
of oil and 60,000 cubic feet of gas per day.
Net proven reserves are some 276,000 barrels
of oil and 328 million cubic feet of gas
on 800 gross acres.
The Barnes Creek Field has one new gasproducing
well, net production of approximately
192,000 cubic feet of gas and 17 barrels
of oil per day and net proven reserves of
some 416 million cubic feet of gas and
32,000 barrels of oil on approximately 320
gross acres.
For more information, contact Don
Burks, 281-580-4590.
24. NEW—Lamar Oil and Gas Inc. has
retained PetroSales to sell its Texas and
Louisiana Gulf Coast properties.
The sale includes 72 completions on 36
properties with 6,056 operated gross acres
and 14,257 nonoperated gross acres. The
properties have net daily production of 2.2
million cubic feet of gas and 150 barrels of
oil and proved reserves of 1.06 million barrels
of oil and 4.31 billion cubic feet of gas.
For more information, contact Anthony
Schroeder, 281-468-9510.
25. Main Energy Inc. has retained The Oil
& Gas Asset Clearinghouse’s mid-value
negotiated unit to sell the company, including
properties in Louisiana, Texas and Montana,
in a single divestment package.
The properties are 71% operated and
include net production of 1.1 million cubic
feet of gas equivalent per day, total proved
reserves of 6.5 billion cubic feet of gas
equivalent and proved upside in each area.
For more information, contact John
Young, 281-873-4600.
26. NEW—Medallion Exploration will
offer its interests in Fernbank and Yellow
Creek fields in Lamar and Pickens counties,
Alabama, via The Oil & Gas Asset Clearinghouse
auction Dec. 14-15.
For more information, go to ogclearinghouse.com.
27. Mid-America Resources Corp. has
retained Burks Oil & Gas Properties Inc.
to sell its interest in the Sorrento Field,
Ascension Parish, Louisiana.
12 • A&D Watch • December 2005

On the Market
The package includes a 100% interest in
three wells, which are currently shut in.
Net proved reserves are 65,000 barrels of
oil and 152 million cubic feet of gas.
For more information, contact Don
Burks, 281-580-4590.
28. Orion Energy Resources LLC has
retained Meagher Oil & Gas Properties
Inc. to sell its interests in the Lake
McAlester, Big Mac and Buffalo Creek
prospects, all in Pittsburg County, Oklahoma.
The sale includes 22,720 gross acres
(13,542 net) with 14 producing wells and
total proved reserves of 17 billion cubic feet
of gas. For more information, contact Teri
Williams, 918-481-5900, ext. 303.
29. PetroSales has been retained to sell a
Biel Field, northeast Webb County, Texas,
oil package.
The package includes 100% working
interest (70% net revenue interest) in 10
wells of which three are producing 270 net
barrels of oil per month. For more information,
contact David Smart, 281-468-9053.
30. Pioneer Natural Resources Co., Dallas
(NYSE: PXD) has retained Randall &
Dewey to sell its deepwater Gulf of Mexico
assets where it has drilled 33 successful
wells since 1998.
Pioneer has working interests in three
producing deepwater projects, owns interests
in several discoveries that are being considered
for commercialization, and has interests
in 90 deepwater blocks with exploration
opportunities.
For more information, contact Joe Gladbach,
281-774-2000.
31. NEW—Primexx Energy Partners has
retained Energy Spectrum Advisors Inc.
to sell certain interests in New Mexico,
Oklahoma and Texas in a Permian package
and a Midcontinent package. The majority
of the properties are operated.
The Midcontinent properties are concentrated
in Woodward, Noble and Oklahoma
counties, Oklahoma. The properties include
91 wells with average daily production of
1.2 million cubic feet of gas equivalent.
The Permian properties are concentrated
in Andrews and Kent counties, Texas, and
Eddy and Lea counties, New Mexico. The
properties have 63 wells with average production
of 203 barrels of oil per day.
For more information, contact Chandler
Phillips, 214-987-6120.
32. NEW—Reef Oil and Gas Partners
LLC will offer its interests in the Cadeville
Field, Ouachita Parish, Louisiana, via The
Oil & Gas Asset Clearinghouse auction
Dec. 14-15. For more information, go to
ogclearinghouse.com.
33. Scythian Ltd. has retained Randall
& Dewey Inc. to sell all of its operated
properties.
The package includes approximately 335
wells in the Permian Basin in Texas in 40
fields with net production of some 1,200
barrels of oil equivalent per day (86% oil)
A&D Watch • December 2005 • 13

On the Market
and preliminary proved developed producing
reserves of 6.4 million barrels of oil
equivalent.
For more information, contact Steve
Smith, 281-774-2000.
34. NEW—SDX Resources has retained
Energy Capital Solutions LP to sell its operated
properties near Artesia, New Mexico.
The sale includes two major operating
areas, the East Artesia Area and the West
Redlake Artesia Area, both in Eddy County,
New Mexico. East Artesia currently has 19
producing wells on five leases with 10 identified
proved undeveloped locations, while
West Redlake has 65 producing wells on 15
leases with 32 proved, developed nonproducing
and 42 proved, undeveloped locations.
Production is approximately 476 barrels
of oil equivalent per day, while net proved
reserves are estimated to be 4.9 million barrels
of oil and 15.6 billion cubic feet of gas
with a reserves-production ratio of more
than 20 years.
For more information, contact Scott Trulock
at 214-219-8204.
35. NEW—Shell Exploration & Production
Co. has retained IndigoPool to offer
farm-in positions on prospects in the Gulf of
Mexico.
Most are in deep water with individual
reserve potentials of up to 100 million barrels
of oil equivalent. The farm-in offer
includes a total of 27 prospects. For more
information, contact Greg Mowlds, 713-
513-1513.
36. NEW—The Houston Exploration Co.,
Houston, (NYSE: THX) has retained
Wachovia Securities to sell its entire Gulf
of Mexico asset base.
Historically, the company’s Gulf of Mexico
production has accounted for some 40%
of its total production. This sale will shift
Houston Exploration’s operations to
onshore U.S. gas. Year-end 2004 offshore
reserves totaled some 291 billion cubic feet
of gas equivalent, or 37% of total proved.
The company plans to use sale proceeds
to acquire additional assets in U.S. onshore
basins, pay for a recently announced $163-
million acquisition in South Texas from
Kerr-McGee Corp., decrease bank debt
and potentially purchase common stock.
“For several years we have been building
our onshore business…We are taking
advantage of the current favorable market
conditions for offshore properties…and
focus our people and capital on longer-lived
opportunities in the Lower 48,” says
William G. Hargett, chairman and chief
executive.
After the sale, Houston Exploration’s
reserve life would grow from six years to
eight.
Standard & Poor’s lowered its corporate
credit rating on Houston Exploration to
BB- from BB after the Kerr-McGee assetpurchase
announcement. THX had about
$350 million of debt as of Sept. 30.
“The rating action incorporates execution
WELLS FARGO ENERGY ADVISORS
Tom Hedrick
Senior Vice President
(713) 319-1614
Kevin Neeley
Senior Vice President
(713) 319-1621
Results-driven Oil and Gas advisory
services for Acquisitions and Divestitures,
tailored to maximize the value of each
transaction and grow our client’s companies.
1000 Louisiana, Suite 600 Houston, TX 77002
www.WFEnergyAdvisors.com
14 • A&D Watch • December 2005

On the Market
risk associated with the planned sales and
necessary reinvestment at a time when oil
and gas properties are trading at very high
prices, combined with the company’s
announced $200-million share repurchase
program,” says S&P credit analyst Brian
Janiak.
“Moreover, the company’s significant
drilling-expenditure plans, increasing finding
and development cost structure, and
need for more acquisitions pressures the
company’s overall financial profile, which is
viewed as more commensurate with its peers
at a BB- rating level.”
37. NEW—Will-Drill Resources Inc. has
retained Tristone Capital to sell properties
involving 34 fields in North Louisiana, East
Texas and Mississippi.
The sale includes net proved reserves of
143 billion cubic feet of gas equivalent and net
proved upside of 49 proved, developed, nonproducing
locations and 250 proved, undeveloped
locations. The properties include 140
producing wells, 107 of which are operated by
Will-Drill Production Co. Inc.
For more information, contact Terrence
Manning, 832-601-7652.
38. NEW—Williams Production RMT
Co. has retained Meagher Oil & Gas Properties
Inc. to sell operated properties in the
Riley Ridge area of the Green River Basin,
Sublette County, Wyoming.
The sale includes three producing wells
from two units with net production of
175,000 cubic feet of gas and two barrels of
oil per day on 4,887 net acres (15,600 gross).
Upside potential exists with one identified
proved, undeveloped location, 12 probable
locations and 27 possible locations.
Proved reserves on the property are estimated
to be some 646 million cubic feet of
gas and 11,600 barrels of oil.
For more information, contact Julia Foster,
303-721-6354, ext. 229.
39. Winwell Resources Inc. and Nemours
Energy have retained Albrecht & Associates
Inc. to sell their interests in the Elm
Grove and Caspiana fields in North
Louisiana.
The package includes 162 billion cubic
feet of gas equivalent of net proved reserves,
299 proved undeveloped infill locations,
27,400 gross acres and 14.1 million cubic
feet of gas equivalent per day in net sales.
For more information, contact Harrison
Williams, 713-951-9586.
Canada
40. Following the merger of Acclaim Energy
Trust, Calgary, (Toronto: AE.UN) and
Calgary-based StarPoint Energy Trust
(Toronto: SPN.UN), the new trust plans to
consider selling noncore assets in western
Canada involving production of 2,000 to
3,000 barrels of oil equivalent per day.
41. NEW—Duna Resources Ltd. will offer
properties via auction at EnergyNet.com in
the Coutts, Provost, Snowfall, Mitsue and
Turner Valley areas, Alberta.
A&D Watch • December 2005 • 15

On the Market
42. Grizzly Resources Ltd. has retained
Collins Barrow Securities Inc. to sell its
Tony Creek, Alberta, gas property and plant.
The Tony Creek property currently produces
approximately 1,200 barrels of oil
equivalent per day on four contiguous sections
of 100%-working-interest land with a
10-year proved-plus-probable reserve life.
The property has an estimated 5 million
barrels of oil equivalent of remaining proved
and probable reserves.
For more information, contact Darryl
Derouin, 403-298-1515.
43. Imperial Oil Resources has retained
IndigoPool to sell properties in Alberta,
British Columbia and Saskatchewan. The
properties are oil and gas-producing. For
more information, contact Greg Mowlds,
713-5513-1513.
44. Innova Exploration Ltd. has retained
Sayer Securities Ltd. to sell its Ukalta,
Alberta, gas property.
The sale includes an 80% working interest
in approximately 10.5 sections of Crown
and freehold lands. The property is currently
not producing, though it contains five wells
and reserves of 2.55 billion cubic feet.
For more information, contact Tom
Pavic, 403-266-6133.
45. Innova Exploration Ltd. has retained
Sayer Securities Ltd. to sell three exploration
licenses in New Brunswick.
This package includes a 50% working
interest in three exploration licenses held
jointly with Corridor Resources Inc. The
licenses cover 106,700 acres.
For more information, contact Tom
Pavic, 403-266-6133.
46. Ketch Resources Ltd. has retained
Canaccord Enermarket to sell some
20,100 net acres of land in the Camrose area
of central Alberta. Ketch has 100% working
interest in the lands included in the offering.
For more information, contact Stu Venables,
403-537-9836.
47. Ledge Resources Ltd. has retained
Canaccord Enermarket to sell seven sections
of land in the Garrington area of central
Alberta.
The package includes shallow gas potential
from the Edmonton sand play and 4,480
acres of land at about a 100% working interest.
For more information, contact Stu Venables,
403-537-9836.
48. NEW—Northpoint Energy Ltd. has
retained Canaccord Enermarket to sell its
properties in Bernadet, Inga, Red Creek,
Teal and Two Rivers in British Columbia
and Boundary Lake, Puskwaskau, Simonette,
Strachan and Benton in Alberta.
Northpoint is willing to accept offers on a
single property group or any combination of
property groups. For more information, contact
Martin Peters, 403-537-9829.
49. Penn West Petroleum Ltd. has retained
Scotia Waterous Inc. as its exclusive advisor
to sell certain noncore gas assets in
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Properties located in: Alabama, Arkansas, Colorado, Kansas,
Louisiana, Michigan, Mississippi, Montana, New Mexico,
North Dakota, Oklahoma, Texas, Utah, Wyoming
Sellers include: Dominion, ExxonMobil, Citation,
Reef Partners, Total and many more
DECEMBER 14-15, 2005
HOUSTON, TEXAS
Qualified Bidders Only • Advance Registration Required
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us tell the marketplace.
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This notice is not an offer to sell or a solicitation of buyers
in states where prohibited by law.
16 • A&D Watch • December 2005

On the Market
northern Alberta in two packages but a single
transaction is preferred.
Preference will be given to exchange proposals;
however, Penn West will consider
cash offers.
The assets involve 100% working interest
with infrastructure control and an undeveloped
land position of 377,000 net acres
September 2005 sales averaged 11.9 million
cubic feet of gas per day. Proved reserves
are 3.22 million barrels of oil equivalent;
proved-plus-probable reserves total 4.14 million.
The reserve life is 4.6 years for proved
and 5.9 years for proved plus probable.
The assets are in the Hotchkiss/Vista
Creek area and the Mega/Gutah area. For
more information, contact Hilary Foulkes,
403-261-4241.
50. NEW—Profico Energy Management
Ltd. has retained Tristone Capital to sell
the company.
Profico’s assets are 97% gas in western
Saskatchewan with a concentration in the
Shackleton area. The company’s properties
produce approximately 18,000 barrels of oil
equivalent per day. The sale also includes an
undeveloped land position of 750,000 net
acres and 3,000 identified step-out and infill
locations.
For more information, contact Ian van
Staalduinen, 403-303-8660.
51. NEW—Samson Canada Ltd. has
retained Scotia Waterous and BMO Nesbitt
Burns to evaluate strategic alternatives
for its assets. The company’s producing
properties are in central and northern Alberta
and British Columbia.
Further information is expected in the
first quarter of 2006.
52. Sawtooth International Resources
Inc., Calgary, (Toronto Venture: SAW) has
retained Haywood Securities Inc. as its
financial advisor to assist in identifying and
evaluating strategic alternatives.
Sawtooth has approximately 90% of
its operations in the Redwater area,
northeast of Edmonton, Alberta. It has
interests in some 32 sections of land with
an average working interest of 90%, an
extensive gas- and oil-gathering system
and operates 100% of production.
53. Solex Exploration Ltd. has retained
Tristone Capital Inc. to sell the company,
which was formed in 2002 and has a single
asset at Princess in southeastern Alberta.
The asset is producing approximately
1.77 million cubic feet of sweet gas and two
barrels of condensate per day net to Solex
from the Basal Colorado and Lower Mannville.
For more information, contact Leslie F.
Kende, 403-539-4353.
54. NEW—Tiverton Petroleums Ltd.,
Calgary, (Toronto: TIV) has initiated a
process to examine strategic alternatives that
may include acquisitions or the sale, merger,
takeover or restructuring of the company.
Tiverton operates largely in southeastern
Alberta with production and exploration
concentrated in the core area of the Western
Canadian Sedimentary Basin, primarily in
Alberta.
55. NEW—Vista Resources Inc. has
retained Sayer Securities Ltd. to sell its
Valhalla, Alberta, property.
The package includes high working interests
in 10 producing wells, six of which are
operated by Vista. Net production is approximately
58 barrels of oil and 35,000 cubic
feet of gas per day. The property has a
reserve life of 14.4 years.
For more information, contact Tom
Pavic, 403-266-6133.
International
56. Empresa Nacional del Petróleo
(ENAP) has retained Scotia Waterous Inc.
to sell its Colombian subsidiary, Sipetrol
SA, Sucursal, Colombia.
Sipetrol Colombia owns a 90.6% operated
interest in the Dindal and Rio Seco blocks
containing the producing Guaduas Field and
a 27.27% nonoperated interest in the Caguan
Block containing the producing Rio Ceibas
Field, both in the Upper Magdalena Basin.
The package includes current production
of 3,000 barrels per day from the Guaduas
and Río Ceibas fields and 7.2 million barrels
of estimated total proved reserves.
For more information, contact Chris Slubicki,
403-261-4242.
57. NEW—Petroleum Oil & Gas Espana
SA has retained Scotia Waterous to evaluate
strategic alternatives.
The company’s assets are in Spain within
the Guadalquivir Basin and offshore in
the Catalono-Balearic Basin in the northwest
Mediterranean and produce approximately
8.9 million cubic feet of gas equivalent
per day.
For more information, contact Doug De
Filippi, +44 20 7569 1312.
58. Pioneer Natural Resources has
retained Scotia Waterous Inc. and TD
Securities to sell its 35% working interest in
the Union Transitoria de Empresas-Tierra
del Fuego (UTE TDF) and its 50% operating
working interest in the Lago Fuego Field.
Both properties are in the Austral Basin,
Tierra del Fuego, Argentina.
Production is 12,460 barrels of oil equivalent
per day (82% gas) and proved reserves
are some 51.75 million barrels of oil equivalent.
Some production is exported to Chile.
The package also includes 715,605 gross
acres.
For more information, contact Byron
Bahnsen, 403-261-2375.
Service & Supply
59. Southeast Transmission & Compression
Co. Inc. has retained PetroSales to sell
the ongoing operations of its southeast Oklahoma
gas-compression business in Pittsburg
County in the Arkoma Basin area.
The company’s compression plant
includes a fleet of Ajax two-stage compressors
and two additional field compressors.
Corporate assets include the compression
plant, surplus compressors, operating agreements,
office buildings, real estate, shop
facilities and a residence on the property.
The compressed gas is “dry gas” derived
largely from Hartshorne coalbed-methane
reserves.
For more information, contact David
Smart, 281-468-9053.
—Taryn Maxwell
A&D Watch • December 2005 • 17

On the Market
Oil & Gas Asset-Divestment Services
Company Contact Region Phone Website
Albrecht & Associates Harrison Williams or Bob Albrecht U.S. 713-951-9586 albrechtai.com
American Energy Advisors Stephen Liberman U.S. 303-674-7759 NA
Bainbridge Capital Brian Miller U.S. 858-410-0917 bainbridge-capital.com
Banks Petroleum Inc. Roy Jackson U.S. 512-478-0059 banksinfo.com
Baxter Bold & Co. Scott Baxter or Jim Bold Global 212-682-4601 baxterbold.com
Black Gold Trading Paul Smart U.S. 405-478-0404 blackgoldtrading.com
Blackstone Group Raffiq Nathoo Global 212-583-5820 blackstone.com
Buckley & Boots Martin Buckley or Myron Boots U.S. 713-468-4888 buckleyboots.com
Burks Oil & Gas Properties Don Burks U.S. 281-580-4590 burksoilandgas.com
CB Securities Darryl S. Derouin Canada 403-298-1515 cbsecurities.com
CEC Energy Consultants Mike Cherry U.S. 281-298-9961 cecenergyconsultants.com
CIBC World Markets John Koyanagi Canada 403-216-3013 cibcwm.com
Compass Advisers Bob Israel or Paul Rapisarda Global 212-702-9800 ca-llp.com
Energy Auction Place John R. Bower U.S. 303-623-0747 energyauctionplace.com
Energy Exchange David Mangum Global 281-367-1234 enex.com
Energy Spectrum Advisors Jim Benson or Ben Davis U.S. 214-987-6122 energyspectrum.com
Energy Listings LLC Anthony Motto U.S. 281-467-8818 EnergyListings.com
EnergyNet Bill Britain U.S. 806-351-2953 energynet.com
Enermarket Solutions Ltd. Martin Peters Canada 403-262-1442 enermarket.com
Ensley Properties Inc. Art Ensley U.S. 713-622-7332 episolutions.net
Ernst & Young Corp Finance Adam B. Pollack Global 713-750-1482 adam.pollack@eycf.com
Ervin Anderson & Co. JV Tom Ervin and Bill Anderson U.S. 214-363-2401 eetradeco.com
Foundation Energy Eddie Rhea U.S. 972-934-8385 foundationenergy.com
Friedman, Billings Ramsey Patrick Keeley Global 703-469-1221 fbr.com
Gaffney, Cline & Associates Ian Dunderdale Global 713-850-9955 gaffney-cline.com
Graves & Co. John Graves Global 713-650-0811 graves-co.com
Greenhill Capital Partners Scott L. Bok Global 212-389-1500 greenhill-co.com
Griffis & Associates Richard Griffis U.S. 713-650-8600 rgriffis.com
Growth Capital Partners Jonathan Hough U.S. 281-445-6611 growth-capital.com
GT International Inc. Robert Patterson Global 713-298-4997 globaltradedays.com
Harrison Lovegrove LP Paul Willcocks or Justin Loweth Global 713-877-9588 hargrove.co.uk
IndigoPool Les Finalle and Greg Mowlds Global 713-513-1513 indigopool.com
Jefferies & Co. Inc. Mike Morgan Global 281-774-2000 jefferies.com
Kobayashi Partners Ltd. Ross Kobayashi Canada 403-298-9728 kobayashi.ab.ca
Lantana Oil & Gas Partners David Nini or Andy Taurins U.S. 713-426-9001 lantanaoilandgas.com
Laredo NB Energy Advisors Delbert Pierson U.S. 713-967-7252 lnb.com
Madison Energy Advisors Tim Sullivant U.S. 713-963-6204 ogjexchange.com
Meagher Oil & Gas Properties Matt Meagher U.S. 303-721-6354 meagheroil.com
Mitchell Energy Advisors Mike Mitchell or Mynan Feldman U.S. 469-916-7484 mitchellenergypartners.com
Moyes & Co. Inc. Chris Moyes Global 214-363-9020 moyesco.com
Oilexchange.com Geoff Jackson U.S. 303-825-0775 oilexchange.com
OilProperties.com James Heck U.S. 512-467-7724 oilproperties.com
Petrie Parkman & Co. Sylvia Barnes Global 713-650-3383 petrieparkman.com
PetroAdvisor SA Ivar Haaland Europe 47 23 11 28 83/85 petroadvisor.no
PetroGrowth Advisors Grant Schwartzwelder U.S. 972-432-1470 petrogrowth.com
PetroSales David M. Smart U.S. 281-468-9053 PetroSales.com
PLS Ronyld Wise U.S. 713-650-1212 plsx.com
Randall & Dewey Inc. Joe Gladbach or Bill Marko Global 281-774-2000 randew.com
Reef Energy Resources LLC Arun K. Metre U.S. 713-529-5231 reef-energy.com
Richardson Barr & Co. Scott Richardson or Stephen Barr U.S. 713-585-3300 richardsonbarr.com
Riviera Energy Corp. Jeffrey P. Longbotham U.S. 432-686-9400 rivieraenergy.com
Sayer Securities Ltd. Alan Tambosso Canada 403-266-6133 sayersecurities.com
Scotia Waterous Adrian Goodisman or Jay Brown Global 713-437-5050 waterous.com
Simplex Energy Solutions David Fowler U.S. 432-683-3791 simplexenergy.com
Skipping Stone Dave Denbina N. America 281-902-5104 skippingstone.com
Stellar Energy Advisors Ltd. John McCallum Europe 44 0 (20) 7493 1977 stellarlimited.com
The Dillard Anderson Group Max Dillard or Sam Anderson Global 281-873-6100 dillardanderson.com
The Oil & Gas Asset Clearinghouse Ron Barnes or Dan Sodersten U.S. 281-873-4600 ogclearinghouse.com
The Oil Auction.com Keith Sackett U.S. 402-232-5949 theoilauction.com
The Scotia Group Inc. David Heather Global 281-448-6188 scotia-group.com
Tristone Capital-Canada Brad Hurtubise Canada 403-294-9541 tristonecapital.com
Tristone Capital-U.S. Rob Bilger or David Marcell U.S. 832-601-7650 tristonecapital.com
Upstream Advisors LP Lee Moncrief U.S. 713-658-1001 upstreamadvisors.com
Wachovia Capital Markets Bill Haskins U.S. 713-346-2705 wachovia.com
Weisser, Johnson & Co. Frank Weisser or Scott Johnson U.S. 713-659-4600 weisserjohnson.com
Wells Fargo Energy Advisors Tom Hedrick or Kevin Neeley U.S. 713-319-1324 wfenergyadvisors.com
Listings in bold are new or updated this month. To be listed here, call 713-993-9325 Ext. 165. The listing is free.
A&D Watch • December 2005 • 19

E&P A&D News
—Acquisitions
—Divestitures
—Capital Providers
—Joint Ventures
—People
Buyer Seller Location of Assets Comments
For more details on each deal, see the text that follows this chart. The deals are described in the order in which they appear here.
U.S.
ATP Oil & Gas Corp. NA Gulf of Mexico OCS Production: 25 MMcfe/d, net
Black Dragon Resource Cos. NA Louisiana Shallow rights
Black Dragon Resource Cos. Petrol Industries Inc. Louisiana & Texas 400 oil wells
Black Gold Gas & Oil Inc. Foster Oil & Gas Kansas Cherokee Basin acreage
Burlington Resources Inc. T-Bar-X Texas Production: 47 MMcfe/d
Cadence Resources Corp. Aurora Energy Ltd. Mich., Ill. basins Acreage
Canyon Creek Oil & Gas Inc., NA Texas Lease
Universal Property Development and .
Acquisition Corp
Chesapeake Energy Corp. Columbia Natural Resources LLC W. Va., Ky., Ohio, Pa., N.Y. Proved: 1.1 Tcfe
Chesapeake Energy Corp. Gastar Exploration Ltd. Texas Stock in co.; interest in prospect,
acreage
Delta Petroleum Corp. Castle Energy Corp. Pennsylvania Production
Dune Energy Inc. Voyager Partners Ltd. Texas Proved: 27 Bcfe
EGPI Firecreek Inc. NA Wyoming WI
EnDevCo Inc. NA Oklahoma WI
Energy Resource Technology Inc. Deep Gulf Energy LP Gulf of Mexico WI
Exxel Energy (USA) Ltd. NA Washington WI
Greater Sooner Exploration Inc. NA Oklahoma Leases
The Houston Exploration Co. Kerr-McGee Corp. Texas Proved: 88 Bcfe
IAS Communications Inc. NA Tennessee WI
Jay Petroleum LLC Ness Energy Texas WI
MAB Resources LLC American Oil & Gas Inc. Utah Leases
New Century Energy Corp. NA Texas WI
Parallel LP Various Texas Proved: 2.9 MMBOE
Petrosearch Energy Corp. Quinduno Energy LLC Texas WI
Phoenix Associates Land Syndicate NA Wyoming Lease
Public Gas Partners Inc. Various U.S. Proved: 115 Bcfe
Santos Ltd. Tipperary Corp. Australia, Colo., Neb. Acreage
Texas American Resources Co. NA Colorado Proved: 56.4 Bcfe
NA The X-Change Corp. Texas Wells
Unit Petroleum Co. Various Okla., Ark., Texas Proved: 42.5 Bcfe
Vinoble Inc. NA Louisiana WI
Wentworth Energy Inc. NA Utah Oil-sands project
Canada
Canex Energy Inc. NA Alberta Production: 150 BOE/d
Chamaelo Exploration Ltd. Tournament Energy Ltd., et al. Alberta Production: 3,100 BOE/d
Golden Apple Oil and Gas Inc. NA Quebec Acreage
Keeper Resources Inc. NA Alberta WI
Kootenay Energy Inc. NA Saskatchewan Production: 90 BOE/d
Kootenay Energy Inc. NA Saskatchewan Proved: 93,000 BOE
Rolling Thunder Exploration Ltd. San Telmo Energy Ltd. Alberta Production
Temple Energy Inc. Relentless Energy Corp. Alberta, B.C. Production
True Energy Inc. et al. True Energy Inc. et al. Saskatchewan, Alberta Production: 14,000 BOE/d
Tuscany Energy Ltd. NA Saskatchewan Production: 190 BOE/d
Australia
Santos Ltd. Tipperary Corp. Australia, Colo., Neb. WI
20 • A&D Watch • December 2005

E&P A&D News
Buyer Seller Location of Assets Comments
Europe
Fairfield Energy Ltd. Acorn Oil & Gas Ltd. North Sea Acreage
Maersk Olie og Gas AS Kerr-McGee Corp. North Sea Proved: 231 MMBOE
Sonoran Energy Inc. Baron Oil Middle East, Texas NA
FSU
Cardinal Resources Plc Rudis Drilling Co. Ukraine Reserves: 9.1 MMBOE
CNPC International Ltd. PetroKazakhstan Inc. Kazakhstan 2P: 549.8 MMBOE
Latin America
Coplex Petroleo do Brasil Ltda. Queiroz Galvao Perfuracao SA Brazil Reserves: 7 MMBOE
Kerr-McGee Corp. NA Trinidad and Tobago Acreage
E&P A&D—U.S.
ATP Oil & Gas Corp., Houston, (Nasdaq:
ATPG) has acquired substantially all of the
oil and gas properties of a privately held
company for $40 million. The properties are
on the Gulf of Mexico shelf.
Net production is 25 million cubic feet of
gas equivalent per day and ATP has agreed
not to disclose the total associated reserves.
ATP will be the operator of most of the
acquired blocks.
Black Dragon Resource Cos. Inc., Austin,
Texas, (Pink Sheets: BDGR) plans to
acquire the shallow rights to Ferry Lake in
Caddo Pine Island Field, Louisiana, for $3.4
million. The acquisition will be financed
through debt secured by the property.
Black Dragon Resource Cos., Austin,
Texas, (Pink Sheets: BDGR) has purchased
some 400 oil wells in Caddo Pine Island
Field in Louisiana and Texas from Petrol
Industries Inc., Shreveport, La., (OTCBB:
PTLD) for $3 million.
Petrol plans to use the proceeds to
acquire additional oil-services equipment.
The sale completes Petrol’s transition to an
energy-services company.
Black Gold Gas & Oil Inc., Fort Lauderdale,
Fla., (Pink Sheets: BKGD) plans to
acquire approximately 8,000 acres in the
Cherokee Basin of southeastern Kansas
from Kansas-based Foster Oil & Gas. Foster
will be the operator.
Burlington Resources Inc., Houston,
(NYSE: BR) plans to acquire substantially
all the assets of a privately held company
that is a co-owner with Burlington in the
Savell Field, East Texas, for $400 million.
Sources report the seller is T-Bar-X.
The transaction is expected to close in the
beginning of January.
The acquisition will increase Burlington’s
production in the field and raise its
Bossier Trend lease-holdings to approximately
200,000 net acres. Burlington will
also gain additional exploratory rights in the
area and related 3-D seismic data, as well as
small nonoperated interests in the nearby
Bald Prairie and Garby fields.
The acquisition includes some 26,870 net
acres with current production of some 47
million cubic feet of gas equivalent per day.
Burlington’s interests in 16 producing wells
in the Savell Field will increase to 100% as
a result of this transaction.
“We are very pleased to have this opportunity
to expand our holdings in such a
promising new drilling trend,” says Bobby
Shackouls, Burlington chairman, president
and chief executive. The expansion does not
require additional equipment or personnel,
he adds.
Standard & Poor’s reports this acquisition
will not immediately affect Burlington’s
rating of BBB+/Stable/A-2. The transaction
will be financed with cash on hand and is
consistent with S&P’s expectations and
Burlington’s growth strategy, the credit-rating
firm says.
Cadence Resources Corp., Traverse City,
Mich., (OTCBB: CDNR) has acquired Traverse
City, Mich.-based Aurora Energy
Ltd. for 37.5 million Cadence common
shares.
Aurora develops unconventional gas
reservoirs including black shales, coal seams
and tight sands from properties in the Michigan
and Illinois basins. Aurora’s assets
include some 143,000 gross acres (65,000
net) of leases in Michigan’s Antrim play,
and interests in some 520,000 gross acres
(225,000 net) in the New Albany shale gas
play in Indiana and Kentucky.
Privately held, Houston-based Canyon
Creek Oil & Gas Inc. and Universal Property
Development and Acquisition Corp.
(OTCBB: UPDA) have completed the purchase
of a 266.73-acre lease in Starr County,
Texas. The lease is in the Boyle Field.
Chesapeake Energy Corp., Oklahoma
City, (NYSE: CHK) has closed the acquisition
of Columbia Natural Resources LLC
and certain affiliated entities from West Virginia-based
Triana Energy Holdings LLC
for $2.2 billion in cash, the assumption of an
estimated $75 million working-capital
deficit and liabilities related to Columbia’s
prepaid sales agreement and hedging positions.
Chesapeake financed the acquisition
from cash on hand and through the issuance
of senior notes and stock. Morgan Stanley
& Co. Inc. and Credit Suisse First Boston
LLC were advisors to Triana.
The acquisition includes an estimated 2.5
trillion cubic feet of gas equivalent of
proved, probable and possible reserves, of
which 1.1 trillion equivalent are proved.
Chesapeake will initially recognize 56% of
the total reserves. The difference is due to
Columbia Natural’s obligations in a gassales
contract estimated at $750 million in
remaining liability.
Columbia’s current daily net production
is approximately 125 million equivalent,
indicating a proved reserves-to-production
index of 23 years.
The properties are principally in West
Virginia, Kentucky, Ohio, Pennsylvania and
New York.
After the preliminary allocation of $175
million of the $2.2-billion purchase price to
Columbia’s midstream gas assets being
A&D Watch • December 2005 • 21

E&P A&D News
acquired and $500 million to the unevaluated
portion of the 4.1 million net leasehold
acres being acquired—3.5 million net acres
in the U.S. and 0.6 million net acres in
Canada—Chesapeake’s acquisition cost for
the 1.1 trillion equivalent of estimated
proved reserves was some $1.45 per equivalent,
according to Chesapeake.
Chesapeake estimates that its all-in cost
of acquiring and developing the 2.5 trillion
equivalent of reserves will be about $2.48
per thousand cubic feet of gas equivalent.
Chesapeake has identified 1,316 proved
undeveloped locations, 6,286 probable locations
and 1,833 possible locations for a total
of 9,435 undrilled locations, or an estimated
drilling inventory of more than 15 years.
Chesapeake now owns an internally estimated
14.3 trillion cubic feet equivalent of
proved and unproved reserves, of which 7.3
trillion equivalent are proved (92% gas;
100% onshore). The company intends to
spend some $200 million per year to further
develop the acquired properties.
Aubrey K. McClendon, Chesapeake
chairman and chief executive, says the deal
adds land and gas-resource inventories and
moves the company into the “large, prolific
and generally underexplored and unconsolidated
Appalachian Basin;” and the gas gets
a premium price to Nymex, “rather than for
the steep discount to Nymex that most other
U.S. natural gas sells for today.”
He adds that the basin is similar to its traditional
area of operation: the Midcontinent.
Triana was formed in 2001 by management
and executives of Metalmark Capital
LLC as a Morgan Stanley Capital Partners
portfolio company. It had purchased
CNR in 2003 for only $330 million plus
assumption of forward-sales contracts.
Chesapeake Energy Corp., Oklahoma
City, (NYSE: CHK) has closed the acquisition
of 19.9% of the common shares of
Houston-based Gastar Exploration Ltd.
(Toronto: YGA; Pink Sheets: GSREF) and
the 33% working interest in Gastar’s Deep
Bossier play in the Hilltop prospect area of
Leon and Robertson counties, East Texas.
The companies have also formed an area of
mutual interest to explore 13 counties in
East Texas.
The 26.9 million new shares of Gasco
were purchased at $2.80 each for a total of
approximately $72 million. Gastar will use
proceeds to accelerate drilling in East Texas,
reduce short-term debt and other purposes.
The price Chesapeake paid for interest in the
Deep Bossier prospect area is approximately
US$8.6 million in cash, plus Chesapeake
will pay some drilling costs. Gastar is operator
of all wells in the Hilltop prospect.
Separately, the area of mutual interest
(AMI) covers all of Leon, Robertson, Houston,
Cherokee, Madison, Anderson, Angelina,
Nacogdoches, Trinity, Polk, Shelby, San
Augustine and Sabine counties, Texas. For
three years after closing, Chesapeake may
purchase up to 50% of any leasehold/working
interest rights acquired by Gastar in the
area.
Aubrey K. McClendon, Chesapeake
chairman and chief executive, says, “We are
pleased to have closed this transaction and
now look forward to working closely with
Gastar in the years ahead to more fully
develop the Hilltop prospect property and to
participate in new prospects in the 13-county
AMI.”
J. Russell Porter, Gastar president and
CEO, says, “We believe that entering into
this transaction with Chesapeake creates significant
value for Gastar through Chesapeake’s
contribution of expertise, capital and
access to drilling rigs and services. With
Chesapeake’s involvement we will be able
to accelerate exploration and development
drilling of the Hilltop area resulting in the
creation of that value sooner, and hopefully
in greater amounts, than had Gastar continued
exploration and development of the
Hilltop area independently.”
Delta Petroleum Corp., Denver, (Nasdaq:
DPTR) plans to acquire Castle Energy
Corp., King of Prussia, Pa., (Nasdaq:
CECX) for 8.5 million common shares.
The acquisition includes 6.7 million
shares of Delta currently held by Castle. Castle
also holds $40 million in net cash and producing
properties in western Pennsylvania.
Lehman Brothers Inc. is advisor to
Delta for the transaction, which is expected
to close by the end of February. This merger
was not possible until Castle’s recent settlement
of litigation with Chevron for $5.8
million in September.
Standard & Poor’s says Delta’s rating
of B-/Stable/-- will be unaffected by this
acquisition because the acquisition was
anticipated in the current rating and the equity
financing is consistent with expectations
for a significant equity component to all
material acquisitions.
Houston-based Dune Energy Inc.’s (Amex:
DNE) planned acquisition of 95% of Voyager
Partners Ltd.’s interest in producing
and nonproducing oil and gas properties in
the Barnett Shale play in the Fort Worth
Basin, Texas, for $56 million has been
increased to $68.3 million. The revision is
due to higher allocated values for certain
properties as well as the substitution of new
properties for properties that are no longer
part of the acquisition.
Voyager has also assigned to Dune a contract
to purchase properties in Denton County,
Texas, from a third party for approximately
$5 million. Dune expects to close this
purchase by mid-November.
Dune has received a written financing
commitment from Standard Bank Plc for
up to $50 million. The remainder of the purchase
price and drilling will be funded by
selling subordinated debt and equity.
It is estimated that 100 drilling locations
exist on the acquired properties with approximately
27 billion cubic feet of gas equivalent
of net proved reserves. Dune Operating
Co., a wholly owned subsidiary of Dune
Energy, will be operator. Voyager will retain
a 5% working interest, and an affiliate of
Voyager will operate for Dune on a contract
basis after the closing.
This acquisition is expected to provide
Dune with a third core area of operations
and multi-year inventory of drilling locations.
Closing will be in three tranches between
mid-December and the end of February.
EGPI Firecreek Inc., Scottsdale, Ariz.,
(OTCBB: EFCR) has acquired a 50% working
interest in 1,600 acres of proven undeveloped
and probable gas reserves in Green
River Basin, Wyoming. The project will be
operated by Newport Oil Corp.
EnDevCo Inc., Houston, (OTCBB: ENDE)
plans to purchase 100% rights in the west
and central units of Short Junction Field in
Oklahoma City.
The field includes 12,000 acres with 19
active wells that are currently producing 121
barrels of oil and 400,000 cubic feet of gas
per day.
22 • A&D Watch • December 2005

E&P A&D News
The company has made a $500,000
deposit on the deal, and will use debt to
complete the purchase by the beginning of
this month.
Energy Resource Technology Inc., Houston,
a wholly owned subsidiary of Cal Dive
International Inc., (Nasdaq: CDIS) has
acquired a 40% working interest in the Tiger
discovery in the Gulf of Mexico through an
exchange with Deep Gulf Energy LP in
which Energy Resource traded a 15% working
interest in the Bass Lite discovery.
Each party reimbursed the other for sunk
costs, resulting in an approximate $1-million
payment by Energy Resource to Deep Gulf.
The Tiger discovery contains proved
undeveloped gas reserves in a Pliocene-age
sand. Expected start of production is mid-
2006 at a gross rate of 40 million cubic feet
of gas per day.
Exxel Energy (USA) Ltd., a wholly owned
subsidiary of Exxel Energy Corp., Vancouver,
(Toronto Venture: EXX) has acquired a
100% working interest in some 52,000 acres
of state-owned lands in the Columbia River
Basin of central Washington. The interests
are undeveloped.
Greater Sooner Exploration Inc., Healdton,
Okla., (Pink Sheets: GSNH) plans to
acquire two leases in Carter County, Oklahoma.
The leases consist of 35 acres of
proven oil reserves and four wells. Additional
details of the transaction were not disclosed.
The Houston Exploration Co., Houston,
(NYSE: THX) plans to acquire an estimated
88 billion cubic feet of gas equivalent (75%
gas; 40% proved developed) of proved
reserves in South Texas for $163 million
from Oklahoma City-based Kerr-McGee
Corp. (NYSE: KMG).
Net production is approximately 10 million
cubic feet of gas equivalent from four
fields. The assets will be operated by Houston
Exploration. Closing is expected by the
end of November.
The properties will increase THX’s position
in South Texas by 26,300 net acres. The
company plans to finance this transaction
with borrowings under its existing revolving
credit facility.
IAS Communications Inc., Vancouver,
(OTCBB: IASCA) plans to purchase a
100% interest in an oil-producing well in
Overton, Clay County, Tennessee. Additional
details of the transaction were not disclosed.
Houston-based Jay Petroleum LLC, a
wholly owned subsidiary of Isramco Inc.,
(Nasdaq: ISRL) has acquired a 15% participation
in the development of Barnett Shale
acreage in Parker County, Texas, from Ness
Energy, Willow Park, Texas, (OTCBB:
NESS) for $2.1 million.
In addition, Jay Petroleum now has the
right to participate for up to a 40% working
interest in any well that will be drilled by
Ness in shallower formations in the Barnett
Shale.
A&D Watch • December 2005 • 23

E&P A&D News
Kerr-McGee Corp., Oklahoma City,
(NYSE: KMG) has entered sales agreements
with multiple parties as part of its
divestiture program of select U.S. onshore
oil and gas properties for gross proceeds of
approximately $510 million.
The figure includes estimated proceeds
from the November auction of minor-value
properties, cash received in a recently closed
property trade and the previously announced
sales agreement with Encore Acquisition
Co.
Properties included in the divestiture program
are noncore assets in Texas, Oklahoma,
Louisiana, Colorado and Wyoming
with estimated proved reserves of approximately
48 million barrels of oil equivalent
(50% undeveloped) and production of
approximately 8,000 barrels of oil equivalent
per day. The sale includes some 2,300
wells and 100 fields.
New Zealand-based Chinese company King
Win Laurel Ltd. filed papers with the SEC
offering to buy Irving, Texas-based Exxon
Mobil Corp. (NYSE: XOM) for $450 billion
last week, but Exxon executives aren’t
inclined to take the offer seriously, the L.A.
Times reports.
MAB Resources LLC plans to acquire
three oil and gas leases covering approximately
6,400 net mineral acres in Box Elder
County, Utah, from American Oil & Gas
Inc., Denver, (Amex: AEZ) and various
third parties for a total of $1.2 million in
cash.
The deal is expected to close in December.
The leases are in Utah’s Great Salt Lake
Basin in the West Rozel Field.
American Oil & Gas will retain an overriding
royalty interest of approximately
2.65% and will receive $0.48 for each barrel
of hydrocarbon produced and sold.
Maverick Oil and Gas Inc., Fort Lauderdale,
Fla., (OTCBB: MVOG) has settled
litigation with Camden Resources Inc.,
Dallas, over a planned acquisition.
Maverick had sued Camden for the return
of a $5-million, earnest-money deposit.
Camden countersued. The matter was settled
for the return of $750,000 to Maverick;
Camden will retain the balance.
Maverick was to purchase Camden’s
assets, which are in South Texas and were
estimated in 2004 to contain 59 billion cubic
feet equivalent of proved gas reserves and
71 billion cubic feet equivalent of total
reserves (96% gas; 98% operated).
Production net to Camden in 2004 was
approximately 6 million cubic feet of
gas equivalent per day. The producing
fields are in south and southeast Texas and
contain 17 operated producing wells.
New Century Energy Corp., Houston,
(OTCBB: NCEY) plans to acquire an additional
1.75% working interest in the Wishbone
Field in McMullen County, Texas,
increasing its ownership to 15.2%.
The field has net proved and probable gas
reserve potential of some 12 billion cubic
feet in this field. Closing is expected by mid-
January. US Enercorp Ltd. is operator of
the field.
Parallel LP, a subsidiary of Parallel Petroleum
Corp., Midland, Texas, (Nasdaq:
PLLL) has completed a portion of its acquisition
of producing and undeveloped properties
from six of 10 unaffiliated parties for a
combined price of $20.8 million.
The closings involve approximately 2.9
million barrels of oil equivalent of proved
reserves. All 10 deals involve 6.4 million
proved barrels equivalent for a total of
approximately $44.5 million. Additional
closings are expected by mid-January.
The acquired properties are in the Permian
Basin of West Texas and have current
gross production from 35 wells of approximately
650 barrels equivalent per day (440
barrels equivalent, net). Parallel is operator,
with a 90% working interest and 67.5% net
revenue interest.
The properties include approximately
6,100 gross acres in Andrews and Gaines
counties, Texas. Approximately 1,300 gross
acres of the total leasehold have been developed.
Petrosearch Energy Corp., Houston, (Pink
Sheets: PTSG) has completed the acquisition
of a 100% working interest in 1,780
acres in the Quinduno Field, Roberts County,
Texas, from Quinduno Energy LLC.
Phoenix Associates Land Syndicate, Covington,
La., (Pink Sheets: PBLS) has
acquired an oil lease for its Mid-
South/Rome oil and gas division for cash.
The lease is in Wyoming and consists of 880
acres.
Public Gas Partners Inc., Kennesaw, Ga.,
has closed three transactions and signed an
agreement for a fourth transaction to purchase
approximately 115 billion cubic feet
of gas equivalent of proved reserves (73%
proved, developed and producing) for a total
cost of $330 million. Current production
from the properties totals some 35 million
cubic feet of gas equivalent per day (75%
gas).
The interests are nonoperated. The fourth
transaction is expected to close by January.
Dallas-based Mitchell Energy Advisors
was advisor to Public Gas Partners on the
largest transaction.
The combined assets include working
interests in more than 2,000 predominantly
gas wells in nine states.
Susan Reeves, president of Public Gas
Partners, says, “We are very pleased with
the property characteristics and future development
opportunities of the reserves. More
importantly, we have aligned PGP with
industry experts that will provide the technical
and operational support we need to maximize
the assets.”
Public Gas Partners is a non-profit gas
agency formed by seven municipally owned
gas and electric utilities in Georgia, Florida,
Alabama, Tennessee and South Carolina. It
was created to secure economical, long-term
wholesale gas supplies for member agencies
to stabilize and reduce the cost of gas feedstock.
Australia-based Santos Ltd. (Nasdaq:
STOSY) has completed the acquisition of
Tipperary Corp., Denver, (Amex: TPY)
for US$7.41 per Tipperary share, for a deal
value of approximately $466 million,
including assumption of debt. (For more on
this, see “E&P A&D News—Australia.”)
Texas American Resources Co., Austin,
Texas, has acquired several producing properties
in the Denver-Julesburg Basin, northeast
Colorado, for $70 million.
The acquisition includes producing properties
in the Wattenberg Field in Adams and
Weld counties, Colorado, with estimated
proved reserves of some 56.4 billion cubic
feet of gas equivalent (43% developed; 66%
gas). The properties have current production
24 • A&D Watch • December 2005

E&P A&D News
of approximately 6 million cubic feet of gas
equivalent per day (69% gas) and five wells
waiting completion.
Pro forma for this acquisition, Texas
American Resources will have proved
reserves of some 124 billion cubic feet of
gas equivalent (63% developed; 36% gas)
and net production of approximately 19 million
cubic feet of gas equivalent per day
(34% gas).
The acquisition was financed with proceeds
from the company’s $70-million senior
revolving credit facility and a new fiveyear,
$55-million subordinated, secured
term loan.
BNP Paribas, Union Bank of California
NA and Hibernia Bank were agents for
the financings, while Rivington Capital
Advisors LLC was advisor for the transaction.
“The DJ acquisition gives Texas American
Resources an anchor asset in the Rockies
and allows our company to grow our natural
gas reserves in a repeatable play,” says
David Honeycutt, president of Texas American
Resources.
The X-Change Corp., Dallas, (OTCBB:
XCHC) has completed the sale of low and
nonproducing wells in East Texas to an
undisclosed East Texas operator for
$500,000 in cash.
Unit Petroleum Co., a wholly owned subsidiary
of Unit Corp., Tulsa, Okla., (NYSE:
UNT) has closed the acquisition of oil and
gas properties from a group of private entities
for approximately $82 million in cash.
The acquisition consists of approximately
42.5 billion cubic feet of gas equivalent of
proved reserves mostly in Oklahoma and
also in Arkansas and Texas. The fields produce
6.5 million cubic feet of gas equivalent
per day.
Larry Pinkston, Unit president and chief
executive, says the Oklahoma properties
“will fit well with Unit’s core area of operations
and will help us to further develop and
exploit fields and supply a basis for future
drilling.”
Vinoble Inc., Malibu, Calif., (OTCBB:
VNBL) has completed the acquisition of a
minority interest in the Clovelly prospect in
Lafourche Parish, La. Additional details of
the transaction were not disclosed.
Wentworth Energy Inc., Fort Worth,
Texas, (Pink Sheets: WNWG) has acquired
an oil-sands project in Utah’s Uinta Basin
for 1 million shares of Wentworth common
stock and a 12% royalty on net. The acquisition
includes a 1,592-acre lease known as
the Asphalt tar-sands project.
E&P A&D—Canada
Canex Energy Inc., Calgary, (Toronto Venture:
CXO) has acquired interests in certain
gas wells and undeveloped land in the Peace
River Arch area of Alberta for C$5.5 million.
A&D Watch • December 2005 • 25

E&P A&D News
The properties have current production of
approximately 150 barrels of oil equivalent
per day (95% operated) and proved reserves
of 190,000 barrels of oil equivalent. The
package also includes varying interests in
two field compressors, two generators, one
sweetening unit and one compressor.
Chamaelo Exploration Ltd., Calgary,
(Toronto: CXN) plans to acquire privately
held Tournament Energy Ltd. and a private
technology company.
Tournament has assets in Chamaelo’s
west-central Alberta core area valued at
approximately C$190 million. The assets
include production of 3,100 barrels of oil
equivalent per day (85% operated; 60%
gas), 65,000 gross undeveloped acres and
51,000 net undeveloped acres. The assets
also have estimated reserves of 6.1 million
barrels of oil equivalent proved and 6.4 million
of proved plus probable, giving the
acquisition a price of C$28.60 per proved
barrel equivalent, according to Chamaelo.
The technology company’s business will
be distributed to Chamaelo’s existing shareholders.
Upon closing, which is expected in January,
the combined company will have production
of more than 5,000 barrels of oil
equivalent per day (60% gas), an asset base
focused in west-central Alberta, an undeveloped
land base of more than 115,000 net
acres and some 60 identified potential
drilling locations.
GMP Securities Ltd. is advisor to
Chamaelo; Tristone Capital Inc. is advisor
to Tournament; and Sprott Securities Inc.
is advisor to Chamaelo with respect to the
technology company.
Golden Apple Oil and Gas Inc., Phoenix,
(Pink Sheets: GAPJ) has acquired a property
consisting of 17,976 hectares of land in
southern Quebec. Additional details of the
transaction were not disclosed.
Keeper Resources Inc., Calgary, (Toronto
Venture: KEE) has purchased an additional
interest in its Meekwap property in central
Alberta for C$458,331. This purchase
increases Keeper’s interest in a Nisku well to
35% before pay-out (17.5% after pay-out).
Kootenay Energy Inc., Calgary, (Toronto
Venture: KTY) has completed the acquisition
of a private Alberta corporation for 100
Kootenay shares at C$0.50 each plus debt
assumption of C$3.6 million.
Kootenay gains oil and gas assets in the
Hasting, Viewfield, Weyburn and Elswick
areas of southeast Saskatchewan, establishing
another core area to complement current
gas production in central Alberta.
The properties are nonoperated with
working interests varying from 40% to 10%,
and have light-oil production with a reservelife
index of more than 10 years. The properties
include approximately 360,000 barrels
equivalent of proven and 435,000 barrels
equivalent of proven-plus-probable reserves
and associated infrastructure.
Production is approximately 90 barrels of
oil equivalent per day, resulting in new
Kootenay production of approximately 190
barrels equivalent per day.
Kootenay Energy Inc., Calgary, (Toronto
Venture: KTY) plans to acquire oil assets in
southeast Saskatchewan for approximately
C$2.1 million, including C$1.3 million in
cash and 815,000 common shares.
The purchase includes properties in the
Hasting and Viewfield areas of southeast
Saskatchewan. The acquisition at Hastings,
where Kootenay recently gained a 40%
working interest, will make Kootenay the
operator with 100% working interest. This
property also adds production of approximately
53 barrels of oil per day.
The nonoperated Viewfield assets will
add approximately five barrels of oil per day
to Kootenay’s production. The acquisition
includes some 93,000 barrels of proven and
126,000 barrels of proven-plus-probable
light-oil reserves.
According to Kootenay, the acquisition
price is C$16.78 per proved-plus-probable
and C$22.74 per proved barrel of oil equivalent.
Rolling Thunder Exploration Ltd., Calgary,
(Toronto Venture: ROL) plans to
acquire San Telmo Energy Ltd. (Toronto
Venture: STU; OTCBB: STUOF) for
C$0.60 per San Telmo share.
San Telmo’s assets are in west-central
and northern Alberta. On a pro forma basis,
the combined company will have production
of approximately 450 barrels of oil equivalent
per day (82% gas) with approximately
11,680 gross (9,266 net) acres of undeveloped
land, and 2,560 gross (1,920 net) acres
under option.
Sayer Securities Ltd. is advisor to San
Telmo, while Acumen Capital Finance
Partners Ltd. is advisor to Rolling Thunder.
Privately held, Calgary-based Temple
Energy Inc. has acquired privately held
Relentless Energy Corp. for 24 million
Temple shares.
The combined company has approximately
3.5 million barrels of oil equivalent
of proven-plus-probable reserves and production
is expected to average approximately
1,100 barrels of oil equivalent per day
(99% gas) in this quarter.
This acquisition will allow Temple to
expand operations from the Deep Basin area
of northwest Alberta into northeast British
Columbia where Relentless operates a gas
exploration and development project.
FirstEnergy Capital Corp. was advisor
to Temple.
Calgary-based True Energy Inc., (Toronto:
TUI) True Energy Trust and Vero Energy
Inc. have completed the reorganization of
True, TKE Energy Trust and Vero.
In the deal, TKE acquired True and
changed its name to True Energy Trust. Previous
shareholders of True received common
shares of Vero.
True Energy Trust has assets in
Saskatchewan and Alberta and an enterprise
value of approximately C$800 million. It
now owns all of the assets of TKE and
approximately 90% of the assets of True.
The trust has production of some 14,000
barrels of oil equivalent per day and 350,000
net acres of undeveloped land.
Tuscany Energy Ltd., Calgary, (Toronto
Venture: TUS) has completed the acquisition
of a private oil and gas company for
C$5.97 million, consisting of C$4.9 million
in cash and 2.2 million Tuscany common
shares.
The acquired assets include 3.5 net sections
in west-central Saskatchewan with current
production of approximately 190 net
barrels of oil equivalent per day and proved
and probable reserves of 557,000 barrels of
oil equivalent.
26 • A&D Watch • December 2005

E&P A&D News—Australia
Australia-based Santos Ltd. (Nasdaq:
STOSY) has completed the acquisition of
Tipperary Corp., Denver, (Amex: TPY)
for US$7.41 per Tipperary share, for a deal
value of approximately $466 million,
including assumption of debt.
Tipperary focused primarily on coalseam
and conventional gas in Queensland, Australia.
The company’s assets include a
75.25% capital interest and a 71.7% pre-royalty
revenue interest in southeastern Queensland’s
Comet Ridge coalseam gas project
totaling approximately 1.23 million acres
and other exploration permits in Queensland
totaling approximately 77,000 acres.
Tipperary also holds interests in several
exploration projects in Colorado and
Nebraska covering approximately 623,000
acres.
David Bradshaw, chief executive of Tipperary,
says, “Our board of directors views
this transaction as the successful culmination
of our business plan. The strategy of
building natural gas reserves in Australia
and the United States has resulted in the creation
of an asset base that is attractive to
larger energy companies. This transaction
represents an opportunity to deliver significant
value to our shareholders.”
Merrill Lynch was financial advisor to
Santos. Tipperary’s financial advisor for the
transaction was Houlihan Lokey Howard
& Zukin, while the company’s legal advisor
was Jones & Keller PC.
Slough Estates USA Inc. owned 54% of
Tipperary shares. Petrie Parkman & Co.
was financial advisor to Slough, whose legal
advisor was Skadden, Arps, Slate,
Meagher & Flom LLP.
E&P A&D—Europe
Fairfield Energy Ltd., a newly formed
U.K.-based E&P company, plans to acquire
certain subsidiaries from Acorn Oil & Gas
Ltd., including interests in the abandoned
E&P A&D News
Maureen and Crawford fields in the central
and northern North Sea.
The Maureen partnership, with
Apache Corp. (NYSE: APA) as operator,
recently acquired new 3-D-seismic
data over the field and plans a multiwell
appraisal program for 2006.
Fairfield investors include Warburg
Pincus, SGAM/4D Global Energy Development
Capital Fund and Kern Energy
Partners I Fund.
Kerr-McGee Corp., Oklahoma City,
(NYSE: KMG) has completed the sale of
100% of the stock of Kerr-McGee (G.B.)
Ltd. to Maersk Olie og Gas AS, a subsidiary
of A.P. Moller-Maersk A/S, for
US$2.95 billion. This transaction completes
Kerr-McGee’s exit from the North Sea.
The combination of this transaction and
the previously closed sale of the nonoperated
portion of the company’s North Sea properties
to Centrica Plc provides net after-tax
proceeds of approximately $3.1 billion to
Kerr-McGee.
A&D Watch • December 2005 • 27

E&P A&D News
“The company now has closed approximately
75% of the expected $4.4 billion in
net after-tax proceeds to be received this
year, which enables us to continue our
efforts to reduce leverage,” says Bob
Wohleber, Kerr-McGee chief financial officer.
“We expect to receive the remaining
proceeds by year-end 2005. In addition, we
currently are evaluating bids for our Gulf of
Mexico shelf properties.”
Centrica purchased Kerr-McGee’s interests
in four nonoperated North Sea fields and
related exploratory acreage and facilities for
approximately US$566 million.
The North Sea assets include proved
reserves of approximately 231 million barrels
of oil equivalent, and daily production
of approximately 77,700 barrels of oil
equivalent during second-quarter 2005. Production
was 21% of total Kerr-McGee output
during that period.
Sonoran Energy Inc., Phoenix, (OTCBB:
SNRN) has acquired privately held, Norwegian-based
Baron Oil for 19 million Sonoran
shares. Baron has a presence in the Middle
East, proven oil and gas reserves in
Texas and opportunities in the Caspian
Region.
E&P A&D—FSU
Cardinal Resources Plc, London, (AIM:
CDL) has completed the acquisition of Rudis
Drilling Co. from Hares Group Ltd. for an
undisclosed sum.
The acquisition adds 9.1 million barrels
of oil equivalent, an increase of approximately
50%, to Cardinal’s existing reserves,
and increases net daily production 75% to
more than 1,100 barrels of oil equivalent per
day.
With this acquisition, Cardinal will now
own and operate three oil and gas licenses—
Dubrivska, Bilousivsko-Chornukhinska and
North Yablunivska—and a 50% working
interest in a joint activity agreement with
Ukrgazvydobuvannya, a subsidiary of
Naftogaz Ukraine.
All acquired license areas are in eastern
Ukraine.
A wholly owned subsidiary of China-based
CNPC International Ltd. has completed
the acquisition of PetroKazakhstan Inc.,
Calgary, (NYSE: PKZ) for US$55 per share
in cash, giving the transaction a total value
of approximately US$4.18 billion.
PetroKazakhstan is now an indirect,
wholly owned subsidiary of CNPC.
“We are delighted that the process, which
we started several months ago, has been successfully
concluded,” says Bernard F. Isautier,
PetroKazakhstan chairman, president and
chief executive. “CNPC has acquired a business
full of opportunities and with high-caliber
employees. We wish them future success
in Kazakhstan.”
PetroKazakhstan has operations in the
South Turgai Basin in south-central Kazakhstan.
As of Jan. 1, 2005, its proved and
probable reserves were 549.8 million barrels
of oil equivalent.
Goldman Sachs International was
financial advisor to PetroKazakhstan.
E&P A&D—Latin America
Coplex Petroleo do Brasil Ltda., a wholly
owned subsidiary of Vancouver-based Naftex
Energy Corp., has purchased an additional
15% interest in the Cavalo Marinho
Field and an additional 30% interest in the
Estrela-do-Mar Field in Brazil for US$14
million from Queiroz Galvao Perfuracao
SA.
After closing, the company will own
42.5% of Cavalo Marinho and 57.5% of
Estrela-do-Mar. This acquisition includes 7
million barrels of reserves and increases
Coplex Petroleo’s proved-plus-probable
reserves 21%.
Through its Trinidad and Tobago affiliates,
Kerr-McGee Oil & Gas Corp., Oklahoma
City, (NYSE: KMG) has acquired a 25%
interest in the southern part of Block 2(c)
retained exploration area and a 30% interest
in Block 3(a), offshore Trinidad and Tobago.
The blocks are adjacent to the Angostura
Field in depths ranging from 150 to 300 feet
of water. Partners in Block 2(c) are BHP
Billiton (39% working interest) and Talisman
(36%). Partners in Block 3(a) are BHP
Billiton (30% working interest), Talisman
(30%) and Total (10%). BHP Billiton operates
both blocks.
With the addition of these blocks, Kerr-
McGee holds interests in more than 340,000
gross acres offshore Trinidad and Tobago.
Joint Ventures
Global Environmental Energy Corp.,
Nassau, Bahamas, (OTCBB: GEECF) its
wholly owned subsidiary Sahara Petroleum
Exploration Corp. and Algerian company
Geoinvest Ltd. plan to form a joint
venture with Sinopec Shengli Oilfield Co.
Ltd., a wholly owned subsidiary of China
Petroleum and Chemical Corp., (NYSE:
SHI) to develop three oil and gas projects.
The projects involve two locations in
Algeria and one is in Mauritania. The Shenzhen
branch of Yankuang Group Co. Ltd.
is the liaison party between Global and
Sinopec.
New E&P Companies
U.K.-based producer Fairfield Energy Ltd.
has been formed with up to $200 million of
funding from management and a syndicate
of private-equity investors led by Warburg
Pincus and including SGAM/4D Global
Energy Development Capital Fund and
Kern Energy Partners I Fund.
In its first deal, Fairfield plans to acquire
certain subsidiaries from U.K.-based Acorn
Oil & Gas Ltd. that hold interests in the
abandoned Maureen and Crawford fields in
the central and northern North Sea. The
Maureen partnership is with Apache Corp.
(NYSE: APA), which is operator.
Fairfield Energy is led by executive
chairman Chris Wright, who was senior vice
president for global exploration and technology
at Unocal Corp. Mark McAllister is
Fairfield chief executive. He was managing
director of Acorn Oil & Gas, which he
formed in 2001 to pursue North Sea exploration
and development opportunities.
Triangle Petroleum Corp., Calgary,
(OTCBB: TPLM) has created Triangle
USA Petroleum Corp., a wholly owned subsidiary
that will pursue projects in the United
States.
The Northern Ute Indian Tribe has launched
Fort Duchesne, Utah-based Ute Energy, with
John Jurrius as chief executive and Robert
Ogle as chief financial officer. The company
plans to develop 236,000 acres on the North
Ute reservation in Utah’s Uinta Basin.
28 • A&D Watch • December 2005

E&P A&D News
“Ute Energy is the beginning of a great
movement for the Northern Utes,” says
Maxine Natchees, chairman of the tribal
business committee. “This company is part
of a progressive financial plan, set in place
four years ago, that led us to becoming
active partners for the first time in the development
of our land and resources. This
translates to great things for our tribe, surrounding
communities and the state.”
The Northern Utes have aligned themselves
with business partners that include
Questar Gas Co., Fidelity Investors Management
LLC, Bill Barrett Corp. and
Berry Petroleum Co.
During the next year, Ute Energy will
participate in some $60 million of mineral
development with wells between the Naval
Oil Shale Reserve and Brundage areas.
A&D Advisors
Canaccord Capital Inc., Vancouver,
(Toronto: CCI) has acquired Calgary-based
advisory firm Enermarket Solutions Ltd.,
which will operate as part of Canaccord’s
global capital markets group as Canaccord
Enermarket.
Rick Grafton, global co-head of energy
for Canaccord, says, “This significant addition
to our outstanding international energy
team’s capabilities and expertise will provide
our clients with a comprehensive view
of the marketplace and we are proud to welcome
Enermarket to our global team.”
Martin Peters, president of Enermarket,
says, “Canaccord has one of the strongest
platforms for energy offerings in North
America and Europe, and joining forces significantly
enhances Enermarket’s ability to
offer innovative and superior client service.”
Anthony Motto has formed Energy Listings
LLC, the operator of EnergyListings.com,
a new web site for the exchange of
upstream assets, ranging from prospects to
royalty interests to producing properties.
Motto was previously with property-marketer
PLS Inc. as director of marketing, and
with Oil & Gas Journal Exchange in the
auction division. He can be reached at 281-
467-8818.
Amarillo, Texas-based EnergyNet.com
Inc. has expanded its auctions into Canada,
with the first Canadian auction taking place
in November. Operations for EnergyNet
Canada will be based in Calgary.
EnergyNet also reports it has exceeded
$200 million in property sales since it began
auctioning properties online in February
2000.
The online auction-house had property
sales of $55 million in 2004 and has sold
$89 million through October 2005. The
company has grown more than 100% annually
since 2000, while selling some 15,600
properties since inception.
Jefferies International Ltd., London, a
subsidiary of U.S.-based Jefferies Group
Inc., New York, (NYSE: JEF) has named
Richard Kent a managing director, Neil
Schroeder and Paul Wheeler as directors,
and Alex Grant as a vice president to expand
its Randall & Dewey oil and gas group in
London. All four previously worked for
ABN Amro in London.
Houston-based asset-brokers PLS Inc. and
Burks Oil & Gas Properties Inc. have
signed a partnership and joint-marketing
agreement.
Burks will move to PLS’ corporate
offices, downtown Houston, and each will
market the others’ services and work together
on some assignments.
Burks markets Gulf Coast properties and
has handled some $2 billion in asset sales in
the past 18 years, while PLS provides A&D
information and asset-marketing.
Both companies will continue to operate
independently.
Capital Providers
Dallas-based investment bank Challenger
Capital Group Ltd., along with Credit
Suisse First Boston and UBS, will act as
financial advisors to Alaska in its participation
in construction of a gas pipeline from
the North Slope to existing pipelines in
Alberta for distribution into the U.S., or to
Valdez, Alaska, for liquefaction and shipment
to the western U.S.
The cost of the project is estimated to be
between $13- and $20 billion. It could bring
to market 30 trillion cubic feet of proved
reserves and 100 trillion of probable.
The role is Challenger’s first energy deal
as a new firm, although several of its senior
members have completed 75 energy transactions
with $87 billion in total value. The firm
was founded in early 2004 to offer financial
services for middle-market companies.
Employees of energy investment-banker
Howard Weil Inc. plan to purchase the firm
from Citigroup in a deal that is expected to
close this month. The firm will continue to
be based in New Orleans with an office in
Houston.
While some employees have returned to
the New Orleans office post-Hurricane Katrina,
most displaced employees expect to
return to New Orleans by Christmas 2005.
Separately, the firm reports that its 34th
annual energy conference will be held in
New Orleans on March 19-23, 2006. The
2005 conference included 477 buy-side
investors, 403 management representatives
from 130 companies and 60 corporate
guests.
Michael Lou and Victor Barcot have joined
Cliff Adams and Bob Brooks in the global
oil and gas group of Sydney-based Macquarie
Securities Inc. They will be based in
the Houston office.
Lou and Barcot were vice presidents with
First Albany Capital Inc.’s energy investment-banking
group.
Macquarie’s U.S. energy team has raised
more than $30 billion in capital and transacted
more than $50 billion in advisory deals.
Tortoise North American Energy Corp.,
Overland Park, Kan., (NYSE: TYN) has
been approved for an initial public offering
of 4.6 million shares at $25 each for expected
proceeds of $115 million. Underwriters
have a 690,000-share overallotment
allowance.
RBC Capital Markets was co-lead
manager and bookrunner, and Stifel, Nicolaus
& Co. Inc. was co-lead manager.
Tortoise North America is a newly
organized, non-diversified, closed-end management
investment company that invests in
publicly traded Canadian royalty trusts,
income trusts and U.S. master limited partnerships.
A&D Watch • December 2005 • 29

E&P A&D News
Upstream Analysts
Paul Ferretti has joined Ferris Baker Watts
as an equity oil analyst. He has initiated coverage
on GMX Resources (Nasdaq:
GMXR), American Oil & Gas (Amex:
AEZ), Gasco Energy Inc. (Amex: GSX)
and Warren Resources Inc. (Nasdaq:
WRES) and will be adding up to five more
stocks by year-end.
Previously, he was a managing director
with Morgan Joseph & Co.’s equityresearch
department; a senior energy analyst
with Ladenburg Thalmann & Co.; and held
similar positions with Dresdner Kleinwort
Wasserstein, ABN Amro and Dillon Read
& Co.
Ferretti will be based in Baltimore and
can be reached at 410-659-0376.
Jay Saunders has joined privately held New
York-based asset manager Jennison Associates
as an energy analyst. Saunders was an
oil analyst with Deutsche Bank.
E&P—People
Anadarko Petroleum Corp., Houston,
(NYSE: APC) reports that Robert J. Allison
will resign as chairman at year-end and
assume the chairman emeritus position for
his 32 years with the company. Jim Hackett,
president and chief executive, will become
chairman.
Aztec Oil & Gas Inc., Houston, (OTCBB:
AZGS) has named Kirk N. Blackim and
Mark Vance to the board. Blackim is president
of Aztec; Vance is chief financial officer
of G1SG.
Canadian Superior Energy Inc., Calgary,
(Toronto: SNG; Amex: SNG) has appointed
Mike Coolen and Kory Idland to its board.
Coolen is Canadian Superior vice president,
East Coast operations; Idland is
founder, owner, president and chief executive
of Kidd Construction Ltd.
Canary Resources Inc., Stilwell, Kan.,
(Pink Sheets: CYRR) has named Stephen
Allee senior vice president, operations;
James Steinheider senior vice president,
finance; and Rex Ashlock senior vice president,
drilling and exploration. Each were
with Osborn Energy LLC.
Cardinal Resources Plc, London, (AIM:
CDL) has named Misbah Al Droubi to its
board. Al Droubi is chief executive of Hares
Group Ltd.
Charles R. Williamson, executive vice president
of Chevron Corp., San Ramon, Calif.,
(NYSE: CVX) and former chairman and
chief executive of Unocal Corp., has retired.
Williamson was with Unocal since 1977.
Cirrus Energy Corp., Calgary, (Toronto
Venture: CYR) has appointed Wim Korndorffer
a director. Korndorffer was a director
of Aventura Energy Corp.
Deer Creek Energy Ltd., Calgary, (Toronto:
DCE) has expanded its board and added
Jean-Luc Guiziou as chairman and Verne
Johnson as lead director.
Robert A. Mosbacher has resigned from the
Devon Energy Corp., Oklahoma City,
(NYSE: DVN) board upon his appointment
as president and chief executive of the
Overseas Private Investment Corp.
El Paso Corp., Houston, (NYSE: EP) has
named John R. Sult senior vice president
and chief accounting officer. Sult was vice
president and controller of Halliburton
Energy Services.
Gwyn Morgan, founding president and chief
executive of EnCana Corp., Calgary,
(Toronto, NYSE: ECA) plans to step down
at year-end. Morgan will remain as executive
vice chairman for 2006, mainly as an advisor
to the new CEO, Randall K. Eresman.
Eresman will succeed Morgan as president
and CEO Jan. 1. He is currently chief
operating officer.
Morgan joined EnCana’s predecessor
Alberta Energy Co. Ltd. in October 1975.
In 2002, he led the merger of Alberta Energy
and PanCanadian Energy to create
EnCana.
Encore Acquisition Co., Fort Worth,
Texas, (NYSE: EAC) has named Jon S.
Brumley chief executive, in addition to his
current roles of president and director.
I. Jon Brumley, chairman, said, “This is
an opportune time to step down as CEO. For
the past three years, all of the officers have
reported to Jonny and look to him for leadership.
This is an obvious and positive step
in the evolution of a great company.”
In another announcements, Ben Nivens
has been named senior vice president, chief
financial officer, treasurer and secretary.
Nivens has been vice president of corporate
strategy and treasurer since June 2005.
Robert C. Reeves has been named senior
vice president, controller and chief accounting
officer. Reeves was vice president and
controller.
Roy W. Jageman has resigned as executive
vice president, CFO and secretary to
pursue other interests.
Forest Oil Corp., Denver, (NYSE: FST)
has named Glen J. Mizenko vice president,
business development. Mizenko was director,
business development.
Paul J. Dusha has been named vice president,
human resources. Dusha was director,
human resources. Michael N. Kennedy has
been named managing director, capital markets,
and treasurer. Kennedy was director,
investor relations.
Patrick J. Redmond has been named
director, investor relations. Redmond was
manager, insurance and financial analysis.
Geocan Energy Inc., Calgary, (Toronto:
GCA) reports that Christopher Bloomer has
resigned as a director. Thomas M. Walter
has been appointed to the board. Walter has
practiced law in Okotoks, Alberta.
Indocan Resources Inc., Bangkok, Thailand,
(OTCBB: IDCN) has appointed Sutida
Suwunnavid to its board. Suwunnavid is
with Knightsbridge Group.
Miller Petroleum Inc., Huntsville, Tenn.,
(OTCBB: MILL) has named John S. Miller
drilling, completion and production manager.
Miller was with CNX Gas where he
designed stimulation techniques and supervised
drilling and completion operations.
Mystique Energy Inc., Calgary, (Toronto
Venture: MYS) has named Rick Webb senior
geologist. Webb has some 20 years of
exploration experience in western Canada.
Noble Energy Inc., Houston, (NYSE:
30 • A&D Watch • December 2005

E&P A&D News
NBL) has named Frederick B. Bruning chief
accounting officer. Bruning was vice president
of business operations for Fidelity
National Financial.
William T. Van Kleef has been named to
the Noble board. Van Kleef was executive
vice president and chief operating officer of
Tesoro Corp.
Nord Oil International Inc., Montreal,
(Pink Sheets: NDOL) has named Igor Nikolaevitch
Bratchikov executive vice president,
mergers and acquisitions. Bratchikov
has been working with Nord as a consultant.
Pioneer Natural Resources Co., Dallas,
(NYSE: PXD) has named A.R. (Ray)
Alameddine executive vice president,
worldwide negotiations; William F. (Bill)
Hannes executive vice president, worldwide
business development; Jay P. Still executive
vice president, western division; and Denny
B. Bullard vice president, engineering and
development.
Alameddine was executive vice president
of worldwide business development;
Hannes was vice president, engineering and
development; Still was head of the western
division; and Bullard was vice president,
Gulf Coast operations.
Pogo Producing Co., Houston, (NYSE:
PPP) has appointed Charles G. Groat to its
board. Groat is director of the Center for
International Energy and Environmental
Policy and director of the energy and mineral
resources graduate program, University of
Texas, Austin.
Premium Petroleum Inc., Calgary, (Pink
Sheets: PPTL) has appointed Paul J. Bennett
vice president, exploration. Bennett was
with ExxonMobil Canada.
PYR Energy Corp., Denver, (Amex: PYR)
has appointed David B. Kilpatrick chairman.
Kilpatrick is president of Kilpatrick Energy
Group.
Sky Petroleum Inc., Austin, Texas,
(OTCBB: SKPI) has appointed Brent D.
Kinney chief executive officer. Kinney is an
international petroleum lawyer based in
Dubai, United Arab Emirates.
Brent D. Kinney, Ian R. Baron, Peter J.
Cockcroft and Michael D. Noonan have
been named to the Sky board.
Kinney is chief executive officer of Sky;
Baron is a founding partner in ESG Dubai;
Cockcroft is a director with Baraka Petroleum
Ltd. and Australian Oil Co.; and
Noonan is vice president, corporate, of Sky.
Also, Sheikh Hamad Bin Jassim Bin Jabr
al-Thani, a member of the ruling family of
Qatar, has become a major shareholder,
holding approximately 36% of issued
shares.
Hamad has appointed Karim Jobanputra
to Sky’s board. Jobanputra is an entrepreneur
and owns several companies that do
business in the Middle East and Europe.
Sonoran Energy Inc., Amman, Jordan,
(OTCBB: SNRN) has appointed Kamel
Khalidi exploration and new ventures manager
for the Middle East, North Africa and
Caspian. Khalidi has worked with Saudi
Aramco.
Strata Oil & Gas Inc., Calgary, (OTCBB:
SOIGF) has named Pratt Barndollar to its
board. Barndollar was chief geophysicist
and exploration portfolio manager for
Devon Energy Corp.
Terax Energy Inc., Austin, Texas,
(OTCBB: TERX) reports that Bill Rhea has
been terminated as chief executive for cause
and removed as a director. Lawrence J. Finn
has been named chief financial officer and
interim chief executive. Finn was vice president
of finance and CFO of Petrol Oil and
Gas.
Bill Chester and Rex White have
resigned as Terax directors.
Mike Governale has been named vice
president of operations; Mickey Field field
engineer, and Andrew Hromyk and John
Legg directors.
Governale was production superintendent
of Swift Energy Co.; Field was a contract
drilling engineer for XTO Energy;
Hromyk is president of Century Capital
Management Ltd.; and Legg is a private
attorney.
Tri-Valley Corp., Bakersfield, Calif.,
(Amex: TIV) has named Art Evans chief
financial officer, succeeding Tom Cunningham,
who has been named vice president
and chief administrative officer. Evans has
accounting and financial management experience
in several industries.
Triangle Petroleum Corp., Calgary,
(OTCBB: TPLM) has named Aly Musani
chief financial officer. Musani was with an
oilfield-services firm.
Tusk Energy Corp., Calgary, (Toronto:
TSK) has named Jeffrey W.C. Arsenych a
director. Arsenych has been a director of
TKE Energy Trust (Toronto: TKE.UN)
since November 2004.
Dallas-based Zion Oil & Gas Inc. has
named Richard J. Rinberg president and
chief operating officer; David Patir chief
financial officer; and Forrest A. Garb and
Yehezkel (Charlie) Druckman directors.
Rinberg has been a private investor and
manager of family funds since 1996. Patir
was a principal consultant with BRI Consulting
Group. Garb is founder of Forrest
A. Garb & Associates Inc. Druckman was
petroleum commissioner of Israel.
E&P—Other
Fort Worth, Texas-based Stroud Energy
Inc. has filed for an IPO of 10.8 million
shares at $16 each for expected proceeds of
$173 million. The proposed symbol on the
Nasdaq National Market is STRO. All proceeds
will go to the selling stockholders.
Stroud is sole underwriter of the transaction.
Stroud is an independent with operations
in the Central Gulf Coast (Austin Chalk), the
Fort Worth Basin (Barnett Shale) and East
Texas. Its management team and technical
staff have experience in developing unconventional
gas reserves and horizontal
drilling.
From Jan. 1, 2003, through June 30,
2005, its predecessor drilled and completed
28 wells. Its net production increased from
an average of 12.5 million cubic feet equivalent
per day in 2002 to an average of 23.8
million per day in 2004.
Sandy, Utah-based Colorado Utah Natural
Gas Inc. has filed for an IPO of 3 million
shares at $10 each for expected proceeds of
$30 million. The proposed symbol on the
Nasdaq SmallCap Market is CUNG.
Colorado Utah Natural Gas is the sole
underwriter.
A&D Watch • December 2005 • 31

E&P A&D News
Most of the net proceeds will be used for
development drilling on the company’s oil
and gas leases in Utah. The company plans
to drill 100 development wells in Grand
County, Utah, for an estimated cost of $7.5
million and four gas wells in the Brennan
Bottoms Field in Uinta County, Utah, for $6
million.
In addition, Colorado Utah will build a
gas-gathering system in Grand County for
about $500,000. Remaining proceeds will be
used for general and administrative expenses,
the acquisition of additional oil and gas
leases and working capital.
Colorado Utah is a development-stage oil
and gas exploration company. Since August
2004 it has drilled three wells to the Morrison
formation; two wells have been completed
and are awaiting pipeline connection,
while the third is awaiting completion. The
company commenced drilling its fourth well
in October.
Southwestern Energy Co., Houston,
(NYSE: SWN) and Denbury Resources
Inc., Dallas, (NYSE: DNR) plan two-forone
stock splits.
Quest Resource Corp., Oklahoma City,
(OTCBB: QRES) reports a reverse stock
split of 2.5 to 1. Separately, its trading symbol
on the OTC Bulletin Board has been
changed from QRCP to QRES.
Shell Exploration & Production Co.,
Houston, reports that Shell Offshore Inc. is
the high bidder on all 33 blocks on which it
bid in the Alaska Peninsula lease sale in
Anchorage in October. Shell exposed nearly
$1 million.
“We are pleased with the outcome of
[the] sale, which allows us to build a position
in Bristol Bay,” says Annell Bay,
regional vice president for exploration in the
Americas.
Shell acquired 84 leases in the Beaufort
Sea during the March 2005 Outer Continental
Shelf Lease Sale 195. Building an Alaska
portfolio is part of the company’s increased
focus on more upstream, the company
reports.
“Alaska holds the potential to yield the
large hydrocarbon discoveries needed to
become a new core area for Shell, to build
Shell’s reserves and to help provide future
energy resources for America’s growing
demand,” says Chandler Wilhelm, Alaska
exploration manager.
Calgary-based Ziff Energy Group
announced the winners of its 6th annual
Canadian upstream achievement awards.
Apache Canada Ltd., BP Canada
Energy Co. and Provident Energy Trust
fared best in the operating-cost category. In
the finding and development category, the
winners were Anadarko Canada Corp.,
Burlington Resources Canada Ltd. and
Talisman Energy Inc.
The awards are based on analysis of two
Ziff major industry studies: one on finding
and development costs and the other on
reducing field-operating costs.
Shell Exploration & Production plans to
return to permanent offices in New Orleans.
“We expect to have a substantial number
of currently displaced New Orleans Shell
employees back home and back at work in
the city we cherish early next year and expect
almost all to return in the first-quarter/second-quarter
time frame,” says Marvin Odum,
executive vice president, EP Americas.
“The success of the area’s rebuilding
effort is critically important to the long-term
viability of the Gulf Coast, and will allow us
to continue to be an important part of the
business and social fabric of this community,”
Odum says.
Shell had approximately 1,474 E&P staff
in the New Orleans area.
Rice University’s Amy Myers Jaffe, the
Wallace S. Wilson Fellow in energy studies
at the James A. Baker III Institute for Public
Policy and associate director of the Rice
energy program, is on Esquire magazine’s
2005 “best and brightest” list, which appears
in the December issue.
Jaffe is one of 12 honorees in the society
category. Esquire’s write-up about Jaffe
includes her views on seven ways to fix the
oil crisis.
Jaffe, a Princeton University graduate in
Arabic studies, leads the Baker Institute energy
forum, a program that promotes discussion
and research on the energy-related challenges
facing society in the 21st century. Her
research focuses on oil geopolitics, strategic
energy policy and energy economics.
Calvalley Petroleum Inc., Calgary, (Toronto
Venture: CVI) has been approved for
trading on the Toronto Stock Exchange as
CVI.
Calgary-based Goldstrike Inc. (OTCBB:
GDSK) has completed a share exchange
with Gran Tierra Energy Inc. and will
now trade on the OTC Bulletin Board as
GTRE.
Titan Exploration Ltd., Calgary, will now
trade on the Toronto Stock Exchange as
TTN.
Former U.S. Secretary of Energy Spencer
Abraham and former top aides have formed
The Abraham Group LLC, an international
consulting firm based in Washington.
It will provide advice and hands-on assistance
to clients seeking opportunities or
solutions in global energy markets.
The firm’s other principals are Joseph
McMonigle, former chief of staff at the U.S.
Department of Energy and vice chairman of
the International Energy Agency Board of
Governors; and Majida Mourad, former senior
advisor at the U.S. Department of Energy
working on international affairs.
Prior to becoming secretary of energy,
Abraham served six years in the U.S. Senate
and was deputy chief of staff to Vice President
Dan Quayle.
In Memoriam
Range Resources Corp., Fort Worth, Texas,
(NYSE: RRC) reports that Robert E. Aikman,
a member of the board since 1990, has
passed away. Aikman had more than 50 years
of experience in the oil and gas industry.
—Taryn Maxwell
32 • A&D Watch • December 2005

E&P A&D News
A&D Networking Opportunities
Event Date City Venue More Info
ADAM-Dallas/Fort Worth First Thursday/Month Dallas Dallas Petroleum Club AdamEnergyForum.org
TIPRO-IPAA Speaker Series Second Wedn/Month Houston Houston Petroleum Club tipro.com
Houston Producers’ Forum Third Tuesday/Month Houston Houston Petroleum Club HoustonProducersForum.com
Dallas Energy Finance Grp Third Tuesday/Month Dallas Dallas Petroleum Club DallasEnergyFinance.org
Houston Energy Finance Grp Third Wedn/Month Houston Houston Center Club NA
ADAM-East Texas December 2005 Tyler, Texas Hollytree CC adamenergyforum.org
SPE-GCS Bus. Dvlpmt Group Jan. 18, 2006 Houston Four Seasons spegcs.org
NAPE 2005 Feb. 2-3, 2006 Houston GR Brown CC napeonline.com
OGIS Small-Caps Feb. 7-9, 2006 Hollywood, Fla. Westin Diplomat ipaa.org
ADAM-East Texas February 2006 Tyler, Texas Hollytree CC adamenergyforum.org
HAPL Monthly Luncheon February 2006 Houston Hyatt hapl.org
IPAA Wildcatters’ Ball March 3, 2006 Houston Hilton Americas ipaa.org
Cosco Private Capital March 7, 2006 Calgary Westin coscocap.com
Houston Oil Tennis Tournmt March 2006 Houston TBA hottournament.com
NTEC Energy Symposium March 2006 Dallas TBA ntenergycouncil.org
SPE-GCS Bus. Dvlpmt Group March 2006 Houston Four Seasons spegcs.org
Waterous World Oil & Gas March 2006 TBA TBA waterous.com
HAPL Monthly Luncheon March 2006 Houston Hyatt Downtown hapl.org
IPAA Wildcatters’ Golf Open March 30, 2006 Houston Cypresswood GC ipaa.org
OGIS-New York April 10-12, 2006 New York Sheraton NY ipaa.org
ADAM-East Texas April 2006 Tyler, Texas Hollytree CC adamenergyforum.org
Howard Weil Energy Conf. April 2006 New Orleans Sheraton (Canal) HowardWeil.com
Ziff North American Gas April 2006 Houston Four Seasons ZiffEnergyconferences.com
Executive Oil Conference April 2006 Midland Midland Center petroleumstrategies.com
Gulf Coast Energy Marketplace April 2006 New Orleans Fairmont Hotel gcem.net
ADAM Golf Tournament April 2006 Plano, Texas Gleneagles CC adamenergyforum.org
LIOGA Annual Meeting April 2006 Point Clear, Ala. The Grand Hotel Lioga.com
HAPL Golf Tournament April 2006 Houston Meadowbrook Farms hapl.org
HAPL Monthly Luncheon April 2006 Houston Hyatt hapl.org
Dallas Geological Society Golf April 2006 Grapevine, Texas Cowboys GC dgs.org
Randall & Dewey A&D Summit April 2006 Houston The Houstonian RanDew.com
SPE-GCS Bus. Dvlpmt Group May 2006 Houston Four Seasons spegcs.org
HAPL Monthly Luncheon May 2006 Houston Hyatt hapl.org
ADAM-East Texas June 2006 Tyler, Texas Hollytree CC adamenergyforum.org
Cosco Private Capital June 7, 2006 Houston Four Seasons coscocap.com
CAPP-OGIS June 2006 Calgary TBA capp.ca
IPAA Midyear June 12-14, 2006 Naples, Fla. The Ritz Carlton ipaa.org
IPAMS Annual June 2006 TBA TBA ipams.org
AAPL Annual Meeting June 2006 TBA TBA landman.org
OGIS-London July 2006 London The Berkeley Hotel ipaa.org
Louisiana Energy Golf Classic July 2006 Broussard, La. Le Triomphe GC Lioga.com
Gulf Coast Prospect Expo July 2006 Lafayette Cajundome Lioga.com
ADAM-East Texas August 2006 Tyler, Texas TBA adamenergyforum.org
The Oil & Gas Conference August 2006 Denver TBA TheOilAndGasConference.com
COGA August 2006 Denver Colorado Conv. Center coga.org
KIOGA Annual Meeting August 2006 Kansas TBA kioga.org
Summer NAPE August 2006 Houston George R. Brown CC napeonline.com
A&D Strategies/Opportunities August 2006 Dallas The Fairmont hartenergyconferences.com
SPE-GCS Bus. Dvlpmt Group September 2006 Houston Four Seasons spegcs.org
KidLinks Golf Tournament September 2006 Las Colinas, Texas TPC-Las Colinas KidLinksDFW.org
John S. Herold Pacesetters September 2006 Old Greenwich, CT Hyatt Regency Herold.com
ADAM-East Texas October 2006 Tyler, Texas Hollytree CC adamenergyforum.org
Small Steps Golf Tournament October 2006 Houston Champions GC ssnc.org
HPF Golf Tournament October 2006 Houston Cypresswood GC houstonproducersforum.com
OGIS-West October 2006 San Francisco The Palace Hotel ipaa.org
C.C.O.T.T.-SPE Tennis October 2006 Corpus Christi HEB Tennis Center ccott.org
East TX KidLinks Golf Classic October 2006 Tyler, Texas Hollytree CC kidlinksdfw.org
Have an upcoming event that presents A&D networking opportunities? List it here. There is no fee. E-mail details to ndarbonne@hartenergy.com.
A&D Watch • December 2005 • 33

Service & Supply
A&D News
—Acquisitions
—Divestitures
—People
S&S A&D—U.S.
Cal Dive International Inc., Houston,
(Nasdaq: CDIS) has completed the acquisition
of the Gulf of Mexico diving assets of
Stolt Offshore. The assets include seven
diving-support vessels, a portable saturation
diving system, various general diving equipment
and Louisiana operating bases at the
Port of Iberia and Port Fourchon.
Additional purchases will be closed when
those assets complete their present work
campaigns in Trinidad waters. The total
transaction value for all of the assets will be
approximately $123 million.
Hercules Offshore Inc., Houston, (Nasdaq:
HERO) has completed the acquisition of a
fleet of eight liftboats from Danos & Curole
Marine Contractors LLC for $44 million.
Three of the liftboats are in the U.S. Gulf
of Mexico, four are in Nigeria, and one was
damaged during Hurricane Katrina and is
being evaluated.
Houston-based driller Nabors Industries
Ltd. (Amex: NBR) has purchased certain
drilling assets from San Antonio-based
Lewis Energy Group, a privately held,
South Texas-focused E&P company that is
the most active producer in Webb, LaSalle
and Dimmitt counties.
More details of the transaction were not
disclosed. Parks Paton Hoepfl & Brown
was exclusive financial advisor to Lewis.
A Dallas-based technology investment
group led by R. Douglas Cronk of Rampart
Petroleum has purchased Grapevine,
Texas-based Metrix Networks Inc., a threeyear-old
oil-service company that provides
remote monitoring services for rotating
equipment, gas and liquid measurement,
rod-pump control and tank-level status.
Cronk was senior vice president, operations,
for Irving, Texas-based Magnum
Hunter Resources, which had owned Metrix
and was purchased recently by Cimarex
Energy Co. (NYSE: XEC).
“As the operations manager for Magnum
Hunter, I saw firsthand the improvement in
field effectiveness and efficiencies that the
Metrix monitoring-system technology
brought to our organization,” Cronk says.
Metrix uses satellite telemetry and proprietary
software to offer monitoring in oil and
gas producing regions around the world.
Smith International Inc., Houston,
(NYSE: SII) has acquired privately held,
Odessa, Texas-based Nunez Oil Field Pipe
Ltd. for an undisclosed sum.
The acquired operations rent and repair
drill-pipe, tubing, drill-collars, heavy-weight
drill-pipe, handling tools and blow-out preventers
used in drilling and completing oil
and gas wells.
These operations will be integrated into
the Smith Services business unit and will
serve the Permian Basin and East Texas
markets.
Tesco Corp., Calgary, (Nasdaq: TESOF;
Toronto: TEO) has purchased the assets of
Lafayette, La.-based Tong Specialty and
Houston-based Cheyenne Services for a
combined purchase price of US$50 million.
Both companies provide tubular running
and related services in the Gulf of Mexico
and onshore Texas and Louisiana.
The assets will be combined with Tesco’s
existing tubular-services operations in the
U.S. and provide immediate expansion of
Tesco’s proprietary casing-running service.
Parks Paton Hoepfl & Brown was advisor
to Tesco in these transactions.
Tri-Valley Corp., Bakersfield, Calif.,
(Amex: TIV) plans to purchase and operate
its own drilling and workover rig at an estimated
cost of approximately $1 million for
the next six months.
“We are convinced in this day of equipment
shortages, this purchase has significant
upside implications for the company, its
shareholders, drilling partners and royalty
owners as we can very materially speed up
our exploration and exploitation,” says F.
Lynn Blystone, Tri-Valley president and
chief executive.
The production rig component will be
available to workover Tri-Valley’s existing
wells this quarter while the component for
drilling to 8,000 feet will be available firstquarter
2006.
Joseph R. Kandle, president of Tri-Valley
Oil & Gas Co., says, “We will still go to
contractors to drill deeper wells but won’t
have to twiddle our thumbs in between rig
availability. This will greatly accelerate production
cash flow and the achieving of our
immediate goal of having at least one producing
barrel of oil equivalent behind every
Tri-Valley share as we certainly have the
property inventory to do that.”
S&S A&D—Canada
Big Country Energy Services LP plans to
acquire Patch Point Enterprises Ltd. from
Producers Oilfield Services Inc., Calgary,
(Toronto: POS) for approximately C$7.5
million.
Producers plans to use the proceeds from
this sale to fund future acquisitions and for
general corporate purposes. The transaction
is expected to close by the end of November.
Mullen Group Income Fund, Aldersyde,
Alberta, (Toronto: MTL.UN) has made an
unsolicited takeover bid for Pe Ben Oilfield
Services Ltd. (Toronto: PBN) for C$12 in
cash per share, representing a premium of
approximately 28% based on the average
trading price of Pe Ben shares.
“The trust conversion process we undertook
during the first half of 2005 caused us
to closely examine all of our operating and
nonoperating assets, including our approxi-
34 • A&D Watch • December 2005

S&S A&D News
mate 10% share position in Pe Ben. With the
trust conversion now behind us we believe
the time is right to add Pe Ben to the Mullen
Group,” says Stephen H. Lockwood, president
and co-chief executive officer of
Mullen.
Pe Ben provides contract transportation,
handling and storage of oilfield tubular products
and supplies; the hauling, stringing and
stockpiling of large diameter oil and gas
transmission pipe: and the transportation of
bulk petroleum products to the oil and gas
industry.
Raymond James Ltd. is advisor to
Mullen.
Producers Oilfield Services Inc., Calgary,
(Toronto: POS) plans to acquire privately
held, Alberta-based R. Robinson Transport
Ltd. and Supply-Rite Transport Ltd.
for approximately C$20.5 million, including
a combination of cash and Producers common
shares.
Both companies provide general oilfield
trucking, warehousing and transportation of
drilling mud in central and southern Alberta.
Both transactions are expected to close
by mid-January.
S&S A&D—International
Cal Dive International Inc., Houston,
(Nasdaq: CDIS) has acquired Aberdeenbased
Helix Energy Ltd. (Australia) for
US$31 million.
Helix provides reservoir and well-technology
services and has offices in London,
Kuala Lumpur (Malaysia) and Perth, Australia.
Owen Kratz, Cal Dive chairman and
chief executive, says, “This acquisition will
aid in our ability to establish our production
contracting model in the North Sea and elsewhere.”
S&S—People
G. Stephen “Steve” Finley, senior vice president,
finance and administration, and chief
financial officer of Baker Hughes Inc.,
Houston, (NYSE: BHI) will retire at the end
of March.
Dallas-based Dresser Inc. has named
Stephen Berger to its board to replace Paul
D. Barnett, who has resigned. Berger is
chairman of Odyssey Investment Partners
LLC and one of the principal investors in
Dresser.
Hercules Offshore Inc., Houston, (Nasdaq:
HERO) has named James Noe vice president,
general counsel, chief compliance officer
and secretary; Leslie Taylor vice president,
human resources; and Johnny Vincent
vice president, corporate controller.
Noe was corporate counsel for BJ Services
Co.; Taylor was director, human
resources, for Calpine Corp.; and Vincent
was controller, state and local government
sales, at Dell Inc.
Offshore Logistics Inc., Houston, (NYSE:
OLG) reports that Brian C. Voegele has
resigned as senior vice president, chief
financial officer, principal accounting officer,
secretary and treasurer to pursue an
opportunity as CFO of a larger oilfield-services
company.
Parker Drilling Co., Houston, (NYSE:
PKD) has appointed George J. Donnelly and
Robert W. Goldman as independent directors.
Donnelly is president and chief executive
of the Houston Hispanic Chamber of
Commerce, while Goldman retired as senior
vice president, finance, and chief financial
officer of Conoco.
In addition, James W. Whalen, senior
vice president and CFO, was appointed vice
chairman.
Patterson-UTI Energy Inc., Snyder,
Texas, (Nasdaq: PTEN) reports that John E.
Vollmer, senior vice president, corporate
development, has also been named chief
financial officer. Vollmer replaces Jonathan
D. (Jody) Nelson, who has resigned for personal
reasons.
Precision Drilling Corp., Calgary, (Toronto:
PDS) has appointed Gene Stahl chief
operating officer and president; Doug Strong
chief financial officer; and Darren Ruhr vice
president, corporate services and corporate
secretary.
Stahl was vice president, rentals, for Precision;
Strong was group controller for Precision’s
Canadian drilling business; and
Ruhr was director, information technology,
real estate and travel.
Premium Drilling, Houston, has appointed
Michael F. Pope vice president, marketing
and contracts, and Anirudha “Sunil” Pangarkar
vice president, operations.
Pope was manager of marketing and contracts
for Noble Drilling, while Pangarkar
was general manager of Schlumberger
Drilling Services.
Producers Oilfield Services Inc., Calgary,
(Toronto: POS) reports that Robert J. Baldwin,
chief financial officer and vice president,
finance, will retire at year-end.
Bob German has been named chief financial
officer. German was vice president,
finance, and chief accounting officer of Precision
Drilling Corp.
Carson Urlacher has been named chief
accounting officer. Carson was director of
accounting for Producers.
Veritas DGC Inc., Houston, (NYSE,
Toronto: VTS) has appointed Vincent M.
Thielen vice president, business development,
and Dennis S. Baldwin as vice president,
corporate controller.
Thielen was vice president, corporate
controller, while Baldwin was chief financial
officer for Veritas’ North
America/South America region.
S&S—Other
Hercules Offshore Inc., Houston, (Nasdaq:
HERO) debuted on the Nasdaq National
Market through an IPO of 9.2 million shares
at $20 each. The original price range for the
shares was $18 to $20.
Credit Suisse First Boston LLC and
Citigroup Global Markets Inc. were joint
bookrunning managers. Simmons & Co.
Int., Deutsche Bank Securities Inc. and
Howard Weil Inc. were co-managers.
Hercules offered 6.3 million shares; the
remaining shares were offered by selling
stockholders. Hercules expects to receive
proceeds of $115.1 million after expenses,
which will be used to pay debt and for other
general corporate purposes.
Net proceeds will be used to pay approximately
$45 million of debt under the company’s
new $140-million, senior-secured
term, cover the purchase price of $44 million
A&D Watch • December 2005 • 35

S&S A&D News
for eight liftboats from Danos & Curole, and
for corporate purposes (which may include
the refurbishment of Rig 16 and Rig 31 and
the acquisition of additional rigs and liftboats).
Hercules provides shallow-water drilling
and liftboat services in the Gulf of Mexico.
It owns eight jackup rigs that can drill in 85
to 250 feet of water and 39 liftboats with leg
lengths ranging from 105 to 260 feet. In the
Gulf, it has the fourth-largest fleet of jackup
rigs operating in water depths of 250 feet or
less and the largest fleet of liftboats with leg
lengths greater than 100 feet.
Union Drilling Inc., Bridgeville, Pa., has
filed for an IPO of 9.4 million shares at an
initial price range of $15 to $17 each. The
proposed symbol on the Nasdaq National
Market is UDRL.
JPMorgan and Jefferies & Co. Inc. are
underwriters. Bear, Stearns & Co. Inc. is
sole book-running manager and RBC Capital
Markets is joint-lead manager.
Net proceeds are expected to be approximately
$71.2 million, assuming a price of
$16 per share plus the overallotment, if exercised.
About $50.8 million will pay debt under
its revolving credit facility (which was
incurred to acquire Thornton Drilling Co.,
eight rigs from SPA Drilling LP and other
additional drilling rigs); $500,000 will pay
the balance owed on drilling rigs; $5.7 million
will upgrade its rig fleet and purchase
related equipment; and the balance is to be
used for working capital and general corporate
purposes.
Formed in 1997, Union provides contract
land-drilling services and equipment to natural
gas producers in the U.S. It has 69 landdrilling
rigs, which it expects to increase by
two during the fourth quarter. Union’s operations
are focused in the Appalachian, Arkoma,
Fort Worth, Piceance and Uinta basins.
Englewood, Colorado-based IHS Inc. has
filed for an IPO of 14.5 million shares at a
price range of $14.50 to $16.50 each for proceeds
of about $275.4 million. The proposed
symbol on the New York Stock Exchange is
IHS.
Citigroup Global Markets Inc. and
Goldman, Sachs and Co. are lead underwriters.
KeyBanc Capital Markets, Morgan
Stanley and Co. Inc., Piper Jaffray &
Co. and UBS Investment Bank are also
underwriters.
IHS Inc.’s energy segment provides oil
and gas industry data on exploration, development,
production and transportation.
Schlumberger Ltd. (NYSE:SLB) reports
that its U.S. corporate office will be relocated
from New York to Houston in the second
half of 2006. It will continue to maintain
corporate offices in Paris, France, and The
Hague, The Netherlands.
Chairman and chief executive Andrew
Gould says, “Our focus on growth in oilfield
services will be enhanced by a closer proximity
of our corporate office to key engineering
and operational facilities. Houston is
a vibrant energy capital that is vital to the oil
and gas industry. We look forward to consolidating
our presence in the community
that was instrumental in our development.”
—Taryn Maxwell
36 • A&D Watch • December 2005

Financial
News
—Equity
—Debt
—Buybacks
EQUITY
Company/Market:
Ticker/Headquarters
Chesapeake Energy Corp./NYSE:
CHK/Oklahoma City
Amount
US$500 million
Comments
Plans to privately place cumulative convertible preferred stock with a liquidation preference of
US$100 per share to partially fund the acquisition of Columbia Natural Resources LLC for
US$2.2 billion in cash.
IHS Inc./NYSE: IHS/Englewood, Colo. US$275.4 million Filed for an initial public offering of 14.5 million shares at US$14.50 to $16.50 each. Agents
are Citigroup Global Markets Inc., Goldman, Sachs & Co., KeyBanc Capital Markets,
Morgan Stanley & Co. Inc., Piper Jaffray & Co. and UBS Investment Bank.
Quest Resource Corp./OTCBB:
QRES/Oklahoma City
Stroud Energy Inc./Nasdaq: STRO/Fort
Worth, Texas
Hercules Offshore/Nasdaq:
HERO/Houston
Brigham Exploration Co./Nasdaq:
BEXP/Austin, Texas
Bronco Drilling Co. Inc./Nasdaq:
BRNC/Oklahoma City
RedStar Oil & Gas Inc./Toronto Venture:
RED/Calgary
US$184.5 million
US$173 million
Sold 15.3 million common shares to refinance debt under Quest Cherokee’s credit agreement,
pay promissory notes owed by Quest Cherokee to Cherokee Energy Partners LLC and to
purchase all units in Quest Cherokee owned by Cherokee Energy Partners. Quest Cherokee is
now a wholly owned subsidiary of the company.
Filed for a self-underwritten, initial public offering of 10.8 million shares at US$16 each.
US$115.1 million Priced its initial public offering of 9.2 million common shares at US$20 each to pay debt and
for general corporate purposes. Agents are Credit Suisse First Boston LLC, Citigroup Global
Markets Inc., Simmons & Co. International, Deutsche Bank Securities Inc. and Howard
Weil Inc.
US$111.9 million Plans to sell 8.5 million common shares. Agents are Raymond James, RBC Capital Markets
Corp., Friedman, Billings, Ramsey & Co., Johnson Rice & Co. and Dahlman Rose & Co.
US$92.6 million Privately placed 4.02 million common shares at US$23 each to pay debt and refurbish rigs, and
for general corporate purposes. Agents were Johnson Rice & Co. LLC, Jefferies & Co. Inc.,
Friedman Billings Ramsey and Raymond James.
C$40 million Plans to issue 4.4 million special warrants at C$2.70 each and 8.5 million flow-through special
warrants at C$3.30 each to expand 2005-06 capital spending and for general corporate purposes.
Agents are GMP Securities Ltd., Blackmont Capital Inc., Canaccord Capital Corp., Orion
Securities Inc., Raymond James Ltd., Acumen Capital Finance Partners Ltd. and
Jennings Capital Inc.
Medora Resources Inc./NA/Calgary C$33 million Closed a private placement to fund exploration, development and acquisition activities in southern
Saskatchewan. Resource Capital Partners Inc. was advisor while Camcor Capital Inc., JOG
Capital Inc. and Kern Energy Partners I Fund were joint leads.
Eurogas Corp./Toronto Venture:
EUG/Calgary
C$32.1 million
Privately placed 24.3 million common shares to fund construction and installation of production
facilities, recompletion costs, oil development offshore Tunisia, C$5 million in debt reduction
and general corporate purposes.
Angle Energy Inc./NA/Calgary C$29 million Privately placed 7.83 million common shares at C$3 each and 1.53 million flow-through shares
at C$3.60 each to fund exploration and development in its core areas. Canaccord Capital
Corp. and Acumen Capital Finance Partners Ltd. were agents.
Ivanhoe Energy Inc./Nasdaq: IVAN;
Toronto: IE/Vancouver
Petrolifera Petroleum Ltd./Toronto:
PDP/Calgary
Storm Cat Energy Corp./Amex: SCU;
Toronto: SME/Calgary
US$18.25 million
C$21.3 million
US$10.9 million
Privately placed 11.2 million special warrants with four investors at US$1.63 each to acquire
half of a joint-venture company.
Closed its initial public offering of 12.2 million units at C$1.75 each. Agents were Jennings
Capital Inc., GMP Securities Ltd., Octagon Capital Corp., Dominick & Dominick
Securities Inc., Haywood Securities Inc., Bolder Investment Partners Ltd. and Salman
Partners Inc.
Privately placed 5.1 million common shares at US$2.15 each to fund exploration and drilling on
Powder River Basin properties and its shallow-gas project in Saskatchewan.
Jade Energy Services Inc./NA/Calgary C$12.2 million Closed a private-equity financing to fund the expansion of Canyon Technical Service’s fleet of
nitrogen fracing equipment, and to design, build and implement other specialized stimulation
equipment.
Sonoran Energy Inc./OTCBB:
SNRN/Phoenix
Arapahoe Energy Corp./Toronto Venture:
AAO/Calgary
PanTerra Resource Corp./Toronto Venture:
PAN/Calgary
US$8.5 million Closed a private-equity placement to fund development of oil and gas projects in Louisiana and
Texas, and prospects in the Middle East.
C$4.9 million
Privately placed 3.6 million common shares at C$0.65 each and 3.4 million flow-through shares
at C$0.75 each to fund 2005-06 exploration and development, and general working capital.
Dominick & Dominick Securities Inc. was agent.
C$4 million Plans to issue up to 12 million flow-through shares at C$0.25 each and up to 4.5 million common
shares at C$0.22 each to fund exploration at Shell Lake, Foam Lake and Moose Jaw,
Saskatchewan, and working capital. Wolverton Securities Ltd. is agent.
A&D Watch • December 2005 • 37

Financial News
EQUITY
Kootenay Energy Inc./Toronto Venture:
KNY/Calgary
C$3.7 million
Plans to privately place up to 4.6 million common shares at C$0.80 each to fund drilling and
acquisitions in Saskatchewan.
Zion Oil & Gas Inc./NA/Calgary C$3.2 million Sold 646,000 common shares.
Deep Resources Ltd./Toronto Venture:
DEP/Calgary
C$3 million Plans to issue 3 million flow-through common shares at C$1 each to fund exploration. Jennings
Capital Inc. is agent.
Exile Resources Inc./Toronto Venture:
ERI/Toronto
C$2 million Closed its initial public offering of 10 million shares at C$0.20 each to fund exploration and
development, acquisitions in Africa and general working capital.
Raptor Capital Corp./Toronto Venture:
RCP/Calgary
Nordic Oil and Gas Ltd./Toronto Venture:
NOG/Winnipeg
C$1.5 million Plans to privately place up to 13.9 million flow-through shares at C$0.07 each and up to 10.5
million common shares at C$0.05 each to fund drilling in northeast Alberta, secure a drilling
license at Whiskey Creek, Alberta, and working capital.
C$1 million Plans to offer up to 2.5 million units at C$0.40 each. Union Securities Ltd. is agent.
Exile Resources Inc./NA/Calgary C$817,793 Issued 2.7 million flow-through common shares at C$0.30 each to fund exploration and drilling.
Secutor Capital Management Corp. was agent.
Goldnev Resources Inc./Toronto Venture:
GNZ/Calgary
Mystique Energy Inc./Toronto Venture:
MYS/Calgary
DEBT
Chesapeake Energy Corp./NYSE:
CHK/Oklahoma City
Chesapeake Energy Corp./NYSE:
CHK/Oklahoma City
Compton Petroleum Corp./Toronto:
CMT/Calgary
Maverick Tube Corp./NYSE: MVK/St.
Louis
Encore Acquisition Co./NYSE: EAC/Fort
Worth, Texas
Tesco Corp./Nasdaq: TESOF; Toronto:
TEO/Calgary
Petrol Oil and Gas Inc./OTCBB: POIG/Las
Vegas
BUYBACKS
C$500,000
C$333,850
US$600 million
US$400 million
US$300 million
US$220 million
US$150 million
US$100 million
US$50 million
Plans to privately place 10 million units at C$0.05 each to fund reorganization into a junior producer.
Privately placed 207,000 shares at C$0.55 each and 400,000 options at C$0.55 each.
Plans to privately place senior unsecured contingent convertible notes due 2035 to partially fund
the acquisition of Columbia Natural Resources LLC for US$2.2 billion in cash.
Plans to privately place senior notes due 2020 to partially fund the acquisition of Columbia
Natural Resources LLC for US$2.2 billion in cash.
Priced an offering of 7.63% senior notes due 2013 to pay other debt.
Sold 1.9% convertible senior subordinated notes due 2025 to repurchase shares and enter convertible
note hedge and warrant transactions.
Sold senior subordinated notes due 2017 to pay revolving credit-facility debt. Citigroup Global
Markets Inc. is agent.
Entered a new credit facility with JP Morgan Chase to fund acquisitions and working capital.
Entered an agreement with Laurus Master Fund to provide debt financing to fund drilling.
ConocoPhillips/NYSE: COP/Houston US$1 billion To buy back stock during the next two years.
Burlington Resources Inc./NYSE: US$1 billion
Restored its share-repurchase authorization at US$1 billion.
BR/Houston
NQL Energy Services Inc./Toronto:
NQL/Nisku, Alberta
C$11.4 million Plans to buy back up to 2.2 million Class A common shares.
38 • A&D Watch • December 2005

Insider Trading
—Who
—What
—How Much
Ticker Company Date Seller Affiliation # Shares Avg. Est./
to be Sold Share Total
Value
AHC Amerada Hess 10-7 Howard Paver, New York SVP 2,050 $133.33 $273,327
AHC Amerada Hess 11-9 Barclay Collins, New York EVP 1,000 $129.00 $129,000
APA Apache Corp. 10-31 Anthony Lannie, Houston SVP 573 $62.67 $35,910
APA Apache Corp. 10-31 Jon Sauer, Houston VP 982 $62.67 $61,542
APA Apache Corp. 10-31 Floyd Price, Houston EVP 1,824 $62.67 $114,310
APA Apache Corp. 10-31 Roger Plank, Houston CFO 2,351 $62.67 $147,337
APA Apache Corp. 10-31 Cheri Peper, Houston Ofcr 532 $62.67 $33,340
APA Apache Corp. 10-31 Kregg Olson, Houston VP 1,123 $62.67 $70,378
APA Apache Corp. 10-31 Thomas Mitchell, Houston VP 942 $62.67 $59,035
APA Apache Corp. 10-31 Janine McArdle, Houston VP 606 $62.67 $37,978
APA Apache Corp. 10-31 Anthony Lentini, Houston VP 876 $62.67 $54,899
APA Apache Corp. 10-31 John Crum, Houston EVP 1,400 $62.67 $87,738
APA Apache Corp. 10-31 John Christmann, Houston VP 790 $62.67 $49,509
APA Apache Corp. 10-31 Michael Bahorich, Houston EVP 1,688 $62.67 $105,787
APA Apache Corp. 10-31 Jeffery Bender, Houston VP 1,579 $62.67 $98,956
APA Apache Corp. 10-31 Michael Benson, Houston VP 825 $62.67 $51,703
APA Apache Corp. 10-31 Thomas Chambers, Houston VP 841 $62.67 $52,705
APA Apache Corp. 10-31 Robert Dye, Houston VP 1,298 $62.67 $81,346
APA Apache Corp. 10-31 Rodney Eichler, Houston EVP 1,509 $62.67 $94,569
APA Apache Corp. 10-31 Steven Farris, Houston CEO 4,561 $62.67 $285,838
ATPG ATP Oil & Gas 10-11 Gerard Swonke, Houston Dir 3,000 $29.94 $89,820
BHI Baker Hughes 11-7 Stephen Finley, Houston CFO 52,665 $55.99 $2.9MM
BRY Berry Petroleum 10-3 Ralph Goehring, Bakersfield, Calif. CFO 2,000 $66.74 $133,480
BEXP Brigham Expl. 10-3 Lance Langford, Austin, Texas EVP 10,000 $13.00 $130,000
BEXP Brigham Expl. 11-1 Lance Langford, Austin, Texas EVP 35,000 $14.22 $497,700
BEXP Brigham Expl. 10-31 David Brigham, Austin, Texas EVP 10,000 $12.68 $126,800
CVX Chevron Corp. 11-7 Peter Robertson, San Ramon, Calif. VP 17,800 $58.79 $1MM
COP ConocoPhillips 10-11 John Lowe, Houston EVP 40,000 $62.62 $2.5MM
COP ConocoPhillips 11-1 John Carrig, Houston VP 1,619 $61.74 $99,957
COP ConocoPhillips 11-8 Philip Frederickson, Houston EVP 16,864 $67.12 $1.1MM
CAM Cooper Cameron 10-3 Jane Schmitt, Houston VP 9,302 $73.93 $687,697
CAM Cooper Cameron 11-8 Baker Cunningham, St. Louis Dir 20,580 $74.98 $1.5MM
CAM Cooper Cameron 11-4 William Lemmer, Houston VP 29,700 $75.00 $2.2MM
CAM Cooper Cameron 11-4 Sheldon Erikson, Houston CEO 70,000 $73.95 $5.2MM
CAM Cooper Cameron 11-4 Jack Moore, Houston VP 12,000 $76.00 $912,000
CAM Cooper Cameron 11-4 Franklin Myers, Houston SVP 22,835 $76.09 $1.7MM
DPTR Delta Petroleum 10-12 Roger Parker, Denver CEO 47,109 $19.04 $896,955
DNR Denbury Resources 9-29 Harold Dubuisson, Plano, Texas VP 1,000 $49.09 $49,090
DVN Devon Energy 10-3 Darryl Smette, Oklahoma City SVP 6,000 $68.75 $412,500
DVN Devon Energy 10-12 Duke Ligon, Oklahoma City SVP 50,000 $64.67 $3.2MM
DO Diamond Offshore 10-4 Charles Fabrikant, New York Dir 230,200 $61.52 $14.2MM
DO Diamond Offshore 9-29 Alan Batkin, Houston Dir 500 $61.46 $30,730
EPEX Edge Petroleum Co. 10-4 Michael Long, Houston CFO 12,000 $26.70 $320,400
FPP FieldPoint Pete 10-5 Mel Slater, Scottsdale, Ariz. Dir 7,495 $9.73 $72,926
FPP FieldPoint Pete 10-7 Ray Reaves, Austin, Texas CEO 79,000 $8.43 $665,970
FXEN FX Energy 11-2 Andrew Pierce, Salt Lake City COO 25,311 $10.41 $263,488
HAL Halliburton 9-30 David Lesar, Houston CEO 63,334 $69.36 $4.4MM
HAL Halliburton 10-7 David Lesar, Houston CEO 28,000 $60.00 $1.7MM
HAL Halliburton 10-24 Mark McCollum, Houston SVP 500 $66.10 $33,050
A&D Watch • December 2005 • 39

Insider Trading
Ticker Company Date Seller Affiliation # Shares Avg. Est./
to be Sold Share Total
Value
HAL Halliburton 10-21 Weldon Mire, Houston VP 125 $66.10 $8,263
HAL Halliburton 10-21 Andrew Lane, Houston COO 182 $68.52 $12,471
HAL Halliburton 10-21 David Lesar, Houston CEO 8,154 $68.52 $558,712
HAL Halliburton 10-21 Albert Cornelison, Houston EVP 276 $68.52 $18,912
HAL Halliburton 10-27 David Lesar, Houston CEO 10,000 $58.79 $587,900
HAL Halliburton 11-7 David Lesar, Houston CEO 28,000 $63.57 $1.8MM
HYDL Hydril Co. 9-29 Neil Russell, Houston SVP 5,000 $65.48 $327,400
HYDL Hydril Co. 11-3 Chris North, Houston CFO 1,200 $67.85 $81,420
IFNY Infinity Energy Res. 10-26 Stanton Ross, Chanute, Kan. Chr 10,000 $6.91 $69,100
KMG Kerr-McGee 11-3 John Reichenberger, Oklahoma City VP 16,516 $86.01 $1.4MM
MRO Marathon Oil 11-3 Steven Hinchman, Houston SVP 6,500 $61.07 $396,955
MUR Murphy Oil 11-4 Michael Hulse, El Dorado EVP 15,000 $48.78 $731,700
NE Noble Corp. 10-26 James Day, Sugar Land, Texas CEO 6,632 $64.71 $429,157
NE Noble Corp. 10-26 Julie Robertson, Sugar Land, Texas SVP 1,458 $64.71 $94,347
NE Noble Corp. 10-26 Mark Jackson, Sugar Land, Texas SVP 1,094 $64.71 $70,793
NE Noble Corp. 10-26 Danny Adkins, Sugar Land, Texas SVP 1,658 $64.71 $107,289
NE Noble Corp. 10-27 Danny Adkins, Sugar Land, Texas SVP 2,073 $66.31 $137,461
NE Noble Corp. 10-27 James Day, Sugar Land, Texas CEO 7,047 $66.31 $467,287
NE Noble Corp. 10-27 Julie Robertson, Sugar Land, Texas SVP 1,823 $66.31 $120,883
PDE Pride Int'l. 10-3 Bruce Kain, Houston VP 34,450 $28.68 $988,026
QRCP Quest Resource 10-4 Marsha Lamb, Benedict, Kan. Invstr 2.2MM $3.00 $6.5MM
QRCP Quest Resource 10-4 Doug Lamb, Benedict, Kan. COO 2.2MM $3.00 $6.5MM
QRCP Quest Resource 10-11 Jerry Cash, Oklahoma City CEO 1.1MM $3.00 $3.5MM
RRC Range Resources 10-5 Anthony Dub, Forth Worth, Texas Dir 10,000 $39.69 $396,900
REM Remington OG 10-5 Thomas Rollins, Dallas Dir 450 $41.45 $18,653
REM Remington OG 10-4 J.R. Simplot, Boise, Idaho Invstr 2,000 $40.30 $80,600
REM Remington OG 10-11 J.R. Simplot, Boise, Idaho Invstr 1,000 $39.57 $39,570
REM Remington OG 10-26 J.R. Simplot, Boise, Idaho Invstr 1,000 $36.89 $36,890
REM Remington OG 11-2 J.R. Simplot, Boise, Idaho Invstr 500 $35.30 $17,650
REM Remington OG 11-4 Thomas Rollins, Dallas Dir 450 $35.00 $15,750
SM St. Mary L&E 10-26 John Seidl, Denver Dir 25,048 $32.43 $812,307
SGY Stone Energy 10-5 Jerome Wenzel, Lafayette, La. VP 707 $61.11 $43,205
SGY Stone Energy 10-3 Robert Bernhard, New York Dir 1,500 $61.20 $91,800
SGY Stone Energy 11-1 Robert Bernhard, New York Dir 1,500 $45.39 $68,085
TEC Teton Energy 10-20 Howard Cooper, Stmbt Springs, CO Invstr 38,100 $6.21 $236,601
RIG Transocean 10-11 Jean Cahuzac, Houston EVP 8,334 $56.85 $473,788
UPL Ultra Petroleum 9-30 James Nielson, Houston Dir 22,000 $41.73 $918,060
UPL Ultra Petroleum 11-4 George Patterson, Houston VP 35,000 $55.35 $1.9MM
WGR Western Gas Res. 11-7 Peter Dea, Denver CEO 30,000 $47.00 $1.4MM
XTO XTO Energy 9-30 Phillip Kevil, Fort Worth, Texas Dir 3,300 $45.50 $150,150
Information is based on forms filed with the SEC as reported by Edgar Online (edgar-online.com).
For information on Edgar Online products and services, contact Jay Sears at
203-852-5666 or sears@edgar-online.com.
40 • A&D Watch • December 2005

Exploration News
—Eastern U.S.
—Gulf States
—Midcontinent
—Western U.S.
—International
Eastern U.S.
Denbury Onshore LLC, Plano, Texas,
marked a discovery at its #1 Richards “35-2”
wildcat on the northern flank of the Black
Warrior Basin in Lamar County, Ala. The
well, in Section 35-16s-14w near Kennedy
Field, tested flowing 925,000 cu. ft. of gas a
day from fracture-treated Lewis perforations
between 3,866-86 ft. in the 4,100-ft. well.
The company asked the Alabama State Oil
& Gas Board for a field designation for
Kennedy Northeast Field for four sections
around the discovery, 25, 26, 35 and 36.
Kennedy Field also produces from Lewis.
The closest well in that field is more than
three miles south-southwest of the Denbury
well. That well, the #1 Carolyn Davis “15-
3,” was completed a year ago for 135,000 cu.
ft. of gas a day. It produced 6.84 million cu.
ft. of gas and 664 bbl. of water in its first two
months online.
Two independents, Golden Petroleum
Corp. and Black River Oil Corp., both of
Traverse City, Mich. have teamed to drill a
horizontal Niagaran wildcat in Section 12-
24n-14w, Springdale Township in northeastern
Manistee County, Mich. The #1-12HD1
State-Springdale & K&B is a mile northwest
of Copemish and more than two miles southwest
of an abandoned Niagaran producer in
Colfax 31-25n-13w Field in neighboring
Colfax County. There, the #2-31 State-Colfax
produced a cumulative 149,094 bbl. of
oil from Brow Niagaran between April 1987
and April 2002 from perforations between
5,037-43 ft., according to IHS Energy.
Muskegon Development Co., Mount Pleasant,
Mich., took out a drilling permit to drill
to Devonian Dundee at 4,000 ft. about 4.5
miles northeast of Mecosta in Mecosta
County, Mich. The #1-34 Perry is in Section
34-15n-7w, Sheridan Township. The well is
approximately 1.25 miles southwest of the
discovery well for Sheridan Section 26
Field. That discovery, the #1 Theodore R.,
May et al. in Section 26, pumped 15 bbl. of
oil and 40 bbl. of water a day from Devonian
Traverse between 3,369-79 ft. It produced
less than 200 bbl. of oil before the operator
plugged it a year after it came onstream,
according to IHS Energy. The nearest production
from Dundee is three miles southwest
in Wheatland Field, which produced
141,700 bbl. of oil from Dundee around
3,700 ft. between 1945 and 1960.
RK Petroleum Corp., Midland, plans to
look at Silurian oil potential to 3,900 ft. with
its #1 Decker Comm wildcat in Section 3-
7n-5e in Effingham County, Ill. The well is
about four miles west of the Effingham city
limits and more than two miles northeast of
Keptown field, which produces from Geneva
dolomite. The discovery well in that field,
the #1-7 Smith Trust, tested at 40 bbl. of oil
and 40 bbl. of water a day from perforations
between 3,731-33 ft. and produced 52,000
bbl. of oil through July 2004. Last January,
RK staked another 3,900-ft. Silurian test
0.75-mile southwest for the #1 Barclay-
Davis Comm, about 1.5 miles northeast of
Keptown Field.
Nashville, Ill., independent Oelze Equipment
Co. LLC has two wildcats in planning
in western Washington County, Ill., on the
southwestern flank of the Illinois Basin. The
company will drill the #1 Ven-Oka Farms in
Section 3-2s-5w about four miles south of
the town of Venedy. That well will test Silurian
to 2,600 ft. The sister well, the #1
Raphael Lintker Trust, is about four miles
south-southwest in Section 29 of the same
township. The Lintker well will go to 3,400
ft. to look at formations through Trenton.
The only production in the township is
from Stone Church Field more than three
miles southeast of the Ven-Oka well and 3.5
miles east-northeast of the Lintker well. That
field has produced 158,000 bbl. of oil since
2001 from six Siluro-Devonian wells.
Pioneer Oil Co., Lawrenceville, Ill., wants
to examine oil-production potential in
Devonian sediments at its 2,000-ft. #1
Peabody Coal wildcat in Section 35-14n-
10w in southern Vermillion County, Ind.
The well is about two miles west of the town
of Universal. The site is more than four
miles northwest of an unnamed 465-ft.
Pennsylvanian coalbed-methane discovery
completed 15 years ago. The closest Devonian
oil production is more than 11 miles
northeast in Montezuma Field.
A nonproducing, lightly drilled township in
western Warrick County, Ind., will see
action as Mount Carmel, Ill.-based Dee
Drilling Co. plans three wildcats to evaluate
Salem at 2,300 ft. The company’s #1 Lake
Group in Section 21-5s-9w is about five
miles east-northeast of Evansville and 4.5
miles west-northwest of the closest producing
well in Chandler Field, which produces
from multiple zones. That field has produced
38,000 bbl. of oil from 11 wells in 21 years.
To date, 10 dry holes have been drilled in the
township. The company’s #1 Newmaster,
also targeting Salem lime at the same depth,
is in Section 27 and the 2 Lake Group,
scheduled to the same target, is in Section
32, according to IHS Energy.
Bakerwell Inc., Westerville, Ohio, staked a
3,900-ft. wildcat to Clinton Sand in search of
oil and gas at its #1 Forrest Unit in Lot 7,
Section 9, Russell Township, Russell Quad,
in Geauga County, Ohio. The venture is 5.5
miles north of East Bainbridge Field, which
produces from Clinton, and two miles north
of the town of Chagrin Falls, Ohio, says IHS
Energy.
The #1 Richard Shively wildcat will look at
Trempealeau in Lot 36, Kingston Township,
Kilbourne Quad in Delaware County, Ohio.
Operator MFC Drilling, Coshocton, Ohio,
will drill to 3,200 ft. in a search for oil and
gas at the well. The wildcat is 2.5 miles
southwest of an unnamed field that produces
A&D Watch • December 2005 • 41

Exploration News
from the Black River Group and six miles
east of the town of Delaware, Ohio.
Gulf States
A discovery rewarded drilling efforts by
Barrow-Shaver Resources Co., Tyler,
Texas, as it completed the #1 Shiels Unit in
Eliza R. Caraway Survey, A-214, in Smith
County, Texas, (RRC 6) for 124 bbl. of oil,
158,000 cu. ft. of gas and 1,266 bbl. of water
a day. The well, 0.33-mile south of the
Wood County boundary line and two miles
south-southwest of the Hawkins city limits,
produced from Lower Cretaceous perforations
between 9,639-52 ft. through a 20/64-
in. choke with 95 psi of flowing tubing pressure,
IHS Energy says. The nearest well to a
similar depth was a 1950 well in Red
Springs Field. The #1 H.S. Chambers tested
at 1.06 million cu. ft. of gas a day from an
unreported formation.
Corpus Christi, Texas, independent Geodominion
Petroleum scheduled a wildcat to
5,000 ft. in northwestern Limestone County,
Texas, (RRC 5) about three miles east of
Prairie. The #1 Findley is in Section 16,
H&TC RR Co. Survey, A-655. The wildcat
is nearly seven miles west of two wells in
Christman Creek field, which produces from
Woodbine perforations shallower than 3,225
ft., according to IHS Energy.
Burlington Oil & Gas Co. LP, Houston,
received a permit for the #1 N.R. Lutz wildcat
in southwestern Robertson County,
Texas (RRC 5). The well is more than two
miles west of Hearne and about the same
distance from the Milam County border in
George Antonio Nixon Survey, A-31.
Burlington will drill the well to 14,500 ft.
The nearest production lies more than
three miles south-southwest at the #3
Cotopia-Ferrara Unit well, which produces
from the Austin Chalk through dual laterals
in Giddings Field. Another 4.5 miles southeast,
the #1R Mary Muse showed an initial
potential of 350,000 cu. ft. of gas a day from
Cotton Valley perforations between 12,228
and 12,766 ft. The well produced a cumulative
24.61 million cu. ft. of gas and 71,412
bbl. of water between February 2001 and
April 2005 as part of the two-well Mumford
North Field.
Duncan Oil Inc., Denver, completed two
directional wildcats as Miocene discoveries
in Jefferson County, Texas (RRC 3). The
wells are a couple miles west of the
Louisiana border and immediately outside
the Port Arthur city limits. Duncan’s #1
South Texas Land LP et al., in John
McGaffey Survey, A-167, tested at 1.51 million
cu. ft. of gas a day. The company tested
perforations between 9,571-79 ft. on a
12/64-in. choke with 1,715 psi of flowing
tubing pressure. Less than two miles northwest,
the company’s #1 Iles et al. tested at
713,000 cu. ft. of gas and two bbl. of condensate
through a 9/64-in. choke with 2,532
psi of flowing tubing pressure from perforations
between 8,724-32 ft.
A wildcat in southwestern Matagorda County,
Texas, (RRC 3) flowed 4.6 million cu. ft.
of gas, seven bbl. of condensate and 117 bbl.
of water a day for El Paso Production Oil
& Gas Co., Houston. The #1 Mad Island
Unit “1” produced through a 9/64-in. choke
with 7,992 psi of flowing tubing pressure
from Textularia mississippiensis perforations
between 17,619 ft. and 20,428 ft. in
Joseph Bishop Survey, A-115. The company
also took out a permit for the #2 Mad
Island but has not yet drilled that well,
according to IHS Energy observations. The
nearest production below 15,000 ft. is 5.5
miles south-southwest in Matagorda Bay,
where the #1 East Matagorda Bay Unit
flowed 487.71 million cu. ft. of gas, 1,629
bbl. of condensate and 18,497 bbl. of water
in one year online.
A discovery tested at 2.92 million cu. ft. of
gas a day as Erskine Energy LLC, Houston,
reestablished production in the singlewell
Ruidoso Field in northern Goliad
County, Texas, (RRC 2) about 10 miles
northwest of Goliad. The #1 Simmons Unit
in Jose Maria Mancha Survey, A-203, also
produced 23 bbl. of condensate and 78 bbl.
of water a day through an 18/64-in. choke
with 2,038 psi of flowing casing pressure
from Wilcox perforations between 12,768 ft.
and 12,884 ft. The discovery is nearly two
miles east-northeast of the only previous
well in Ruidoso Field. That well, the #1
Parkhill-Bednorz Unit in the same survey,
produced 73.14 million cu. ft. of gas and 784
bbl. of water from Wilcox between 1994 and
1997. Erskine has scheduled several more
wells below 15,000 ft. in the area in its Lions
Field drilling program.
Manti Operating Co., Corpus Christi,
Texas, pulled in a discovery in northern
McMullen County, Texas, (RRC 1) for 156
bbl. of oil and 33,000 cu. ft. of gas a day
from Wilcox perforations between 5,385-94
ft., says IHS Energy. The #1 Kassner is
about 1.5 miles south of the Atascosa County
line in Section 959, George Elliott Survey,
A-181. It ran tests through a 14/64-in.
choke with 213 psi of flowing tubing pressure.
A half-mile north, production comes
from Wilcox at the #4-A Victor Houston.
That 1973 well tested for 65 bbl. of oil and
34,000 cu. ft. of gas a day.
A Frio discovery added 101 bbl. of oil and
315,000 cu. ft. of gas with 285 bbl. of water
a day to the production inventory of Continental
Trend Resources Inc., Enid, Okla.
The company drilled the #1 Jalufka in
BS&F Survey, A-960, in central Nueces
County, Texas, (RRC 4) about two miles
west of Corpus Christi. It tested the well on
a 48/64-in. choke with 160 psi of flowing
tubing pressure from perforations between
8,504-74 ft. The closest Frio production is
1.5 miles east, where the #7 Cody tested at a
rate of 1.16 million cu. ft. of gas and 12 bbl.
of condensate a day.
EOG Resources Inc., Houston, claimed an
apparent discovery flowing 1.39 million cu.
ft. of gas, 15 bbl. of condensate and eight
bbl. of water a day from Middle Frio at its #1
Progresso Deep Gas Unit. The southeastern
Hidalgo County, Texas, (RRC 4) well, some
three miles north of the border with Mexico,
is in Juan Jose Balli Survey, A-54. EOG
tested the 17,000-ft. well through a 12/64-in.
choke with 2,065 psi of flowing tubing pressure
from perforations between 10,716-56 ft.
Nearby Lower Frio production comes from
the two-well Progresso Field 1.5 miles
south-southeast, according to IHS Energy.
Active Gulf of Mexico explorer Walter Oil
& Gas Corp., Houston, completed a discovery
earlier this year and filed an initial development
operations coordination document
to bring the well online. The #1 OCS-G-
21736, renamed the #SS1, was drilled offshore
in Viosca Knoll 986 and flowed gas
from Pliocene perforations between 5,440
42 • A&D Watch • December 2005

Exploration News
and 5,664 ft. in 895 ft. of water. The discovery
is on the same surface location as the
company’s #SS2 OCS-G-14618 well in
Block 986. That well has produced 4.16 billion
cu. ft. of gas and 1,950 bbl. of water
since November 2002 as part of Viosca
Knoll Block 986 Field.
Kerr-McGee Corp., Oklahoma City, submitted
exploration plans for as many as four
wildcats on three blocks in the Garden
Banks area of the Gulf of Mexico. All four
will be drilled from separate locations on
Garden Banks 521. The wells under blocks
521 and 565 will look at the company’s Nassau
prospect, while the Block 566 well is the
Kingston prospect. Water depths in the area
range from 2,543 to 2,681 ft. There is no
nearby production. The nearest well is nine
miles west-southwest at the temporarily
abandoned #1 OCS-G-20794 in Block 562.
The nearest production is more than 10
miles northwest in the Cooper and Llano
fields in Block 388.
Midcontinent
Red Oak Energy Inc., Wichita, Kan.,
received a permit to drill a wildcat seven
miles south and slightly west of Sharon
Springs, Kan., in Wallace County. The #1-
33 Sommerfield, in Section 33-14s-40w on
the Las Animas Arch, is planned to reach a
total depth of 5,250 ft. to target the Morrow
sands. The nearest Morrow producers are in
Okeson Field more than 6.5 miles westsouthwest.
The #1-8 Okeson was shut in
after it initially pumped seven bbl. of 36-
gravity oil daily from the Lower Morrow
between 4,977-86 ft. and produced 146 bbl.
of oil during one month of tests.
Wichita, Kan.-based Abercrombie Energy
LLC is producing oil at a daily average rate
of 259 bbl. from the #1-12 Cox, designated
the Santa Fe Field opener. Located in the
Hugoton Embayment in Section 14-28s-
33w, 11 miles north of Sublette, Kan., in
Haskell County, the 5,635-ft. well is producing
from the Mississippian Chester sand.
According to state figures, the well recovered
8,042 bbl. of oil in May and 5,522 bbl.
the previous month. The multi-pay Santa Fe
Northeast Field is approximately two miles
northwest of Santa Fe Field. It has produced
154,000 bbl. of oil and 638 million cu. ft. of
gas from four wells from reservoirs between
4,200 and 5,250 ft.
The Seeco Inc. unit of Houston-based
Southwestern Energy Co. is forming an
exploratory unit in a nonproducing township
in the Ozark National Forest in eastern Johnson
County, Ark., according to a case on the
Arkansas Oil & Gas Commission docket.
The area, which includes Section 23-11n-
22w and integration of unleased mineral
interests underlying the unit, is 11 miles
northeast of Clarksville, six miles northeast
of Ludwig Field and six miles northwest of
Silex Field, both of which produce from various
Pennsylvanian formations, according to
IHS Energy. Two wells in Silex Field were
recompleted flowing between 102,000 and
257,000 cu. ft. of gas per day from the
Fayetteville Shale.
Hanna Oil & Gas Co., Fort Smith, Ark.,
filed a case with the Arkansas Oil & Gas
Commission for an exploratory unit comprised
of Section 16-6n-16w in southern
Conway County, Ark., and integration of
unleased mineral interests in the unit. The
operator also sought approval to drill a
remote wildcat projected to Penters/Hunton
with a total depth of 10,000 ft. The nearest
producer in the area is more than eight miles
northeast. The #7-6 Epperson, designated
the Cypress Valley Field opener, flowed
198,000 cu. ft. of gas from the Lower Hale
through perforations between 5,279 and
5,300 ft. However, the 5,481-ft. well was
never connected to a pipeline.
Oklahoma City-based Marshall Oil Corp.
completed a wildcat flowing 500,000 cu. ft.
of gas with one bbl. of condensate daily during
initial tests of the Cottage Grove sand
perforated between 5,602-10 ft. The #1-32
Whitlaw is in Section 32-24n-16w, about
five miles south-southwest of Waynoka,
Okla., on the northern shelf of the Anadarko
Basin in Woods County. The 5,800-ft. well
is more than a mile south of the #29-1 Whitlaw
in the Waynoka South/Southwest Field
region. The 4,503-ft. well has produced 448
million cu. ft. of gas from the Tonkawa
between 5,116-21 ft.
Ward Petroleum Corp., Enid, Okla.,
staked a wildcat 5.5 miles west of Weatherford,
Okla., in southern Custer County. The
#1-5 Alfred, in Section 5-12n-15w, is set to
reach a total depth of 12,500 ft., testing
potential pays in four Pennsylvanian sands
between 8,850 and 12,150 ft. About 1.25
miles east of the drill site is a pair of producers
on the eastern edge of Indianapolis Field.
According to IHS Energy, that well recovered
116,000 bbl. of oil with 1.2 billion cu.
ft. of gas from a Skinner reservoir at about
11,800 ft.
Chesapeake Operating Inc., Oklahoma
City, completed a Morrow wildcat more
than 20 miles west-southwest of Eunice,
N.M., in southwestern Lea County. The #1
Gurney “3” State, in Section 3-23s-33e, was
tested flowing 1.98 million cu. ft. of gas, 10
bbl. of condensate and seven bbl. of water
daily through stimulated perforations
between 14,679 and 14,810 ft. Flowing tubing
pressure was gauged at 1,300 psi
through a 16/64-in. choke. Total well depth
is 15,665 ft. A half-mile south is the 15,753-
ft. #1 State “IK” in Brinninstool Field. During
a year online the well has produced
1,602 bbl. of oil, 2.59 million cu. ft. of casinghead
gas and 632 bbl. of water from the
Bone Spring.
Artesia, N.M. independent Yates Petroleum
Corp. completed a wildcat in eastern
Chaves County less than 30 miles west of
the town of Tatum, N.M. The #2 Patsy State
Unit, in Section 11-12s-31e, was tested
flowing 1.99 million cu. ft. of gas and 39 bbl.
of condensate daily in the Atoka through
perforations between 10,722-36 ft. Flowing
tubing pressure was gauged at 2,000 psi on a
19/64-in. choke. Total depth of the well is
11,262 ft. The nearest Morrow production is
less than a mile southeast in Caprock West
Field. During 14 months online, the #1 State
“14” has produced 76.87 million cu. ft. of
gas, 686 bbl. of condensate and 7,910 bbl. of
water.
Holmes Exploration LLC, Tulsa, Okla.,
completed a horizontally drilled wildcat nine
miles northwest of Higgins in the Texas
Panhandle. The #4501H Domino, in Section
450, Block 43, H&TC Survey, A-785, eastern
Lipscomb County (RRC 10), produced
401 bbl. of oil with 504,000 cu. ft. of gas per
day and no water through a fracture-stimulated
lateral in the Cleveland sand perforated
A&D Watch • December 2005 • 43

Exploration News
between 8,950 and 10,170 ft., according to
IHS Energy. Flowing tubing pressure was
gauged at 684 psi on a 20/64-in. choke. The
well was drilled south-southwest to a measured
depth of 10,275 ft. with a bottomhole
location in the same section. The company
reported the well recovered 1,000 bbl. of oil
before its initial test.
The well’s bottomhole location is within
0.75-mile generally north of two vertical
wells on the northern portion of Trosper
Field. The wells produce oil from the
Tonkawa at 7,000 ft. and the Atoka at about
9,400 ft., but numbers were not available at
press time. The other well in the section produced
noncommercial amounts of oil and
gas.
Western U.S.
The FEX LP subsidiary of Talisman Energy
Inc., Calgary, plans as many as eight
exploratory wells in the northwestern part of
the National Petroleum Reserve-Alaska.
The wells will be drilled south of Cape
Simpson and west of the Ikpikpuk River,
according to IHS Energy, and the company
will abandon all of the wells before the end
of the winter drilling season. The well sites
are in Township 15n-11w, Umiat Meridian.
The closest drilling was the #1 Puviaq in
Section 35-16n-10w, but no details were
released on that well. FEX already has landed
supplies and equipment, and when ice
conditions permit, it will build a 31-mile ice
road to the well sites, water sources and
airstrips. The main camp will house up to
120 people.
A preliminary finding of approval paves the
way for Healy, Alaska-based Usibelli Coal
Mine Inc. to explore in the Healy Basin of
Alaska in Denali Borough east of Denali
National Park. Exploration could affect the
communities of Healy, Anderson, Cantwell,
Ferry and McKinley Village, according to
the Alaska Division of Oil and Gas. The 10-
year, $500,000 work commitment covers
only exploration for natural gas in shallow
coalbeds in the area.
EnCana Oil & Gas (USA) Inc., Denver,
armed with a new deeper-capacity drilling
rig, will resume drilling its deep gas well
seven miles east of Mattawa in southwestern
Grant County, Washington. The company’s
#1 Anderville Farms is in Section 6-14n-
25e. The previous rig had set surface casing
to 1,500 ft. The new rig will take the well to
a planned depth of 14,000 ft. The site is
about five miles northwest of Saddle Mountain
National Wildlife Refuge. The only previous
drilling to a similar depth was the #1-
9 BN, about five miles north-northeast.
There, Shell Western drilled to 17,518 ft.
and conducted an extensive drilling program,
measuring gas flows to 3.1 million cu.
ft. a day.
Petrogulf Corp., Denver, plans a couple of
new-field wildcats in California’s San
Joaquin County. Both are in Township 3s-6e
and the company did not disclose target formations
other than to say it was looking for
natural gas. The company’s #1-7 Matsuoka
in Section 7 is 5.7 miles southeast of the
town of Tracy and 1.5 miles southwest of
Vernalis Field, a Panoche producer. The #1-
18 Reinstein is in Section 18. It is 6.6 miles
southeast of Tracy and 1.6 miles west of
Vernalis Field.
Two wildcats in Nevada’s Railroad Valley
were permitted by Makoil Inc., Orange,
Calif. The ventures both are in Township
7n-57e in northeastern Nye County, about
65 miles southwest of Elko. The company’s
#19-43 West Bacon Flat is in Section 19.
That well is projected to 6,200 ft. The #18-
43 West Bacon Flat well is less than a mile
north in Section 18, and it is planned to
6,510 ft. Nevada targets typically are oilbearing
zones and the probable target for
these two wells are Devonian Guilmette.
The #19-43 well is a mile south-southwest
of Bacon Flat Field and more than a
mile west of Grant Canyon Field, according
to IHS Energy. Both fields produce from
Guilmette. The discovery well for Bacon
Flat Field, the #8 Railroad Valley, tested at
270 bbl. of oil and 631 bbl. of water a day
and produced a cumulative 314,640 bbl. of
oil and 3.6 million bbl. of water from 1981
until late 1988.
Enduring Resources LLC, Denver, will
look for Mesaverde gas at a couple of Uinta
Basin wildcats about 2.5 miles southeast of
Bonanza in Uintah County, Utah. It will drill
both wells from the same pad in Section 6-
10s-25e. Enduring will drill the #10-25-11-6
Southam Canyon as a vertical hole, and it
will drill the #9-24-44-36 Southam Canyon
as a directional well to the northwest to a
bottomhole location in Section 36-9s-24e to
a depth of 6,922 ft. The wells are some three
miles southeast of Bonanza Field, where the
#2D-27 Bonanza produced 24.3 million cu.
ft. of gas, 423 bbl. of condensate and 3,712
bbl. of water from Mesaverde during its first
10 months online. It now produces at stripper
rates.
Utah’s Paradox Basin will see action as
EnCana Oil & Gas USA drills its #36-14-
29-24 Middle Mesa-State wildcat to 7,350
ft. about 28 miles southeast of Moab in
northeastern San Juan County, according to
IHS Energy. The operator didn’t disclose the
objective for the well, staked in Section 36-
29s-24e, but probably includes Honaker
Trail and Ismay intervals. A mile westsouthwest
lies the company’s #35-24 Big
Indian discovery well, completed earlier this
year for 2.1 million cu. ft. of gas a day from
Honaker Trail. The well produced 77.7 million
cu. ft. of gas, 139 bbl. of condensate and
230 bbl. of water in its first two months
online.
Klabzuba Oil & Gas Inc., Fort Worth, will
drill for Cambrian at its #31-7-32-22B
Venus wildcat seven miles west of Fort
Belknap in central Blaine County, Mont.
The 6,500-ft. well is just west of the Fort
Belknap Indian Reservation in Section 31-
32n-22e. The company will evaluate the
Upper Cretaceous Judith River, Eagle, Telegraph
Creek, Niobrara, Second White
Specks formations and Jurassic Sawtooth on
the way down the hole. The well will drill
about 10 miles southeast of Chinook Field,
an Eagle gas producer.
A horizontal discovery five miles west of
Sidney in southeastern Richland County,
Mont., flowed 405 bbl. of oil, 203,000 cu. ft.
of gas and 173 bbl. of water a day from
Bakken. Headington Oil LP, Dallas, drilled
the #14X-15 O’Brien in Section 15-22n-58e
and produced from a lateral reaching north
from 10,571 ft. to 19,868 ft. The bottomhole
location is in Section 10. The closest Bakken
production is 2.5 miles north at Headington’s
#42X-4 Atchison. That dual-lateral
Bakken well produced an average 295 bbl.
of oil, 106,400 cu. ft. of gas and 95 bbl. of
44 • A&D Watch • December 2005

Exploration News
water a day during May.
The JMG Exploration Inc. affiliate of JED
Oil Inc., Calgary, brought in a single-lateral
horizontal Bakken discovery but revealed no
test details for its #3-9HD Rindel in eastern
Divide County, N.D. The well is in Section
9-162n-96w, about six miles west-southwest
of Noonan. The company drilled the well
south toward a projected bottomhole location
in Section 16. A dual-lateral horizontal
Bakken discovery 4.5 miles east-southeast,
the #44-7H Miller in Section 7-162n-95w,
showed an initial potential of 140 bbl. of oil,
130,000 cu. ft. of gas and 125 bbl. of water
a day.
International
BP has made its ninth discovery on Angola’s
deepwater Block 31. The Hebe-1 was
drilled in 2,008 meters of water to a depth of
4,823 meters and tested at a maximum rate
of 5,956 barrels of oil per day. The well is 16
kilometers southwest of the Ceres discovery
made earlier this year. BP operates Block 31
and holds a 26.67% interest. Its partners are
ExxonMobil, with 25%; Statoil, 13.33%;
Marathon, 10%; and Total, 5%.
Block 31 encompasses approximately
5,000 square kilometers in the Lower Congo
Basin. Water depths are between 1,500 and
2,500 kilometers. Hebe may now be added
to a project that will produce the Ceres,
Palas, Astraea and Juno finds on the southeast
portion of the block. The partners are
also looking at a project for the northeast
part of the block, encompassing the Plutao,
Saturno, Marte and Venus discoveries.
Angola currently produces about 1.2 million
barrels of oil per day and ranks as the
second-largest oil producer in sub-Saharan
Africa. Since 1996, about 14 billion barrels
of oil have been discovered in offshore
blocks in Miocene and Oligocene turbidite
sediments deposited by the Congo River.
Husky Energy, operator of Exploration
License 397, intends to drill two wells in
2006 on the Central Mackenzie Valley block
in the Northwest Territories, Canada. The
block contains the Summit Creek B-44 discovery,
which was drilled in 2004 to a depth
of 3,063 meters and encountered a 180-
meter hydrocarbon column. This past
spring, the well was tested at a combined
rate of 20 million cu. ft. of gas and 6,000 bbl.
of light oil and condensate per day from two
perforated intervals.
The discovery, which lies about 100 kilometers
south of Norman Wells, was the first
find made in the Central Mackenzie Valley
since 1920. Husky assumed operatorship of
the block earlier this year; its partners in EL
397 are Northrock Resources, EOG
Resources, Pacific Rodera Energy Inc.
and International Frontier Resources
Corp. The group acquired 200 kilometers of
2-D seismic on the license this summer, and
now plans to drill an appraisal well to the
discovery and an exploration well on a separate
undrilled prospect. Northrock, a subsidiary
of Unocal Corp., drilled the Summit
Creek discovery well.
Calgary-based EnCana Corp. and Oklahoma
City-based Kerr-McGee Corp. have
drilled a successful appraisal well to their
Chinook discovery on their jointly held
Block BM-C-7 in the southwestern part of
the Campos Basin, Brazil. The 3-ENC-3-
RJS well tested oil at a rate of 1,800 bbl. per
day from the Cretaceous Carapebus formation,
limited by the capacity of the test
equipment. EnCana’s calculations show the
well is capable of producing some 5,000 bbl.
of oil per day. The appraisal, which was
drilled about four kilometers southwest of
the discovery, encountered about 34 meters
of net pay. The partners plan another delineation
well. The field offers potential
resources between 100- and 200 million bbl.
of oil.
Petro Andina Resources of Calgary will
initiate a $12-million exploration and pilot
waterflood program on its properties in the
Neuquen Basin, Argentina. The company
has drilled eight shallow wells this year on
the onshore CNQ-7A block in southern
Mendoza province and plans up to 13 wells
by year-end, according to Business News
Americas. Petro Andina is the operator with
a half-interest in the block shared with partner
Repsol YPF. The Canadian company is
acquiring additional properties in the basin.
Chevron Corp. played an active part in the
23rd U.K. Offshore Licensing Round as it
picked up interests in blocks 205/2, 212/30,
213/16 and 213/17, all near the company’s
Rosebank/Lochnagar discovery some 126
kilometers west of Shetland. Chevron is
operator on the blocks. The company also
successfully bid on blocks 215/30, 216/27
and 216/27 near the Capercaille prospect
west of Shetland and will be the operator on
those blocks. Finally, it was top bidder for
Block 13/22d in the Moray Firth south of the
company’s Captain field. The company may
have to delay drilling plans on the Rosebank/Lochnagar
discovery while it tries to
find an available rig in the tight North Sea
market. Reserve estimates for the discovery
have gone as high as 500 million bbl. of oil.
Canada’s Nexen Inc. chalked up a small discovery
in Block 15/18b in the U.K. North
Sea, about 350 kilometers northeast of
Aberdeen. The 15/18b-11 wildcat was
drilled on its Yeoman prospect and encountered
10 meters of gas pay and 16 meters of
oil pay. During testing, the well flowed at
rates up to 1,500 bbl. of oil equivalent per
day. OMV, Paladin and Oilexco are Nexen’s
partners in the venture.
Norsk Hydro came up with a discovery on
its deepwater Stetind prospect in Production
License 283 in the Norwegian Sea, which
includes blocks 6605/5, 6605/7, 6605/8,
6605/9 and 6606/7. The wildcat was drilled
in a very lightly explored area in 838 meters
of water to Cretaceous sands at 4,490
meters. The company tested gas at a rate of
4.2 million cu. ft. of gas per day. It plans
appraisal wells to assess the discovery’s
commercial potential. Hydro operates the
find and owns a 30% interest. Its partners are
Chevron, with 25%; ConocoPhillips, 25%;
and Petoro, 20%.
—Don Lyle, Rebecca Torellas and
Peggy Williams
A&D Watch • December 2005 • 45

Companies in This Issue
A
A.P. Moller-Maersk A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Abercrombie Energy LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
ABN Amro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29, 30
Acclaim Energy Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Acon Investments LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Acorn Oil & Gas Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27, 28
Acumen Capital Finance Partners Ltd.. . . . . . . . . . . . . . . 26, 37
Alberta Energy Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Albrecht & Associates Inc. . . . . . . . . . . . . . . . . . . . . . 10, 15, 19
Amerada Hess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
American Energy Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
American Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 24, 30
Anadarko Canada Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Anadarko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 4, 30
Angle Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Apache Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27, 28, 32, 39
Arapahoe Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
ATP Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21, 39
Aurora Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Australian Oil Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Aventura Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Aztec Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
B
Bainbridge Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Baker Hughes Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35, 39
Bakerwell Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Banks Petroleum Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Baraka Petroleum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Baron Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Barrow-Shaver Resources Co. . . . . . . . . . . . . . . . . . . . . . . . . 42
Baxter Bold & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Bear, Stearns & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Benfield Corporate Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Berry Petroleum Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29, 39
Bettis Brothers LP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
BHP Billiton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Big Country Energy Services LP . . . . . . . . . . . . . . . . . . . . . . 34
Bill Barrett Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
BJ Services Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Black Dragon Resource Cos. Inc. . . . . . . . . . . . . . . . . . . . . . 21
Black Gold Gas & Oil Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Black Gold Trading LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 19
Black River Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Black Stone Minerals Co. LP . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Blackmont Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
BMO Nesbitt Burns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
BNP Paribas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Bolder Investment Partners Ltd.. . . . . . . . . . . . . . . . . . . . . . . 37
BP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32, 45
BRI Consulting Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Brigham Exploration Co.. . . . . . . . . . . . . . . . . . . . . . . . . . 37, 39
Bronco Drilling Co. Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Buckeye Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Buckley & Boots . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Burks Oil & Gas Properties Inc. . . . . . . . . . . . . . . 12, 13, 19, 29
Burlington Resources . . . . . . . . . . . . . . . . . . . . 9, 21, 32, 38, 42
C
Cadence Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Cal Dive International Inc.. . . . . . . . . . . . . . . . . . . . . . 23, 34, 35
Calpine Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Calvalley Petroleum Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Calyon Securities (USA) Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 48
Camcor Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Camden Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Canaccord Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 29, 37
Canaccord Enermarket. . . . . . . . . . . . . . . . . . . . . . . . . . . 16, 29
Canadian Natural Resources Ltd.. . . . . . . . . . . . . . . . . . . . . . 48
Canadian Superior Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . 30
Canary Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Canex Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Canyon Creek Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 21
Canyon Technical Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Cardinal Resources Plc . . . . . . . . . . . . . . . . . . . . . . . . . . 28, 30
Carlyle Group/Riverstone Holdings . . . . . . . . . . . . . . . . . . . . 48
Castle Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
CB Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
CEC Energy Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Center for International Energy and Environmental Policy. . . 31
Centrica Plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Century Capital Management Ltd. . . . . . . . . . . . . . . . . . . . . . 31
Challenger Capital Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 29
Chamaelo Exploration Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Cherokee Energy Partners LLC . . . . . . . . . . . . . . . . . . . . . . . 37
Chesapeake Energy Corp. . . . . . . . . . . . . . . . . 9, 21, 22, 37, 38
Chesapeake Operating Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 30, 39, 45
Cheyenne Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Chi Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Chief Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
China Petroleum and Chemical Corp. . . . . . . . . . . . . . . . . . . 28
CIBC World Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10, 34
Cimarron Exploration Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Cirrus Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Citation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Citigroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29, 35, 36, 37, 38
CNPC International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
CNX Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Collins Barrow Securities Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 16
Colorado Utah Natural Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . 31
Columbia Natural Resources LLC . . . . . . . . . . . . . . . 21, 37, 38
Compass Advisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Compass Oil & Gas LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Compton Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . 35, 38, 39, 45
Continental Southern Resources . . . . . . . . . . . . . . . . . . . . . . . 4
Continental Trend Resources Inc. . . . . . . . . . . . . . . . . . . . . . 42
Cooper Cameron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Coplex Petroleo do Brasil Ltda. . . . . . . . . . . . . . . . . . . . . . . . 28
Corridor Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Credit Suisse First Boston . . . . . . . . . . . . . . . . . . 21, 29, 35, 37
D
Dahlman Rose & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Danos & Curole Marine Contractors LLC. . . . . . . . . . . . . 34, 36
David H. Arrington . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Dee Drilling Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Deep Gulf Energy LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Deep Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Deer Creek Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Dell Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Delta Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22, 39
Denbury Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . 32, 39, 41
Denton Partners Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . 30, 35, 37
Devon Energy Corp. . . . . . . . . . . . . . . . . . . . . . . 4, 9, 30, 31, 39
Diamond Offshore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Dillon Read & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Dominick & Dominick Securities Inc. . . . . . . . . . . . . . . . . . . . 37
Dominion Exploration & Production Inc.. . . . . . . . . . . . . . . . . 10
Dresdner Kleinwort Wasserstein. . . . . . . . . . . . . . . . . . . . . . . 30
Dresser Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Duna Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Duncan Oil Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Dune Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
E
Eagle Oil & Gas Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Edge Petroleum Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
EGPI Firecreek Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
El Paso Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30, 42, 48
Empresa Nacional del Petróleo . . . . . . . . . . . . . . . . . . . . . . . 17
EnCana Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30, 44, 45, 48
Encon Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Encore Acquisition Co. . . . . . . . . . . . . . . . . . . . . . . . . 24, 30, 38
Endeavour International Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 4
EnDevCo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Enduring Resources LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Energy Auction Place . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Energy Capital Solutions LP . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Energy Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Energy Listings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19, 29
Energy Resource Technology Inc. . . . . . . . . . . . . . . . . . . . . . 23
Energy Spectrum Advisors Inc. . . . . . . . . . . . . . . . . . 11, 13, 19
Energy Listings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11, 19
EnergyNet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 12, 16, 19, 29
Enermarket Solutions Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 19, 29
Enron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Ensco International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Ensley Properties Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Entre Energy Partners LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42, 45
Ernst & Young Corporate Finance . . . . . . . . . . . . . . . . . . . . . 19
Erskine Energy LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Ervin Anderson & Co. JV . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
ESG Dubai . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Eurogas Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Exile Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Exxel Energy (USA) Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Exxel Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
ExxonMobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24, 31, 45
F
Fairfield Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27, 28
Ferris Baker Watts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
FEX LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Fidelity Investors Management LLC . . . . . . . . . . . . . . . . . . . . 29
Fidelity National Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
FieldPoint Petroleum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
First Albany Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
FirstEnergy Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 26, 48
Forest Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2, 3, 30, 48
Forrest A. Garb & Associates Inc. . . . . . . . . . . . . . . . . . . . . . 31
Foster Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Foundation Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Friedman, Billings Ramsey . . . . . . . . . . . . . . . . . . . . . . . . 19, 37
FX Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
G
G1SG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Gaffney, Cline & Associates . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Gasco Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Gastar Exploration Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
GasTech Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Geocan Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Geodominion Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Geoinvest Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Global Environmental Energy Corp. . . . . . . . . . . . . . . . . . . . . 28
GMP Securities Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26, 37
GMX Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Golden Apple Oil and Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . 26
Golden Petroleum Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Goldman, Sachs and Co. . . . . . . . . . . . . . . . . . . . . . . 28, 36, 37
Goldnev Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Goldstrike Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Gran Tierra Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Graves & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Greater Sooner Exploration Inc. . . . . . . . . . . . . . . . . . . . . . . . 23
Greenhill Capital Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Griffis & Associates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Grizzly Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Growth Capital Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
GT International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
H
Halliburton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30, 39
Hanna Oil & Gas Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Hares Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28, 30
Harrison Lovegrove LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Haywood Securities Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 17, 37
Headington Oil LP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Helix Energy Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Hercules Offshore Inc. . . . . . . . . . . . . . . . . . . . . . . . . 34, 35, 37
Hibernia Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Highpine Oil & Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Holmes Exploration LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Houlihan Lokey Howard & Zukin . . . . . . . . . . . . . . . . . . . . . . 27
Houston Hispanic Chamber of Commerce . . . . . . . . . . . . . . 35
Howard Weil Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29, 35, 37
Husky Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Hydril Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
I
IAS Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
IHS Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36, 37
Imperial Oil Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
IndigoPool. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14, 16, 19
Indocan Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Infinity Energy Res. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Innova Exploration Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
International Frontier Resources Corp.. . . . . . . . . . . . . . . . . . 45
Isramco Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Ivanhoe Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
J
Jade Energy Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Jay Petroleum LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
JED Oil Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Jefferies & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . 19, 29, 36, 37
Jennings Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37, 38
Jennison Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
JMG Exploration Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
JOG Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Johnson Rice & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Jones & Keller PC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
JP Morgan Chase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36, 38
J-W Operating Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
K
K&M Oil Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Kaiser-Francis Oil Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Keeper Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Kern Energy Partners I Fund . . . . . . . . . . . . . . . . . . . 27, 28, 37
Kerr-McGee Corp. . . . . . . . . . . 2, 14, 23, 24, 27, 28, 40, 43, 45
Ketch Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
KeyBanc Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . 36, 37
Kidd Construction Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Kilpatrick Energy Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Kilrush Petroleum Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
King Win Laurel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Klabzuba Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Knightsbridge Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Kobayashi Partners Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Kootenay Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26, 38
L
Ladenburg Thalmann & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 30
46 • A&D Watch • December 2005

Companies in This Issue
A&D Watch • December 2005 • 47
Lamar Oil and Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Lantana Oil & Gas Partners . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Laredo NB Energy Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Laurus Master Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Ledge Resources Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Lehman Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 9, 10, 22
Lewis Energy Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
M
MAB Resources LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Macquarie Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Madison Energy Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . 2, 19
Maersk Olie og Gas AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Magnum Hunter Resources . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Main Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Makoil Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Manti Operating Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Marathon Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40, 45
Mariner Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3, 48
Marshall Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Maverick Oil and Gas Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Maverick Tube Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Meagher Oil & Gas Properties Inc.. . . . . . . . . . . . 11, 13, 15, 19
Medallion Exploration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Medora Resources Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Metalmark Capital LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Metrix Networks Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
MFC Drilling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Mid-America Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . 12
Miller Petroleum Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Mitchell Energy Advisors . . . . . . . . . . . . . . . . . . . . . . . . . 19, 24
Morgan Joseph & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . . . . . . 21, 22, 36, 37
Moyes & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Mullen Group Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Munich Re. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Murphy Oil. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Muskegon Development Co. . . . . . . . . . . . . . . . . . . . . . . . . . 41
Mystique Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30, 38
N
Nabors Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Naftex Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Naftogaz Ukraine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Nemours Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Ness Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
New Century Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Newport Oil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Nexen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Noble Drilling Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35, 40
Noble Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Nord Oil International Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Nordic Oil and Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Norsk Hydro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
North Sea New Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Northpoint Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Northrock Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
NQL Energy Services Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Nunez Oil Field Pipe Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
O
Ocean Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Octagon Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Odyssey Investment Partners LLC . . . . . . . . . . . . . . . . . . . . . 35
Oelze Equipment Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Offshore Logistics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Oil & Gas Journal Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Oilexchange.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Oilexco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
OilProperties.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
OMV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Orion Energy Resources LLC . . . . . . . . . . . . . . . . . . . . . . . . . 13
Orion Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Osborn Energy LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Overseas Private Investment Corp. . . . . . . . . . . . . . . . . . . . . 30
P
Pacific Rodera Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Paladin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
PanCanadian Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
PanTerra Resource Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Parallel Petroleum Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Parker Drilling Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Parks Paton Hoepfl & Brown . . . . . . . . . . . . . . . . . . . . . . . . . 34
Patch Point Enterprises Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 34
Patterson-UTI Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Pe Ben Oilfield Services Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 34
Penn West Petroleum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Petoro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Petrie Parkman & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19, 27
Petro Andina Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
PetroAdvisor SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
PetroGrowth Advisors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Petrogulf Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
PetroKazakhstan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Petrol Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Petrol Oil and Gas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31, 38
Petroleum Oil & Gas Espana SA. . . . . . . . . . . . . . . . . . . . . . . 17
Petrolifera Petroleum Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
PetroSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12, 13, 17, 19
Petrosearch Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Phoenix Associates Land Syndicate . . . . . . . . . . . . . . . . . . . 24
Pioneer Natural Resources. . . . . . . . . . . . . . . . . . . 2, 13, 17, 31
Pioneer Oil Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Piper Jaffray & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36, 37
PLS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10, 19, 29
Pogo Producing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Prairie Schooner Petroleum Ltd. . . . . . . . . . . . . . . . . . . . . . . 48
Precision Drilling Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Premium Drilling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Premium Petroleum Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Pride International. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Primexx Energy Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Producers Oilfield Services Inc. . . . . . . . . . . . . . . . . . . . . 34, 35
Profico Energy Management Ltd.. . . . . . . . . . . . . . . . . . . . . . 17
Provident Energy Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Public Gas Partners Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Purcell Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Q
Queiroz Galvao Perfuracao SA . . . . . . . . . . . . . . . . . . . . . . . . 28
Quest Resource Corp. . . . . . . . . . . . . . . . . . . . . . . . . 32, 37, 40
Questar Gas Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Quinduno Energy LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
R
R. Robinson Transport Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Rampart Petroleum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Randall & Dewey. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13, 19, 29
Range Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 32, 40
Raptor Capital Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Raymond James Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35, 37
RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . 29, 36, 37
Red Oak Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
RedStar Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Reef Energy Resources LLC. . . . . . . . . . . . . . . . . . . . . . . . . . 19
Reef Oil and Gas Partners LLC . . . . . . . . . . . . . . . . . . . . . . . 13
Relentless Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Remington Oil and Gas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Repsol YPF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Resource Capital Partners Inc.. . . . . . . . . . . . . . . . . . . . . . . . 37
Richardson Barr & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Riviera Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 10, 19
Rivington Capital Advisors LLC . . . . . . . . . . . . . . . . . . . . . . . 25
RK Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Rolling Thunder Exploration Ltd. . . . . . . . . . . . . . . . . . . . . . . 26
Rowan Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Royal Dutch/Shell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 14, 32
Rudis Drilling Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
S
Sahara Petroleum Exploration Corp. . . . . . . . . . . . . . . . . . . . 28
Salman Partners Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Samson Canada Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
San Telmo Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Santos Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24, 27
Saudi Aramco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Sawtooth International Resources Inc.. . . . . . . . . . . . . . . . . . 17
Sayer Securities Ltd. . . . . . . . . . . . . . . . . . . . 16, 17, 19, 26, 48
Schlumberger Drilling Services. . . . . . . . . . . . . . . . . . . . . . . . 35
Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Scotia Waterous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 17, 19
Scythian Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
SDX Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Secutor Capital Management Corp.. . . . . . . . . . . . . . . . . . . . 38
Seeco Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
SGAM/4D Global Energy Development Capital Fund . . . 27, 28
Simmons & Co. International . . . . . . . . . . . . . . . . . . . 35, 37, 48
Simplex Energy Solutions. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Sinopec Shengli Oilfield Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 28
Sipetrol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Skadden, Arps, Slate, Meagher & Flom LLP . . . . . . . . . . . . . 27
Skipping Stone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Sky Petroleum Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Slough Estates USA Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Smith International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Smith Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Solex Exploration Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Sonoran Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 28, 31, 37
Southeast Transmission & Compression Co. Inc. . . . . . . . . . 17
Southwestern Energy Co.. . . . . . . . . . . . . . . . . . . . . . . . . 32, 43
SPA Drilling LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Sprott Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
St. Mary Land & Exploration. . . . . . . . . . . . . . . . . . . . . . . . . . 40
Standard & Poor’s . . . . . . . . . . . . . . . . . . . . . . . . . 3, 14, 21, 22
Standard Bank Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
StarPoint Energy Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Statoil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Stellar Energy Advisors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Stifel, Nicolaus & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Stolt Offshore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Stone Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3, 40
Storm Cat Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Strata Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Stroud Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31, 37
Supply-Rite Transport Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Swift Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
T
Talisman Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 28, 32, 44
T-Bar-X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
TD Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Temple Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Terax Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Tesoro Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31, 34, 38
Teton Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Texas American Resources Co. . . . . . . . . . . . . . . . . . . . . . . . 24
The Abraham Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
The Dillard Anderson Group . . . . . . . . . . . . . . . . . . . . . . . . . . 19
The Houston Exploration Co. . . . . . . . . . . . . . . . . . . . . 2, 14, 23
The Oil & Gas Asset Clearinghouse . . . . . . . . . 9, 10, 12, 13, 19
The Oil Auction.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
The Scotia Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
The Williams Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 15
The X-Change Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Thornton Drilling Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Tipperary Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24, 27
Titan Exploration Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Tiverton Petroleums Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
TKE Energy Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26, 31
Todco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Tong Specialty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Tortoise North American Energy Corp. . . . . . . . . . . . . . . . . . 29
Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28, 45
Tournament Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Transocean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40, 48
Triana Energy Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Triangle Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 28, 31
Tristone Capital . . . . . . . . . . . . . . . . . . . . 10, 11, 15, 17, 19, 26
Tri-Valley Oil & Gas Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 31, 34
True Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
True Energy Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Tuscany Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Tusk Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
U
UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . 29, 36, 37
Ukrgazvydobuvannya . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Ultra Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Union Bank of California NA. . . . . . . . . . . . . . . . . . . . . . . . . . 25
Union Drilling Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Union Securities Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Unit Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Unit Petroleum Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Universal Property Development and Acquisition Corp. . . . . 21
Unocal Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28, 30, 45
Upstream Advisors LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
US Enercorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Usibelli Coal Mine Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Ute Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
V
Vaquero Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Veritas DGC Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Vero Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Vinoble Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Vista Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Voyager Partners Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
W
Wachovia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14, 19
Walter Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Warburg Pincus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27, 28
Ward Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Warren Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Weisser, Johnson & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Wells Fargo Energy Advisors . . . . . . . . . . . . . . . . . . . . . . . . . 19
Wentworth Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Western Gas Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Will-Drill Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Winwell Resources Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Wolverton Securities Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
X
XTO Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9, 31, 40
Y
Yankuang Group Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Yates Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Z
Ziff Energy Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Zion Oil & Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31, 38

A&D Marketplace
Notes
(Cont. from p. 1) per day; a Gorilla to El Paso Corp. at $170,000 per
day; and another jackup at $165,000 per day for six months and
$170,000 thereafter. North Sea dayrates are more than $200,000.
Transocean Inc. has signed one drillship at $475,000 a day and
another at $425,000 a day, according to a Calyon Securities (USA)
Inc. report.
Peak oil. There are three types of oil and gas reserves today, Matt
Simmons, chairman of Simmons & Co. International, said at the
annual IPAA meeting in Houston. “The proven conventional, the
proven unconventional and the ‘conceptual’ reserves—they’re not
found yet but we’re sure they’re there. There are way too many longterm
[supply] models banking on conceptual reserves.”
He added that “natural gas is going to be the next big surprise.
Too many areas have already passed the peak and not enough stranded
gas has been discovered. Gas depletes much faster than oil.”
Canadian gas. During the past four years, Western Canada’s top gas
wells were almost all found in the Canadian Rockies in thick, fractured,
high-pressure reservoirs, Calgary-based FirstEnergy Capital
Corp. reports.
Canadian Natural Resources Ltd. led all the explorers in 2001-
04 with 28 high-volume wells. EnCana Corp. ranked second, with
10. EnCana also holds the distinction of bringing the most gas
onstream in Western Canada: during 2004, it added nearly 1 billion
cubic feet of new daily production.
Junior M&A. Several Canadian juniors in 2005 went straight from
IPO to M&A, reports Calgary-based Sayer Securities Ltd. For
example, a day after its IPO, Highpine Oil & Gas Ltd. announced
that it would acquire Vaquero Energy Ltd. And, since its IPO,
Prairie Schooner Petroleum Ltd. has announced four acquisitions,
including the purchase of Purcell Energy Ltd.
At
Closing
Houston-based, Gulf of Mexico-focused
Mariner Energy Inc.’s story is kind of
like the Yellow Brick Road, says chairman
and chief executive Scott Josey. “It
starts out okay, it gets bad pretty fast, but
it turns out well in the end. It’s like being
in the middle of a Salvador Dali painting.
It’s surreal, but true.”
Mariner’s 96% owner, Enron, was
bankrupt, but Mariner was not. “Even though Mariner wasn’t
bankrupt, it got treated like it was,” Josey told Houston Producers’
Forum members at a recent program. “People were hesitant
to do business with it and banks didn’t want to stay with it
because they were the same banks that had significant exposure
to Enron. Mariner was guilty by association.”
Mariner did have good cash flow and healthy operations, and
the Enron situation helped it to develop strong discipline. “We
had to learn to run the company on cash.”
Mariner was bought out the Enron bankruptcy by private
investors Carlyle Group/Riverstone Holdings and Acon
Investments LLC in early 2004. This year, Mariner made a
144(a) stock offering and plans to go public.
At the time of the 144(a), Josey was contacted by Forest Oil
Corp., Denver, (NYSE: FST) about rolling Forest’s Gulf of
Mexico assets into Mariner. “The whole transaction was their
idea. They wanted to put their Gulf of Mexico business with us
in exchange for stock. We’ll be getting assets that, in our view,
are underexploited, people who know the assets, and cash flow.
We plan to transform the assets from maintenance mode to
growth mode.”
In exchange for the Gulf business, Forest shareholders will
gain a 42% equity interest in Mariner. Most of the Forest assets
are where Mariner has operations.
“This gives us a great real estate position to work in that would
have been very expensive to buy,” Josey said. “We would have
written a big check and acquired a lot of debt. We probably couldn’t
have done it.”
Josey acknowledges that the Gulf can be a difficult area in
which to work. “The Gulf of Mexico can be a contrarian play, but
we’re excited about it,” he said. “We’re also excited about the
upcoming lease sales. Because of the Forest deal, we will be able
to go after leases aggressively.”
The deal with Forest was announced after Katrina and before
Rita. “A friend of mine said to me, ‘It looks like God doesn’t like
your deal,’” Josey said.
“It’s kind of hard to do due diligence with God. In light of
these hurricanes, I’ve been thinking about doing some animal
sacrifices to make everything right again. I have some goats and
a fatted weenie dog I’m willing to offer up.”
—Taryn Maxwell
48 • A&D Watch • December 2005

'
Breaking News
December 2005
NORTH LOUISIANA:Rippy Energy Inc. has retained Madison
Energy Advisors to sell certain assets in the Thorn Lake Field in
North Louisiana’s Red River Parish.
The sale includes a 100% working interest in these properties,
which have behind-pipe and development-drilling opportunities.
Additionally, the sale includes 8,390 gross (8,361 net) contiguous
undeveloped acres and the potential for 135 drilling locations. Net
production on the properties is 97% gas. For more information, contact
Tim Sullivant, 713-963-6204.
DENBURY: Denbury Resources Inc., Dallas, (NYSE: DNR)
plans to acquire oil properties in Mississippi and Alabama for $250
million. The acquisition is expected to close by the end of January.
The purchase includes controlling interests in the Tinsley Field
near Jackson, Miss.; the Citronelle Field in southwest Alabama; and
the South Cypress Creek Field in eastern Mississippi. All three fields
are potential carbon-dioxide, tertiary-flood candidates with reserve
potential from the floods of approximately 60- to 75 million net barrels
of oil equivalent.
The acquisition also includes an eight-inch pipeline from the
company’s Jackson Dome area to the Tinsley Field.
Based on initial estimates, the properties have estimated conventional
(non-CO2) proved reserves of 14.3 million barrels of oil
equivalent. The fields have current production of approximately
2,200 barrels of oil equivalent per day, increasing Denbury’s preliminary
2006 production forecast to 37,000 barrels per day, a 24%
increase from the 2005 estimated average production.
Denbury will operate all three fields and own the majority of
working interest. Standard & Poor’s reports its BB/Stable/-- rating
on Denbury will not be affected.
ENERGEN: Energen Resources Corp., a subsidiary of Energen
Corp., Birmingham, Ala., (NYSE: EGN) plans to acquire Permian
Basin properties from Houston-based EnerVest Management
Partners Ltd. for $168 million. Closing is expected by year-end.
The properties include the North Westbrook Unit in Mitchell
County, Texas, and two smaller fields nearby, and encompass
approximately 15,000 gross acres. Proved reserves are approximately
21.8 million barrels of oil equivalent (80% undeveloped, 90% oil)
and probable total some 15 million barrels equivalent.
Assuming future development costs of approximately $145 million
on proved reserves and $80 million on probable reserves, the
all-in acquisition cost is $10.62 per barrel ($1.77 per thousand cubic
feet equivalent), Energen reports.
The properties are 100% operated and have a more than 30-year
reserve life. Production is estimated to be 500,000 barrels of oil
equivalent in 2006. Energen has entered hedge contracts on the oil
comparable to approximately 85% of the acquisition’s total estimated
proved production for 2006 through 2009. Energen plans to use
cash and existing credit lines to finance the purchase.
NOBLE: Noble Royalties Inc., Dallas, has closed the acquisition of
a royalty asset for $91 million. The acquisition was made through
Teal Royalties LLC, a wholly owned subsidiary of Noble. The seller
was not disclosed.
The acquisition allows Noble to expand its positions in the
Midcontinent and Permian Basin, and includes a minimum of
519,700 gross acres and 4,434 wells in 22 states and 220 counties.
SWIFT: Swift Energy Co., Houston, (NYSE: SFY) has closed the
acquisition of interests in South Bearhead Creek Field in Beauregard
Parish, La., for approximately $24.3 million. The purchase was funded
with current cash flow.
Swift Energy acquired a 100% working interest in the operated
wells in the field and a 25% working interest in certain nonoperated
wells. Proved reserves are approximately 3.6 million barrels of oil
equivalent, giving the properties an all-in acquisition cost of $2.19
per thousand cubic feet equivalent. Current production is less than
160 barrels of oil equivalent per day (90% oil) net to the purchased
working interests.
Terry Swift, Swift chief executive, says the acquisition provides
Swift with additional opportunities to enhance value. “Over the next
12-18 months, our technical teams will exploit and further quantify
the hydrocarbon potential of this area. We will also continue to look
at additional niche acquisition opportunities with a focus on the Gulf
Coast region.”
DUNE: Dune Energy Inc., Houston, (Amex: DNE) has acquired an
undivided interest in certain leases on approximately 320 acres in
Denton County, Texas, and an undivided interest in four producing
wells for $5.4 million from an undisclosed party. The acquired wells
produce some 600,000 cubic feet of gas per day.
© 2005 by Hart Energy Publishing LP. Federal copyright law prohibits unauthorized reproduction by any means and imposes fines of up to $100,000 for violations.

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The listing is free. For more information, call 713-993-9325 Ext. 165.
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Title: ____________________________________________________________________________________________
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Degree: ________________________________________________________________________________
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Company’s current area of focus: ____________________________________________________________________
__________________________________________________________________________________________________
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________________________________________________________________________________________________
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Profiles
Who’s Who in E&P A&D
December 2005
The following are new or updated profiles of E&P company A&D team members. The complete directory, Who’s Who in E&P A&D 2005, was published
in September. For a copy of the directory, call 713-933-9325 Ext. 129. If you have a directory already, add this update to it. To be listed in the
2006 directory, write to ndarbonne@hartenergy.com and a form will be provided.
Bonanza Creek Oil Co LLC
Gregory S. Craley, VP-Western Region
P.O. Box 21974
Bakersfield, CA 93380
4900 California Ave., Ste 350B
Bakersfield, CA 93309
661-638-2730
Direct: Ext. 215
Fax: 661-638-2733
gsc@bonanzacrk.com
Previously with: Carneros Energy Inc.
(204-05) VP-Engineer; Vintage Petroleum
(2002-04) Acquisition Engr; Nuevo Energy
Co. (1992-2002) Reservoir/Operations
Engr
Education: BS-Petroleum Engineering,
Pennsylvania State University
Area of focus: Rockies, California
Sports: Golf, Hunting, Fishing
Bonanza Creek Oil Co LLC
Patrick A. Graham, SVP
410 17th St., Ste 1380
Denver, CO 80202
720-279-2330
Direct: Ext. 204
Fax: 720-279-2331
pag@bonanzacrk.com
Previously with: Berry Petroleum Co.
(1995-2001) Lead Acquisition Engr;
Dowell-Schlumberger (1986-95) Sales
Engineer
Education: BS-Petroleum Engineering,
Texas A&M
Area of focus: Rockies, California
Sports: Golf
Bonanza Creek Oil Co LLC
Gary A. Grove, Chief Operations Officer
P.O. Box 21974
Bakersfield, CA 93380
4900 California Ave., Ste 350B
Bakersfield, CA 93309
661-638-2730
Direct: Ext. 206
Fax: 661-638-2733
ggrove@bonanzacrk.com
Previously with: Nuevo Energy (1996-
2003) California Exploration Mgr; Unocal
(1982-96) Sr. Petroleum Engr/Reservoir
Engrg Coordinator
Education: BS-Petroleum Engineering,
Marietta College
Area of focus: Rockies, California
Sports: Golf, Taekwondo
Bonanza Creek Oil Co LLC
Michael R. Starzer, President
P.O. Box 21974
Bakersfield, CA 93380
4900 California Ave., Ste 350B
Bakersfield, CA 93309
661-638-2730
Direct: Ext. 208
Fax: 661-638-2733
mrs@bonanzacrk.com
Previously with: Berry Petroleum Co.
(1995-2001) VP, Corporate Dvlpmt;
Unocal-California Business Unit (1993-95)
Asset Team Leader, Coalinga, N. San
Joaquin Area; State of California-State
Lands Commission (1991-93) Statewide
Reservoir Engr
Education: B.S.-Petroleum Engineering,
Colorado School of Mines; M.S.-
Engineering Management, University of
Alaska
Area of focus: Rockies, California
Sports: Golf, Tennis, Hunting, Fishing
Coronado Resources LLC
Mark D. Wilson, Pres & CEO
8556 East 101 St., Ste C
Tulsa, Okla. 74133
918-369-4000
Direct: 918-369-4060
Fax: 918-369-4005
mwilson@coronadoresources.com
Previously with: The Williams Cos. (2000-
04) Sr VP, Corp Dvlpmt & Planning; Koch
Industries/Koch Petroleum Group (1997-
2000) Sr VP/Mng Dir; Booz-Allen’s
Hamilton (1995-07) Sr Associate
Education: B.S. Chemical Engineering,
Oklahoma State University; MBA, Harvard
Graduate School of Business
Administration
Area of focus: Unconventional gas
(Midcontinent and Eastern U.S.)
To acquire in: Unconventional gas
(Midcontinent and Eastern U.S.)
Sports: Golf, Hunting, Fishing
Hillwood Energy
Mark Rollins, Mng Dir
13600 Heritage Parkway, Ste 200
Fort Worth, TX 76177
817-224-6000
Direct: 817-224-6031
Fax: 817-224-6062
mark.rollins@hillwood.com
Previously with: PetroGrowth Advisors
(2005) Mng Dir; KPMG Consulting (1997-
2005) Sr Mgr
Education: BS-Civil Engineering, Texas
A&M; MBA, University of Texas-Austin
To acquire in: Lower 48
Sports: Golf, Tennis, Hunting, Fishing

Layne Energy Inc.
Colin B. Kinley, President
1900 Shawnee Mission Parkway
Mission Woods, KS 66205
913-748-3987
Fax: 913-748-3970
cbkinley@layneenergy.com
Previously with: Layne Cristensen Co.
(1995-2002) President, Energy Dvsn; Elgin
Exploration Canada (1981-1995) President
Education: Business, Calgary
Area of focus: Midcontinent
To acquire in: Midcontinent unconventional
gas
Mustang Fuel Corp.
Rand Phipps, SVP
13439 Broadway Extension
Oklahoma City, OK 73114-2202
405-748-9400
Direct: 405-748-9232
Fax: 405-748-9420
rand.phipps@mustangfuel.com
Previously with: Samson Cos. (1987-
1996); Mapco Oil & Gas (1983-87); Arco
(1981-93)
Education: JD, University of Nebraska;
BS, University of Nebraska
Area of focus: Midcontinent, onshore Gulf
Coast, Rockies
To acquire in: Midcontinent, onshore Gulf
Coast, Rockies
Sports: Golf, Biking, Travel
TXOK Energy Resources Co.
Kenneth D. Lovell , President
100 W. Fifth St., Ste 1200
Tulsa, OK 74103
Direct: 918-588-7717
Fax: 918-588-7773
klovell@oneok.com
Previously with: Oneok Energy Resources
Co. (1982-2005) VP, Acquisitions &
Exploration
Education: JD, University of Tulsa College
of Law; BA, Brigham Young University
Area of focus: Midcontinent
Winchester Energy Co./
Winchester Production Co.
Bob Deacy, President
P.O. Box 1981
Raleigh, N.C. 27602
100 East Davie St.
Raleigh, N.C. 27601
919-546-4928
Fax: 919-546-7480
bob.deacy@pgnmail.com
Education: B.S., Northeastern University
Area of focus: ArkLaTex, Permian,
Oklahoma
To acquire in: ArkLaTex, Permian,
Oklahoma
Sports: Golf, Hunting, Fishing