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FACTBOX-Key U.S. shale natural gas and oil deals since 2009
June 24, 2010 / 9:06 PM / 7 years ago

FACTBOX-Key U.S. shale natural gas and oil deals since 2009

June 24 (Reuters) - Companies eager to capitalize on the U.S. shale gas revolution are buying up firms which have deeds to land with access to reserves.

Despite rumblings of environmental concerns, cheap and plentiful gas from shale is increasingly becoming a larger part of U.S. domestic energy production. [ID:nN18229665]

Below are major shale gas sector acquisitions since 2009:

JUNE 2010:

-- India’s largest listed company Reliance Industries (RELI.BO) will invest $1.36 billion in the U.S. shale gas assets of Pioneer Natural Resources (PXD.N). [ID:nSGE65N06C]

APRIL 2010:

-- British gas producer BG Group BG.L said it would pay $950 million to buy a 50 percent interest in shale gas assets in Appalachia from EXCO Resources (XCO.N).

FEBRUARY 2010:

-- Canada’s Progress Energy Resources Corp (PRQ.TO) agreed to buy certain northeast British Columbia Foothills assets for about C$390 million ($366.2 million) from Suncor Energy (SU.TO). [ID:nSGE6180KX]

DECEMBER 2009:

-- Exxon Mobil Corp (XOM.N) announced its plan to buy XTO Energy Inc XTO.N for about $30 billion in stock. XTO’s resource base is the equivalent of 45 trillion cubic feet of gas and includes shale gas, tight gas, coal bed methane and shale oil. [ID:nN14126206]

-- Ultra Petroleum Corp UPL.N said it would pay about $400 million to an unnamed private company to buy 80,000 net acres in the burgeoning U.S. Marcellus Shale region, giving it about 250,000 net acres and a potential for 1,800 net drilling sites. [ID:nSGE5BK0EU]

NOVEMBER 2009:

-- Denbury Resources Inc (DNR.N) said it would buy Encore Acquisition Co for $3.2 billion, creating a company with 426 million barrels of oil equivalent in proved reserves. [ID:nN01400606]

The acquisition would allow Denbury to leverage its enhanced-oil-recovery business into Encore’s properties in Wyoming, Montana, and North Dakota, and would give it a large stake in the Bakken shale on the U.S.-Canada border.

JUNE 2009:

-- British gas producer BG Group paid Dallas-based Exco Resources Inc (XCO.N) $1.3 billion for an interest in shale gas resources in Texas and Louisiana. [ID:nLU618520]

The companies said each would own 50 percent of a venture to which EXCO is contributing 120,000 acres of land in the Haynesville shale gas area and associated gas infrastructure.

MAY 2009:

-- Talon Oil & Gas LLC bought 60 percent of Denbury Resources Inc’s (DNR.N) natural gas assets for $270 million.

-- Independent oil and gas company Quicksilver Resources Inc KWK.N agreed a joint venture with Italian energy giant Eni (ENI.MI) to develop its Barnett shale properties in Texas. [ID:nBNG161361]

As part of the deal, Eni agreed to buy a 27.5 percent stake in Quicksilver’s Alliance leasehold interests in the Fort Worth basin for $280 million.

MARCH 2009:

-- Independent Canadian oil exploration firm TriStar Oil & Gas and Crescent Point Energy Trust agreed to buy Talisman Energy Inc’s lands in the prolific Bakken shale region of Saskatchewan and Montana for C$720 million ($567 million).

TriStar was later acquired by Petrobank Energy and Resources Ltd PBG.TO, which combined its own conventional oil assets with TriStar to create a new company called PetroBakken Energy Ltd PBN.TO.

Writing by Jeanine Prezioso; New York Editorial, Bangalore Editorial Reference Unit; Editing by Lisa Shumaker

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