Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: stevedhu who wrote (67135)	5/26/2000 8:55:00 AM
From: Ken Robbins	Read Replies (2) of 95453

DVN to buy SFS for $2350 million in stock plus $1000 million debt assumption. The combined company will have reserves of 1100 million BOE and will be 58% natural gas. dailynews.yahoo.com SFS brings reserves of 386.3 million BOE (at Dec. 31, 1999 as reported by S&P). Thus, this transaction values those reserves at $8.67 per barrel, which seems like a really good deal for DVN stockholders. Possibly someone with reserve valuation numbers for other recent mergers could comment.

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