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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Larry S. who wrote (19358)3/1/2003 1:46:05 PM
From: Ed Ajootian  Read Replies (1) of 206327
 
DVN -- I didn't do the math myself but I read that DVN paid about $1.50/mcf to buy Ocean Energy. If so they got a great deal IMO and I don't understand why Ocean sold out for so little. As Russ says this deal was probably in the works for awhile but for public deals the Ocean board meeting approving the deal would likely have been held just prior to the announcement, and Ocean management could have recommended to their board not to approve the deal if they'd wanted to. This is one way how public companies back out of deals, even after papers are signed -- I've seen it happen before firsthand.

I would agree with your comment, to the extent there are still some fools stuck in the past who are ready to sell their reserves for < $1.50 an mcf. These days its hard to maintain an exploration/development program that can keep finding costs from exceeding $1.50/mcf for very long.
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