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Gold/Mining/Energy : LNG

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To: Dennis Roth who wrote (57)	7/10/2006 9:53:34 AM
From: Dennis Roth	of 919

Anadarko to sell Bear Head LNG project for $125 mln Mon Jul 10, 2006 9:16 AM EDT ca.today.reuters.com TORONTO (Reuters) - Anadarko Petroleum Corp. (APC.N: Quote) said on Monday it will sell its Bear Head LNG Corp. subsidiary which is developing a liquefied natural gas receiving terminal at Point Tupper, Nova Scotia, for $125 million. Under the deal with private equity firm U.S. Venture Energy, Anadarko will have an 18-month option to secure up to 350 million cubic feet per day of throughput capacity at competitive rates, the company said. The transaction is expected to close within a few weeks, and proceeds will be used to repay debt relating to the pending acquisitions of Kerr-McGee Corp. (KMG.N: Quote) and Western Gas Resources Inc. (WGR.N: Quote). Last month, Anadarko said it would buy Kerr-McGee and Western Gas Resources for a total of $21.1 billion.

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