After reading about REL in NP sort of became interested in play. Here is what I found regarding CGP.
canoe.com
Coastal Corp. is allegedly the frontrunner
for the Calgary-based intermediate, although
rumours said the deal could include a
purchase of new shares from treasury to pay
down debt.
Other companies said to be interested in
Remington included Burlington Resources
Inc., Canadian Hunter Exploration Ltd. and
Encal Energy Ltd.
news.com
Coastal Could Spend $1 Bln for Oil, Gas Acquisitions, CEO Says
Bloomberg News
February 10, 1999, 10:04 a.m. PT
Coastal Could Spend $1 Bln for Oil, Gas Acquisitions, CEO Says
Houston, Feb. 10 (Bloomberg) -- Coastal Corp., an oil and
natural gas company, may spend as much as $1 billion to buy oil and
gas fields or companies, Chairman David Arledge said.
Coastal set aside $300 million in its 1999 capital spending
program and might raise as much as $700 million in debt ''for a
phenomenal opportunity, if it is phenomenal enough,'' Arledge said
at a Cambridge Energy Research Associates conference.
Smaller oil and gas companies are being squeezed by declines
in oil prices, which are near 12-year lows, and smaller drops in
the price of gas.
Houston-based Coastal's assets, mainly gas fields in the U.S.
Gulf Coast and Rockies regions, are attractive to large oil
companies because gas prices haven't declined as much as oil
prices, Arledge said.
Coastal shares fell 3/16 to 31 15/16 in early afternoon
trading.
--Terry Flanagan in Houston with reporting by George Stein in the |
