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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: IndioBlues who wrote (56065)	12/5/1999 12:10:00 AM
From: Gameboy	Respond to of 95453

Kerr-McGee(KMG) adds 30,000 bpd in North Sea: www3.techstocks.com Friday December 3, 2:55 pm Eastern Time Company Press Release Kerr-McGee to Acquire North Sea Operations of Repsol OKLAHOMA CITY, Dec. 3 /PRNewswire/ -- Kerr-McGee Corp. (NYSE: KMG - news) has reached agreement with Repsol YPF to purchase the Repsol Group's upstream United Kingdom North Sea operations for U.S. $555 million. The agreement is subject to the execution of a definitive purchase and sale agreement, and the receipt of governmental and Board of Directors' approvals. The transaction is expected to be completed within 60 days. ``This transaction enhances Kerr-McGee's portfolio in the North Sea adding proven and probable reserves of approximately 100 million barrels of oil equivalent (boe) and 30 million boe, respectively,' said Luke R. Corbett, Kerr-McGee's chairman and chief executive officer. ``These assets allow Kerr- McGee to build on a core focus area around its operated Gryphon field and to realize synergies from the geographic proximity of the Repsol properties to Kerr-McGee's existing operations.' The assets being purchased by Kerr-McGee represent all of Repsol's holdings in the U.K. North Sea. The purchase price equates to less than $6.00 per equivalent barrel of proved reserves and less than $4.25 per equivalent barrel when probable reserves are considered. In terms of production, this acquisition will increase Kerr-McGee's North Sea daily production by approximately 30 percent to more than 130,000 barrels of oil per day enhancing Kerr-McGee's position as the largest U.S. independent producer in the United Kingdom.