Ballard Petroleum sold to Alberta Energy

Feb 03, 2001 01:00 AM

Ballard Petroleum Holdings has sold its subsidiary, Ballard Petroleum to Alberta Energy for an estimated $ 225 mm, Ballard officials confirmed. The purchase by the Calgary-based Alberta Energy, involves Ballard holdings in southern Wyoming, Colorado and Utah, said Jeff Ballard, vice-president for investor relations.
He said the sale will not affect the more than 30 jobs at the company's Billings office. "Our track record has been (to) build up and sell down and build back up again and that's what we're doing," Ballard said. "This is a good time with commodity prices where they are. As a private company, some of our investor base was looking to change, or liquidate, some ownership." "It was an appropriate time based on prices." The biggest asset in the sale is in Colorado, Ballard said.

Alberta Energy said it acquired "key producing properties" in the Mamm Creek field of the Piceannce Basin of north-western Colorado. The acquisition includes about 70,000 net undeveloped hectares and includes a gas-pipeline system in Mamm Creek, Alberta Energy said.
Most of the holdings are gas-development but there is some oil, Ballard noted. "We buy concentrated, high-working interest, long-life reserves with significant growth potential," said Gwyn Morgan, Alberta Energy president and CEO. He said the sale is expected to close later.
Ballard Petroleum Holdings has retained its assets in Montana, northern Wyoming and North Dakota, Ballard said. Its core oil production is in the Powder River Basin. William Ballard, Jeff's father, is chairman and CEO of Ballard Petroleum Holdings. The elder Ballard organized Balcron Oil in Billings in 1963. That company was later sold and Ballard Petroleum was established in 1992.

Source: AP via Newspage
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