Anderson Shareholders Accept Devon's Offer

By Ray Carter The Journal Record | THE JOURNAL RECORD, October 15, 2001 | Go to article overview

Anderson Shareholders Accept Devon's Offer


Ray Carter The Journal Record, THE JOURNAL RECORD


Anderson Exploration's shareholders have accepted Devon Energy's offer for the Canadian-based Anderson, officials announced Friday.

Devon officials also announced that the company has received all necessary regulatory approval for the acquisition of Anderson.

A total of 128 million of Anderson's shares were tendered under the offer, representing 97 percent of total shares outstanding. Devon intends to acquire the remaining shares of Anderson by compulsory acquisition.

"We warmly welcome to the Devon family those employees from Anderson who will be joining us," said J. Larry Nichols, Oklahoma City-based Devon's chairman, president and chief executive officer. "As Canada continues to grow in importance as a supplier of natural gas, Devon will be well positioned to participate in that growth."

When first announced, Devon officials estimated that the acquisition of Anderson would total $4.6 billion. As part of the merger agreement, Devon will assume approximately $1.2 billion of debt and other obligations of Anderson.

As a result of the Anderson transaction, Devon will acquire estimated proved reserves of 532 million barrels of oil equivalent and 8 million net undeveloped acres. Devon has allocated $680 million of the aggregate purchase price to Anderson's undeveloped acreage and seismic data.

The addition of Anderson, the fifth-largest independent gas producer in Canada, to Devon's holdings will increase the company's proved reserves by 35 percent to 2 billion barrels of oil equivalent. …

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