Anadarko to purchase Canada’s Berkley Petroleum

Petroleum News Alaska Staff

Anadarko Petroleum Corp. said Feb. 12 that it will acquire Canada-based Berkley Petroleum Corp. for C$11.40 a share in cash for an equity value of U.S.$777 million plus assumption of debt estimated at U.S.$250 million, expanding Anadarko’s position in Canadian gas.

Berkley Petroleum is an exploration and production company focused on the Western Canadian Sedimentary Basin in Alberta, northeastern British Columbia, Northwest Territories and southeastern Saskatchewan. Anadarko estimates Berkley holds 95 million barrels of oil equivalent of net proved reserves (after royalties) — approximately 70 percent of which is natural gas.