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PetroFalcon takes Anadarko in Venezuela

Offshore staff

CARACAS, Venezuela – PetroFalcon Corp. has agreed to acquire 100% of Anadarko Venezuela Co. for $200 million, pending approval from the Ministry of Energy and Petroleum.

Anadarko Venezuela holds 18% of Petroritupano SA and a $58-million credit with the Venezuelan government for new oil and gas investments.

"This type of producing property mix makes an ideal acquisition target," says Bill Gumma, PetroFalcon president. "The production comes from eight fields with over 228 producing wells and multiple reservoirs stacked vertically on simply faulted anticlinal structures. Of the 35.8 MMbbl of 2P reserves net to Anadarko Venezuela's interest, over 80% are in the proved category. This high proved-to-2P ratio suggests a relatively stable and predictable production stream."

04/07/2008

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