Dana buys into Norway

Dana Petroleum is to buy shares in Norwegian independent Ener Petroleum, with a view to gaining a controlling interest in and ultimately ownership of the company.

Offshore staff

ABERDEEN, UK --Dana Petroleum is to buy shares in Norwegian independent Ener Petroleum, with a view to gaining a controlling interest in and ultimately ownership of the company.

Funds raised for the proposed transaction will be used to grow Ener's exploration and production business on the Norwegian shelf.

On completion of the deal, which is subject to approval from Norway's government, Dana will have interests in 17 producing fields in the North Sea. Ener will bring the company Norwegian production of around 5,400 boe/d, and stakes in some potentially attractive exploration targets. One of these should be drilled this summer.

06/18/2007

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