|
|
Article: Reserve-purchase prices slip off 5 1/2-year high.
- Article from:
- The Oil Daily
- Article date:
- November 18, 1997
- Author:
CopyrightCOPYRIGHT 1997 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Prices paid for oil and gas reserves slipped during the third quarter after hitting a 5-1/2-year high the previous three months, but the lower prices didn't do much to encourage more acquisition activity, which declined as well.
The drop in the number of transactions confirms that companies continued to expand their reserves through the drill bit, Cornerstone Ventures L.P., a Houston-based investment bank, said in its quarterly review of reserve trans- actions.
The median value for reserves in the third quarter was $4.93/bbl of oil equi- valent (boe), down from a revised $5.18/boe in the second quarter. That had been the highest in 21 quarters and the fifth ...