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Article: Shell takeover move on Barrett puts coalbed methane in focus.
- Article from:
- Natural Gas Week
- Article date:
- March 19, 2001
- Author:
CopyrightCOPYRIGHT 2001 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)
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Royal Dutch/Shell's bid for Rocky Mountain coalbed methane producer Barrett Resources last week sent the Denver-based independent's share prices rocketing about 25% on the first day -- well above Shell's $55/share cash offer.
Since then, Barrett has been inching itself up to its current price of $61.76/share as it wrestles with the dilemma of negotiating with Shell or putting itself up for auction.
One of the largest coalbed methane producers in the Powder River Basin, Barrett is the latest to be eyed by one of the integrated oils. Marathon Oil, Texaco and Phillips Petroleum have all bought independent coalbed producers since September 2000.
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