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Dana Petroleum completes acqusition of Petro Canada Netherlands

Scotland's Dana Petroleum has acquired a number of new North Sea oil and gas assets.

15 June 2010

Scotland's Dana Petroleum has confirmed that it has reached an agreement to acquire Petro Canada Netherlands as it moves to boost its presence in the North Sea oil and gas sector.

Following on from successful negotiations, the Aberdeen-based firm has announced the completion of what it has labelled as the most significant development in its history.

Under the terms of the deal, which will be funded through a loan and credit facility from the Royal Bank of Canada, Dana will pay £270 million for Petro Canada Netherlands, thereby gaining access to an additional 18 oil-producing fields and helping to boost its potential reserves by around 31 million barrels.

Announcing the news, chief executive Tom Cross stated: "The acquisition adds considerably to our operating capability in the North Sea.

"It also extends our existing UK gas business, providing a European gas context and a first-time exposure to gas storage technology and opportunities."

At the same time, the Apache Corporation has confirmed that it has reached a new acquisition agreement which will see it take control of Devon Energy Corporation's oil and gas assets off the Gulf of Mexico.

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