READING, England, March 24, 2004 (PRIMEZONE) -- Media Information -- BG Group today announced that it has completed the purchase of El Paso Oil and Gas Canada, Inc., from El Paso Corporation for a cash consideration of US$ 345.6 million.
The announcement that BG Group had agreed the purchase was made on 16 February 2004.
The assets held by the acquired company, which will now be called BG Canada Exploration and Production Inc. ("BG Canada"), include 630,000 acres of net undeveloped oil and gas acreage, which BG believes hold considerable exploration potential.
The company also holds producing assets, concentrated in four core areas in Alberta and British Columbia.
There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to the Company's annual report and accounts for the year ended 31 December 2002.
Notes to Editors:
The properties are located in the Western Canadian Sedimentary Basin, with the 630,000 acres of net undeveloped land representing 91% of the total land position. The Ryder Scott evaluated proved reserves of 132 billion cubic feet equivalent are concentrated in the four core areas of Bubbles and Ojay/Sundown (British Columbia) and Waterton and Copton (Alberta).
BG has four business segments - Exploration & Production, Liquefied Natural Gas, Transmission & Distribution and Power Generation. Active in some 20 countries on five continents, its core geographical areas are the UK, Kazakhstan, Egypt, Trinidad & Tobago, South America and India.
PR/10984
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