Anadarko Completes Gulfstream Acquisition

Anadarko Petroleum Corporation has acquired 100 percent of the common shares of Canadian-based Gulfstream Resources Canada Limited.

The Gulfstream shares tendered were purchased for C$2.65 per share, for a total value of approximately US$118 million plus the assumption of approximately US$10 million of debt.

Gulfstream is being acquired through Anadarko Canada (International) Acquisition Corporation, an indirect, wholly owned subsidiary of Anadarko Petroleum Corporation.

Gulfstream's assets and operations will continue as part of Anadarko's international exploration and operations groups, which oversee a number of the company's international activities from the Houston headquarters.

The acquisition of Gulfstream gives Anadarko additional proved reserves of approximately 70 million barrels of oil equivalent.