Saskatchewan Oil & Gas Corporation
Encyclopedia
Saskatchewan Oil & Gas Corporation, also known as SaskOil, was a Crown corporation owned by the Government of Saskatchewan. Established in 1973, it was responsible for oil
and natural gas
exploration, extraction, and marketing in the province of Saskatchewan
. In 1986, the government sold the majority of the company to the public. Its name was changed to Wascana Energy Inc and shares were made available on the public markets. In 1987 the last remaining government interest in the corporation was sold to Canadian Occidental Petroleum.
In 1997 Talisman Energy
initiated a hostile takeover of Wascana Energy. However, this was countered by white knight
Canadian Occidental, which responded with a higher bid that was supported by Wascana's board of directors.
and Algeria
.
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
exploration, extraction, and marketing in the province of Saskatchewan
Saskatchewan
Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota....
. In 1986, the government sold the majority of the company to the public. Its name was changed to Wascana Energy Inc and shares were made available on the public markets. In 1987 the last remaining government interest in the corporation was sold to Canadian Occidental Petroleum.
In 1997 Talisman Energy
Talisman Energy
Talisman Energy Inc. is one of Canada's largest petroleum SB companies. Based in Calgary, Alberta, Talisman Energy has operations around the globe including: Canada and the United States of America in North America; Colombia and Peru in South America; Algeria in North Africa; United Kingdom,...
initiated a hostile takeover of Wascana Energy. However, this was countered by white knight
White knight (business)
In business, a white knight, or "friendly investor," may be a corporation or a person that intends to help another firm. There are many types of white knights...
Canadian Occidental, which responded with a higher bid that was supported by Wascana's board of directors.
Operations
In 1997, Wascana was one of the top three oil and gas producers in Canada, producing 115,000 barrels of oil equivalent in Northern Canada and 264,000 worldwide, with international interests in VenezuelaVenezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
and Algeria
Algeria
Algeria , officially the People's Democratic Republic of Algeria , also formally referred to as the Democratic and Popular Republic of Algeria, is a country in the Maghreb region of Northwest Africa with Algiers as its capital.In terms of land area, it is the largest country in Africa and the Arab...
.