Since XTO Energy's
Here's a three-part answer to that question:
Things kicked into high gear about a month ago, with a successful $2.6 billion cash bid by the foreign investment arm of India's state-backed ONGC for U.K.-listed Imperial Energy.
The Russia-focused player was reportedly also in the sights of Sinopec, the parent of China Petroleum & Chemical
Next came a bid from Eni
No long-term holders can be pleased with the $3.60 bid, which values First Calgary at just shy of $1 billion, but it appears that the heady valuations of the past were wildly optimistic. Proved reserves net to First Calgary were estimated at roughly 55 million barrels of oil equivalent at the end of 2006.
The Middle East
Rounding out the trio of transactions is Sinopec's purchase of Tanganyika Oil, another Canadian-listed player with Syrian heavy oil assets. This marks a comeuppance for Sinopec, since ONGC was the primary rival bidder here.
Tanganyika has been studying the cyclic steam stimulation technique pioneered by Royal Dutch Shell
In short, fellow Fools would do well to look a bit further afield when perusing their oil patch investment options. A starting place might be this Middle Eastern player that Wall Street continues to ignore. For even more ideas, check out the Independent Oil & Gas tag on Motley Fool CAPS.