British Group Purchases Canadian Interest

BG Group Plc, the British oil and gas group, has agreed to buy El Paso Oil and Gas Canada from El Paso Corp for $345.6 million.

BG believes the undeveloped 630,000 acres of the 690,000 owned by El Paso hold "considerable exploration potential."

The majority of acreage is located in southern and western Alberta and north eastern British Columbia. The acquisition includes production assets as well.