Sheer Energy
Canada
Cygam, f/k/a Sheer Energy
Now known as Cygam, Sheer Energy was acquired by American firm Rigo Oil Company Limited in 2005, according to Cygam's financial statements (Cygam Energy Interim Consolidated Financial Statements, June 30, 2006).
According to its website, Cygam currently has operations in Canada, Tunisia, and Italy (Cygam Energy Website, accessed July 21, 2010).
Date: May 2002 – May 2004
Deal: According to Rig Zone, the Cyprus office of Canadian oil company Sheer Energy negotiated a 49 percent stake in a deal with Naftgaran Engineering Services Company to redevelop the Masjed-i-Suleyman oilfield in Iran. The deal, worth $81 million over four years, called for the company to perform "a detailed reservoir simulation study, recomplete six wells, drill two new vertical wells and eight horizontal wells, and construct processing and water re-injection facilities to handle the targeted production level of an incremental 20,000 barrels of oil per day" (Rig Zone, May 28, 2002).
In May 2004, the Chinese National Petroleum Corp. (CNPC) bought Sheer Energy's stake in the field, according to an industry publication. CNPC completed drilling on the oil well in 2010 (Oil Daily, April 7, 2010).
U.S. Business Ties: According to USASpending.gov, Sheer Energy and Cygam Energy have not received any U.S. government contracts in the last 10 years (USASpending.gov, accessed July 21, 2010).
Neither company appears to have or have had any business interests in the United States.