U.S. oil property sales set record in 1997. (Randall & Dewey Inc. report)(Brief Article)

U.S. oil and gas property sales hit a record level of $23 billion in 1997, according to Randall & Dewey Inc., Houston. The annual total was more than three times the largest amount recorded since Randall & Dewey began keeping track of these transactions in 1989.

The year started with a bang, with first quarter acquisitions and divestments (A&D) totaling $3.3. billion, according to the firm's quarterly analysis of industry A&D.

David L. Bole, vice-president of corporate research and development, said demand for acquisitions and "a hefty increase in transaction values" in 1997 helped "draw out additional supply." He said the resulting transaction "boom," as well as …