China National Offshore Oil Corp, better known as CNOOC Ltd (Hong Kong: 883, NYSE: CEO) has completed its takeover of Nexen Inc for CAD27.50 per share in cash.

The deal was completed March 1, and shareholders of the former Nexen should be receiving their cash very shortly, if they haven’t already. We’re no longer tracking this stock.

Trading in Poseidon Concepts Corp (TSX: PSN, OTC: POOSF) remains halted. There are a number of shareholder suits ongoing against the company. One US law firm participating is Howard G. Smith of Bensalem, Pennsylvania (888-638-4847).

Given how fast this one imploded, no one should get their hopes up for much restitution. But by the same token shareholders have little to lose, either. My advice is still to sell Poseidon Concepts at the first possible opportunity.

Finally, Primaris Retail REIT was acquired by H&R REIT (TSX: HR-U, OTC: HRUFF) on April 4.

Unitholders should have received by now some combination of 1.166 units of H&R and CAD28 per unit in cash depending on their election at the time of the merger. We’ll delete Primaris from How They Rate coverage next month.

Advice Changes

Advantage Oil & Gas Ltd (TSX: AAV, NYSE: AAV)–To Hold from SELL. The company’s fourth-quarter funds from operations were off by 50 percent on lower gas prices and reduced production. But its key assets are intact, and net asset value of reserves is CAD9.26 per share, nearly three times the current share price. Could this be a takeover target?

Ratings Changes

Safety Ratings

The core of my selection process is the six-point CE Safety Rating System, which awards one point for each of the following. A rating of “6” is the safest:

• Payout Ratio–A ratio below our proprietary industry baseline.
• Earnings Visibility–Earnings are predictable enough to forecast a payout ratio below our proprietary industry baseline.
• Debt-to-Assets Ratio–A ratio below our proprietary industry baseline.
• Short-Term Debt Ratio–Debt due in next two years is less than 10 percent of market capitalization.
• Business Stability–Companies that can sustain revenues during recessions are favored over more cyclical ones.
• Dividend History–No dividend cuts over the preceding five years.