Rider Resources Inc., Calgary, will offer to purchase all issued and outstanding shares of Circle Energy Inc., also of Calgary. Rider will offer 0.42 shares for each Circle share. Also, Circle shareholders will be able to offer 20% of their shares for cash of 48¢ (Can.)/share. The combined entity would produce 900 boe/d.
Executive management of Plains All American Pipeline LP have purchased another 2% ownership interest in the general partner of PAA from Plains Resources Inc.
NefteBid, a Former Soviet Union, internet exchange for trading of oil products, has begun trading. Sibneft is the leading shareholder in NefteBid.
The US Environmental Protection Agency proposed to add the Brine Service Co. site in the western section of Corpus Christi, Tex., to the federal Superfund National Priorities List. The site includes two adjacent waste disposal pit areas previously owned by Brine that reportedly received oil field and refinery wastes from 1946 through the 1960s, said the EPA.
Soho Resources Corp., Vancouver, has agreed to a share exchange with Huntford Resources Corp., Denver, under which Huntford will become a wholly owned subsidiary of Soho. Soho plans to file for regulatory approval immediately.
Exco Resources Inc., Dallas, plans to repurchase up to 1.5 million shares of its common stock and 5% convertible preferred stock.
Range Petroleum Corp., Calgary, plans a private placement of 15 million shares to raise $1.5 million. The proceeds will be used to fund a six-well shallow gas drilling program in the Western Canadian Sedimentary basin. Range also said in November it will seek shareholder approval to consolidate the current share capital on a one-for-five basis.
Beta Oil & Gas Inc., Tulsa, has authorized a stock repurchase of up to $1 million over the next 4 months.
Equilon Enterprises LLC has acquired Salem, Ore.-based Valley Oil Co.'s transmix processing facility in El Mirage, Ariz., near Phoenix. Terms of the acquisition were not disclosed. Equilon recently built a transmix processing unit at its Odessa, Tex., terminal that began operation in July, 2001.
Maverick Tube Corp., St. Louis, Mo., plans to repurchase up to 1.2 million shares of common stock.
Command Drilling Corp., Calgary, has reviewed the unsolicited proposal by an affiliate of Houston-based Nabors Industries Inc. to buy the company (OGJ Online, Sept. 17, 2001). Executives called the offer "opportunistic and inadequate."
Noble Affiliates Inc., Houston, has expanded its stock repurchase program to $100 million from $50 million.
National Energy Group Inc., Dallas, has conveyed its oil and gas properties to a limited liability company, NEG Holding LLC, in compliance with its bankruptcy court plan of reorganization and filing of its 2001 proxy statement.
Magnum Hunter Resources Inc., Irving, has completed the acquisition of $31.3 million of Delaware basin reserves in Eddy and Lee counties of Southeast New Mexico from Mallon Resources Corp. (OGJ Online, Aug. 13, 2001). The amount was subject to purchase price adjustments.
Cheniere Energy Inc., Houston, has bought out its partner, Zydeco Energy Inc., Houston, in the proprietary seismic data set that covers 230 sq miles in West Cameron Parish, La. Seismic Exchange Inc. has agreed to acquire Cheniere's West Cameron transition zone 3D survey to market to other companies. Cheniere will also retain a license to the data.
Canadian company Mera Petroleums Inc. plans to repurchase up to 5% of its common shares (about 376,500 shares) over a 1-year period.
Pride International Inc. and Marine Drilling Cos. Inc. have completed their merger (OGJ Online, May 24, 2001).