Finance/Companies news briefs, Mar. 26

Geoservices � Schlumberger Oilfield Services � Benton Oil & Gas � DOL Resources � Coastal Resources � Seitel � Grant Geophysical � Ocean Energy � Texoil � Petroleos de Venezuela SA � Massey Energy � Appalachian Synfuel � Pembina Pipeline Income Fund � Pembina Pipeline


Geoservices SA has formed an 8-year alliance to provide advanced mud logging services to Schlumberger Oilfield Services Ltd., said technological holding company ISIS, which owns 35% of Geoservices.

Benton Oil & Gas Co., Carpinteria, Calif., has set a 2001 capital and investment budget of $41 million and expects to spend $44 million in 2002. The bulk�$33 million�will be spent on the South Monagas Unit in Venezuela. The money will go to drill development wells, build a 31-km, 20,000 b/d capacity oil pipeline, and other expenses.

DOL Resources Inc. agreed to acquire oil and gas properties in West Texas that produce $32,000/month from Coastal Resources Corp. for 10 million newly issued shares of DOL based on a tax free exchange. DOL presently owns oil and gas production in Wyoming and Oklahoma with production income of approximately $200,000.00 for fiscal 2000.

Seitel Inc. acquired for an unnamed cash sum 1,300 sq miles of 3D data collected in Texas from Grant Geophysical Inc.

Ocean Energy Inc. completed its acquisition of Texoil Inc. The deal was announced earlier this year (OGJ Online, Jan. 24, 2001).

Petroleos de Venezuela SA is evaluating expanding the presence of its crude and products in South American markets, particularly in Uruguay, Paraguay, Argentina, Chile and Brazil, said PDVSA president Guaicaipuro Lameda Montero, during his address at the 42nd Annual Meeting of the Inter-American Investment Corporation's Board of Governors, in Santiago, Chile.

Massey Energy Co. sold a majority interest in its synfuel-producing subsidiary Appalachian Synfuel LLC to an unidentified affiliate of a major financial institution. Appalachian Synfuel owns and operates a synthetic fuel production facility near Whitesville, W.Va. Terms of the transaction were not disclosed.

Pembina Pipeline Income Fund said the issue of $60 million offering in 8.25% convertible debentures at $1,000 each has closed. The debentures mature on Mar. 31, 2006 and are convertible into Pembina Pipeline Income Fund trust units at $9.00 per trust unit. The net proceeds of approximately $57.9 million will be used to repay a portion of the existing bank debt of Pembina Pipeline Corp., a subsidiary of the fund.

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