Finance/Companies news briefs, Nov. 30
Foster Wheeler � Harken Energy � Patina Oil & Gas � Elysium Energy Partners
Foster Wheeler Corp. directors approved a plan to modify the corporate structure to be based in Bermuda. This plan is subject to approval by two thirds of the company's stockholders at the annual meeting in April. Richard J. Swift, Foster Wheeler's chairman, president, and CEO, said: "The majority of our revenues and income is derived from outside the United States, and we believe that the business, regulatory, and tax environment in Bermuda should enable us to create more value for our stockholders."
Harken Energy Corp. said the Costa Rican Supreme Court issued a clarification to a ruling in a case brought by indigenous people (OGJ Online, Sept. 18, 2000). The court said the ruling�which agreed indigenous people were not adequately consulted before the exploration concession award to Harken�applies to only about 10% of Harken's 1.4 million acreage holding. The disputed area is the portion of onshore Blocks 2 and 4 that are designated as reservations for the indigenous people.
Patina Oil & Gas Corp., Denver, Colo., completed acquisition of various property interests out of a bankruptcy proceeding. Proved reserves of the interests approximate 13.3 million boe net to Patina. The properties are in the Illinois basin, the San Joaquin field of California, and the Lake Washington field of Louisiana. The assets were acquired through Elysium Energy Partners LLP, in which Patina holds 50%. The other half is held by an unnamed private company.