Finance/Companies news briefs, Sept. 29
Hunt Oil � Waterous & Co. � Miller Petroleum � EXCO Resources � Coflexip Stena Offshore � Cal Dive International � FX Energy � Polish Oil and Gas � GEOCAN Energy � Tri-Tech Resources
Hunt Oil Co. has retained Waterous & Co. to assist in the divestiture of its assets in Wyoming as it repositions its exploration and production focus in the US to the Gulf Coast states and the Gulf of Mexico. Hunt has assets in the Green River, Powder River, Wind River, and Big Horn basins; they include 18 producing fields.
Miller Petroleum Inc., Huntsville, Tenn., announced today the sale of a 40,000-acre lease located in Leslie, Clay, Bell, Harlan, and Knox counties, Ky.. CEO Deloy Miller said the sale reduces the total company debt by 50%. The $250,000 net proceeds will be used to further develop Miller's 20-well farmout agreement with Tengasco Inc., said Miller.
EXCO Resources Inc., Dallas, said Monday it's completed a previously announced acquisition of oil and natural gas assets from an unnamed independent producer for $48 million in cash, plus warrants to buy 200,000 shares of EXCO common stock at $11/share. An EXCO spokesman said the assets include acreage in Texas' Permian basin. Properties are also being acquired in Mississippi, Colorado, Wyoming, and New Mexico. EXCO expects the acquisition to add 8.3 million bbl of proven oil reserves and 37.3 bcf of proven natural gas reserves to its holdings. It also doubles EXCO's net oil and NGL production to 2,500 b/d of oil and increases its net gas production by 50% to 15.800 MMcfd. EXCO will open a Denver office as a result of the transaction.
Coflexip Stena Offshore, Paris, said it sold on Wednesday the 3,699,788 shares of common stock it held in Houston-based Cal Dive International Inc. Coflexip issued a prospectus supplement Aug. 31 (OGJ Online, Sept. 4, 2000). Coflexip sold the shares at a net price of $50.39/share in New York on Wednesday, Sept. 27.
The chief financial officer of FX Energy Inc., Salt Lake City, said Thursday that his company is seeking to fund the majority of its development costs in the Fences project in western Poland with debt. CFO Thomas B. Lovejoy said FX Energy is in discussions with a commercial bank and is evaluating other potential sources of capital outside of the equity markets. The Fences project area is 300,000 acres located in western Poland, where FX Energy (49%) and the Polish Oil & Gas Co. (51%) are focused on two separate geologic trends (OGJ Online, Sept. 4, 2000).
GEOCAN Energy Inc., Calgary, said Wednesday it's acquiring for $210,000 in cash and GEOCAN stock all the issued and outstanding shares of Tri-Tech Resources Ltd., a private Alberta company that holds working interests in producing oil wells in Alberta's Dina and Staplehurst areas. The purchase raises GEOCAN's interest in Dina to 30%. The Staplehurst property includes two producing heavy oil wells plus undrilled lands. The purchase price of $210,000 will be paid in part by the issuance of 120,000 common shares of GEOCAN at a price of $0.50/share and the balance of $150,000 in cash.