Finance/Companies news briefs, Oct. 4
Industrial Credit & Investment Corp. � Industrial Development Finance Corp. � State Bank of India � Petronet LNG � Delta Petroleum � Whiting Petroleum � Boots & Coots International Well Control � Baylor � Paradigm Geophysical � Sysdrill � Crown Central Petroleum � Apex Oil � BP � IGI Resources � Golden Chief Resources � MJM Oil & Gas � Naftex Energy � FieldPoint Petroleum � Fletcher Challenge Energy � Petroz � Infinity � Paradigm Geophysical � Chevron Petroleum Technology
Three major Indian financial institutions�the Industrial Credit & Investment Corp. of India, Industrial Development Finance Corp., and State Bank of India�will collectively pick up a 26% equity stake in the government-owned company Petronet LNG Ltd. India had announced the Ras Laffan LNG Co. of Qatar (RasGas) and Gaz de France shares of 10% each earlier this year (OGJ Online, June 23, 2000).
Delta Petroleum Corp. said it completed the acquisition of producing wells and acreage located mostly in Eland and Stadium fields in Stark County, ND, by paying Whiting Petroleum Corp. the remaining balance of $1,845,000 including production credits. Current production net to the interest acquired by Delta is approximately 340 boe/d.
Boots & Coots International Well Control Inc. has closed the sale of the assets of the Baylor Co. and its subsidiaries to National Oilwell Inc. The sale was announced earlier this quarter (OGJ Online, Aug. 2, 2000).
Paradigm Geophysical Ltd. has formed a strategic alliance with Sysdrill Ltd., a software and service provider for drilling, engineering, and well operations solutions. The agreement also includes a framework for acquiring a controlling interest in Sysdrill's operations, said Paradigm.
Crown Central Petroleum Corp. has granted Apex Oil Co. an extension to Oct. 31 to present a definitive acquisition proposal. Previously, the proposal was to have been submitted by Sept. 29 (OGJ Online, Aug. 24, 2000).
BP has completed the purchase of energy marketing company IGI Resources Inc. IGI has sales of 600 MMcfd of gas, primarily to industrial companies. The purchase was originally announced in July (OGJ Online, July 11, 2000).
Golden Chief Resources Inc. will acquire MJM Oil & Gas Inc., Richardson, Tex., for 30% of Golden Chief's shares. MJM operates 150 oil and gas wells in Texas. Golden Chief said the deal is contingent on its raising at least $10 million for further development of the MJM properties.
Naftex Energy Corp. said the Canadian Venture Exchange Inc. has accepted its application to list its shares on Tier 3 of the exchange.
FieldPoint Petroleum Corp., Austin, Tex., has acquired working interests in two leases in the Hutt (Wilcox) field in Atascosa and McMullin counties, Tex., for $170,000. The leases include 14 wellbores, two of which are producing 25 b/d of oil. FieldPoint plans facilities improvements, production equipment upgrades, and wellbore optimization activities.
Fletcher Challenge Energy Ltd., a unit of New Zealand company Fletcher Challenge Ltd., has exercised an option to acquire 14.99% of Australian exploration company Petroz NL's 196,765,947 issued shares for $12.84 million (Aus.). Following the exercise of the option, FCE owns 13.04% of Petroz's new issued capital of 226,280,837 shares. FCE recently announced plans to acquire 33.37% of Petroz in two stages, the first about 15% (OGJ Online, July 26, 2000).
Infinity Inc., Chanute, Kan., plans to sell 87.5% of its interest in the LaBarge coalbed methane project in Sublette County, Wyo., to an unnamed independent producer for an disclosed amount of cash and commitments to pay 100% of the drilling and completion costs associated with the five-well pilot program. The buyer will carry Infinity's 12.5% interest in LaBarge development, up to $5 million.
Paradigm Geophysical Ltd. and Chevron Petroleum Technology Co., a division of Chevron USA Inc., have entered into a multi-year agreement to develop products for geoscience computer-based applications for oil and gas exploration and production. The companies would focus first on a Nuclear Magnetic Resonance well-log analysis module for use in Paradigm's well log analysis product .