Finance/Companies news briefs, Jan. 10
Quicksilver Resources � Mercury Exploration � Williams � Precision Drilling � BecField Drilling Services � Talisman Energy � Enterprise Oil � Nuevo Energy � Naftex ARM � ONEOK Resources � Magnum Hunter Resources � Benson Petroleum � Southward Energy
Quicksilver Resources Inc., Ft. Worth, Tex., has acquired substantially all the natural gas processing, gathering, transmission, compression, and marketing assets of Mercury Exploration Co. for $18 million. Additionally, Quicksilver completed the previously agreed upon purchase of the remaining minority interest in its Canadian subsidiary, MGV Energy Inc. of Calgary, for the equivalent of 283,669 shares of Quicksilver common stock.
Williams has filed a preliminary prospectus supplement with the US Securities and Exchange Commission announcing its intention to sell 30 million shares of common stock to the public. Williams said net proceeds of the offering will be used to fund the company's energy-related capital program, to repay debt and for general corporate purposes.
Precision Drilling Corp., Calgary, has acquired BecField Drilling Services Co., which provides directional drilling and measurement-while-drilling services to the onshore and offshore oil and gas industry.
Calgary-based Talisman Energy Inc. has denied UK news reports that it is one of several companies involved in a takeover bid for Enterprise Oil PLC of the UK. Talisman reportedly was a possible bidder for Enterprise along with Amerada Hess Corp. and Anadarko Petroleum Corp. Talisman CEO Jim Buckee denied that, but said Talisman is open to acquisitions.
Nuevo Energy Co. has bought 2,900 acres of leases in Kern County, Calif., from Naftex ARM LLC. The acreage is southeast of and on trend with Nuevo's deep Point of Rocks discovery, the Star Fee 701 well, which was producing 1,000 boe/d.
ONEOK Resources Co., Magnum Hunter Resources Inc.'s biggest shareholder, has converted its $25 million in Magnum preferred stock to 4.8 million common shares.
Benson Petroleum Ltd., Calgary, said Jan. 8 Southward Energy Ltd.'s unsolicited offer to purchase outstanding stock at $2.65/share is inadequate.