Finance/Companies news briefs, Oct. 16
The 19th Judicial Court for East Baton Rouge Parish, La., ruled in favor of McMoRan Exploration Co.'s sulphur marketing, transportation, and terminaling subsidiary in a contract dispute with IMC Phosphate Co. The court found there is no basis for renegotiation of the contract.
Kicking Horse Resources Ltd., Calgary, enacted a shareholder rights plan with "poison pill" protection against unwanted takeovers. The plan triggers if a purchaser acquires or announces the intention to acquire 20% or more of the company's outstanding common shares.
Quadra Resources Corp., Calgary, terminated an agreement with OOO Kenes regarding the potential acquisition of an oil field in western Kazakhstan (OGJ Online, Jan. 8, 2001).
Fred. Olsen Energy ASA completed its purchase of 883,500 shares in each of Atlan Shipping Co. Ltd. and Aztlan Shipping Co. Ltd. for $477,090. FOE now owns 100% of both companies. Previously, it owned 91.5%. Those companies indirectly hold FOE's ownership interests in Harland & Wolff Group PLC, Titanic Properties, and Titanic Quarter. Following completion of a rights issue, it is anticipated that FOE's ownership in Harland & Wolff yard will increase to 92.2% from 70.8%.
Stone Energy Corp., Lafayette, La., agreed to acquire a number of Gulf of Mexico oil and natural gas properties from Conoco Inc., Houston, for $300 million, depending on preferential rights elections exercised by other companies. Conoco said the properties are noncore assets. The properties are in the Main Pass, South Marsh Island, Ship Shoal, Ewing Bank, and Mississippi Canyon areas. The transaction will be effective at yearend.
Houston Exploration Co., Houston, reorganized its operations by creating two operating divisions, onshore and offshore.
Seven Seas Petroleum Inc., Houston, said it will not extend its rights offering to shareholders residing in Canada, because Canadian securities authorities have declined its application for relief from Canadian requirements applicable to the rights offerings.
An affiliate of Nabors Industries Inc., a Houston-based drilling contractor, purchased 66,300 shares of Canadian company Command Drilling Corp. After the purchase, 19552 Yukon Inc. owns 11.5% of Command. The company has offered to acquire all of Command Drilling.
Plains Resources Inc., Houston, amended its senior secured revolving $225 million credit facility to allow Plains to purchase up to $150 million of any combination of its common stock, its senior
subordinated notes, and Plains All American Pipeline LP.
Northern Oil ASA, Oslo, agreed to purchase an additional 3.5 million shares in Yukon-based Naftex Energy Corp., bringing its stake to 87.9% from the previous 84.2%.
Tusk Energy Inc., Calgary, approved the issue of up to 3.4 million flow-through common shares at $1/share.
Quicksilver Resources Inc., Fort Worth, begins trading on the New York Stock Exchange Oct. 22.