Finance/Companies news briefs, Nov. 1
Chaparral Resources � Capco Resources � Reliant Services � Miller Pipeline � American Enviro-Services � Greene Environmental � PanCanadian Petroleum � Montana Power � Tracer Petroleum � Tenggara Oil � Sui Southern Gas Co. � Caltex Oil � Friede Goldman Halter � Harken Energy � Global Ventures/Consultants
Chaparral Resources Inc., Houston, completed the sale of 1,612,903 shares of the company's common stock for $3 million to Canada-based Capco Resources Ltd., in accordance with a September agreement between the two companies. Capco will own 14.28% of Chaparral's outstanding common stock following completion of the sale. Chaparral Resources is an international oil and gas exploration and production company that participates in the development of the Karakuduk field in Kazakhstan.
Reliant Services LLC, a jointly owned company of Vectren Corp. and Cinergy Corp., agreed to purchase the stock of Miller Pipeline Corp., Indianapolis, Ind., from NiSource Inc. for $68.3 million. Miller Pipeline performs underground pipeline construction for natural gas, water, and wastewater. NiSource, based in Merrillville, Ind., said the sale was part of preparations for its merger with Columbia Energy Group, which closed Wednesday.
US Energy Systems Inc. has acquired Greene Environmental Inc., an environmental services and consulting company based in Nashville, Tenn., through US Energy's wholly owned subsidiary, American Enviro-Services Inc.
PanCanadian Petroleum Ltd. said it has completed the $475 million (US) acquisition of Montana Power Co.'s oil and gas division. The sale includes subsidiaries that have interests in exploration, production, and marketing of crude oil, natural gas, and gas liquids in the US and Canada (OGJ Online, Aug. 28, 2000).
Tracer Petroleum Corp., Calgary, said it had terminated a cooperation agreement with Tenggara Oil Bhd., Kuala Lumpur, Indonesia. The agreement had been expected to cover exploration and production and crude trading activity in the Persian Gulf and Caspian Sea regions.
Pakistan's Privatisation Commission has handed over the liquefied petroleum gas (LPG) business of Sui Southern Gas Co. of Karachi to Caltex Oil last week. According to officials of the commission, that deal was worth $6.4 million. The commission had invited bids for the LPG businesses of Pakistan State Oil, Sui Northern Gas Pipeline Ltd., and SSGC in early August.
Friede Goldman Halter Inc. said it had completed a 3-year, $110 million financing arrangement, including a $70 million line of credit and a $40 million term loan. Proceeds from the term note were used to pay off Friede Goldman's existing line of credit of $41 million, said the company.
Harken Energy Corp. said it has retained Global Ventures/Consultants Inc. to provide assistance with highgrading its exploration portfolio and reviewing its exploration opportunities in Latin America. The project will also develop regional databases design to accelerate the evaluation and ranking of exploration potential in Harken's target areas, said the company.