Finance/Companies news briefs, Nov. 22
Western Geophysical � Magic Earth � Empire Energy � European Bank for Reconstruction and Development � Frontera Resources � Sunland Construction � Woodson Construction � HBH � Kori � Transcoastal Marine Services � Enterprise Products Partners � Repsol-YPF � Repsol Petroleum � Sutton Oil Group � Tyumen Oil � Onako �
Baker Hughes Inc.'s seismic division Western Geophysical and Magic Earth LLC, both of Houston, will combine Western Geophysical's seismic data acquisition and processing resources with Magic Earth's volume visualization and interpretation tools as part of a global integration agreement. The companies will combine Western Geophysical's processing and multiclient seismic libraries with Magic Earth's visualization and interpretation systems. Western Geophysical will also use Magic Earth's GeoProbe software throughout its operations. Western Geophysical said the companies also will jointly implement, market, and distribute their integrated tools worldwide, and jointly operate Magic Earth's first immersive visualization center in Houston.
Empire Energy Corp., Overland Park, Kan., has acquired a 30% working interest in the Bedsole Unit lease in Leon County, Tex., from an undisclosed company. The lease contains 704 acres and one well, the T-BAR-X Bedsole No. 1. Partners in the well are conducting flow tests are on several intervals in the Cotton Valley sand at 12,738-13,446 ft. Both 3D and gravity seismic indicate the possible presence of two pinnacle reef structures on the lease. Empire is seeking to acquire more of the lease.
Sunland Construction Inc. said it has acquired the assets of Woodson Construction Co., HBH Inc., and Kori Corp. from Transcoastal Marine Services Inc. The pipeline construction company said the acquisitions have allowed it to enter the fields of marine pipeline construction and repair and the manufacture of amphibious undercarriages.
Enterprise Products Partners LP said its operating partnership, Enterprise Products Operating LP, has completed the syndication of a $400 million revolving credit facility with a group of 15 banks. The facility replaces Enterprise's $350 million bank credit facility.
Repsol-YPF SA has sold Repsol UK's fuel retail and commercial business, Repsol Petroleum Ltd., to Sutton Oil Group for an undisclosed consideration. Repsol Petroleum will be renamed Anglo Petroleum. Repsol said the divestiture is part of a plan developed after the acquisition of YPF by Repsol last year.
Russian company Tyumen Oil Co. has won five seats on the board of directors of Onako, consolidating its control over the Russian oil producer. Tyumen affiliate Evro-Tek acquired an 85% stake in Onako in September (OGJ Online, Sept. 25, 2000). Also, Tyumen Oil said the Khanty-Mansiisk arbitration court has dismissed a lawsuit filed by investor Kenneth Dart's company Vanguard International that related to Tyumen's acquisition of Kondpetroleum.