Finance/Companies briefs, May 14
Athabasca Oil Sands Trust ... Bonus Resource Services ... Halter Marine Inc. ... Search Energy Corp.
Athabasca Oil Sands Trust and Canadian Oil Sands Trust, both Calgary companies, have outlined the terms of a proposed merger, announced Mar. 8. If trust holders of both companies approve at separate annual meetings set for June 21, Canadian Oil Sands unit holders will receive one unit of Athabasca Oil Sands for each Canadian Oil Sands unit. The combined trust will be the Canadian Oil Sands Trust.
Bonus Resource Services Corp., Calgary, said that effective May 15, it will trade under the name Enserco Energy Service Co. Inc. on the Toronto Stock Exchange under the trading symbol ERC. The number of shares outstanding will be reflective of a 1-for-4 share consolidation. Total shares outstanding will be 26 million.
Halter Marine Inc., the vessel segment of Friede Goldman Halter Inc. of Gulfport, Miss., has signed a letter of intent to build a 220-ft offshore supply vessel. The contract terms were not disclosed. Friede Goldman Halter designs and makes maritime and offshore energy equipment. The company has filed for Chapter 11 bankruptcy protection (OGJ Online, Apr. 20, 2001).
Search Energy Corp., Calgary, said its security holders will vote May 23 on a proposed reorganization into the Advantage Energy Income Fund. The reorganization would convert Search from a corporate entity to a trust entity that would distribute a portion of its cash flow to trust unit holders. Under the proposal, Search shareholders would receive one trust unit in Advantage in exchange for four Search shares.