Pure Resources Inc. on Thursday said the special committee of its board of directors is reviewing the revised exchange offer from Unocal Corp., but made no comment on whether the second offer from its 65% shareholder was enough. Unocal has been attempting to obtain the other 35% of Pure Resources for several weeks (see Daily GPI, Oct. 3).

Unocal subsidiary Union Oil Company of California sent an amended offer after the special committee determined the initial bid was “inadequate and not in the best interests of Pure Resources’ stockholders, other than Union Oil and its affiliates.” The new proposal increases the ratio for each Pure Resources share from 0.6527 to 0.70 for each Unocal share that is exchanged.

Pure Resources, which was formed in May 2000 through a combination of Titan Exploration Inc. and Unocal’s Permian Basin business unit, develops and produces oil and natural gas in the Permian Basin, the San Juan Basin, the Gulf Coast and the Gulf of Mexico. It also owns an undivided interest under approximately 6 million gross fee mineral acres throughout the southern Gulf Coast region of the United States.

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