Beta Oil & Gas Inc. of Tulsa, OK, plans to acquire privateoil and gas producer Red River Energy Inc., also of Tulsa, for$23.5 — assuming about $7.6 million of existing debt and issuing2.25 million shares of Beta common stock. The deal is subject toapproval by Beta shareholders.
Articles from Acquiring
Beta Oil & Gas Inc. of Tulsa, OK, plans to acquire privateoil and gas producer Red River Energy Inc., also of Tulsa, for$23.5 – assuming about $7.6 million of existing debt and issuing2.25 million shares of Beta common stock. The deal is subject toapproval by Beta shareholders.
Talisman Energy Inc. of Calgary said it was successful in itsoffer to acquire Rigel Energy Corp. About 55 million common shareshave been tendered in response to its offer to purchase all of thecommon shares of Rigel Energy Corp. This represents more than 95%of Rigel shares on a fully diluted basis. All of the conditions ofTalisman’s offer have been satisfied. Talisman has taken up and ispaying for all of the Rigel common shares validly tendered up tothe expiry time of the offer. Talisman intends to acquire theremainder of the Rigel shares.
Trading in El Paso Energy stock was nearly triple normalactivity Friday, thanks to a rumor the company was acquiring SonatInc. Sonat share trading was more than five times the usual volumeas well. Friday El Paso closed down 2 15/16 at 35 _. Sonat closedup 3 1/16 at 30 3/16. El Paso’s 52-week range is 24 11/16 to 393/8, and Sonat’s 52-week range is 23 9/16 to 45.
Consolidated Edison and Orange and Rockland Utilities agreed tomerge with ConEd acquiring all the common stock of O&R for$58.50 per share in a deal worth about $790 million. O&R wouldbecome a wholly owned subsidiary of ConEd. The transaction would beaccounted for as a purchase and is expected to be accretive toConEd’s earnings per share after the first year.
Union Pacific Resources Group agreed to pay about $59 millionfor Occidental Petroleum’s interests in four oil and gas fields insouthwest Wyoming, 23 producing wells in Louisiana, increasedownership in the Masters Creek Gas Plant and nearly 127,000 netacres in the Louisiana extension of the Austin Chalk trend.