Debt

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.

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.

Costilla Energy Inc. of Midland, TX, got another reprieve on itsdebt repayment when its bank credit facility was amended providingfor an extension of the $10.2 million principal payment until June18. The payment was due yesterday after a previous extension. Theindependent oil and gas company is in the process of divesting itsRocky Mountain oil and gas properties.

Marathon Oil plans to return to Canada with its agreement toacquire Tarragon Oil and Gas Ltd. of Calgary for $1.1 billion,including $340 million of assumed debt. Marathon has not held oilor gas properties in Canada since divesting its Canadian holdingsin 1982.