Calgary’s Gibson Energy Inc. is beefing up its U.S. onshore services with a US$445 million agreement to buy privately held Omni Energy Services Corp., based in Louisiana.
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Ram Energy Buyout in Works by Ex-Petrohawk Chief
Former Petrohawk Energy Corp. CEO Floyd C. Wilson, who recently created Halcon Resources LLC, is working with a group of investors to buy Tulsa-based Ram Energy Resources Inc., a small-cap explorer that operates primarily in Texas, Louisiana and Oklahoma.
Industry Brief
Forest Oil Corp. and The Houston Exploration Co. (THX) stockholders separately have approved a merger agreement between the two companies (see Daily GPI, Jan. 9). On a pro forma basis, the acquisition will give Forest a total estimated proved reserves base of 2.0 Tcfe, of which about 69% would be classified as proved developed and approximately 70% would be natural gas. Denver-based Forest management and its board of directors will continue in their current positions, and it is anticipated that Forest will create a new business unit to be located in Houston. Under the terms of the agreement, THX stockholders will receive total consideration equal to 0.84 shares of Forest common stock and $26.25 in cash for each outstanding share of THX common stock, which represents $60.02/share to be received by THX stockholders based on the average closing price of Forest shares during the 10-day valuation period specified in the merger agreement. About 18.5 million of THX outstanding total shares, or 65.2%, voted to approve the transaction. Following the closing, Forest stockholders will own 73% of the combined company; THX stockholders will own 27%.
TXU to Take $4.2B 4Q Charge for European Operations
TXU Corp. will write off $4.241 billion in obligations against failing subsidiary TXU Europe LLC, according to a pro forma financial filing 8-K with the Securities and Exchange Commission on Tuesday. The adjustments for the fourth quarter will include “anticipated obligations” to pull out of Europe, which totals about $3.611 billion to write off the European investment.