Energy Search Inc. announced that it will hold a special meeting of its common and preferred shareholders on July 19 in Knoxville, TN, to vote on a proposal to approve the merger of Energy Search and EOG Resources Inc. and to approve the transactions proposed by the merger agreement. If the merger and related transactions are approved, shares of Energy Search common stock and preferred stock will be converted to the right to receive $8.22 in cash. Only those persons who owned common stock or preferred stock of Energy Search at the close of business on the first of June will be entitled to vote on the proposal. The board of directors of Energy Search said it unanimously recommends that stockholders vote for the merger proposal. Under the agreement first announced in late May (see Daily GPI, May 24), EOG Resources said total consideration for Energy Search would equal about $37.6 million. Energy Search is an independent oil and gas exploration and production company focused primarily on developmental drilling and production of natural gas reserves in the Appalachian Basin. Energy Search holds 75 Bcfe of reserves and produces about 7 MMcf/d of Appalachian natural gas. Its proven reserves increased 17.9% in 2000 compared to 1999.
Knoxville
Articles from Knoxville
New Tengasco Line Begins Service
Knoxville-based Tengasco last week began natural gas deliveries over its new intrastate pipeline to Eastman Chemical Co. under a 20-year sales contract that calls for a minimum of 10 MMcf/d. The contract, which will supply at least 80% of Eastman’s gas requirements in Kingsport, TN, is estimated to generate over $200 million of revenues during its term.
New Tengasco Line Begins Service
Knoxville-based Tengasco yesterday began gas deliveries over its new intrastate pipeline to Eastman Chemical Co. under a 20-year sales contract that calls for a minimum of 10 MMcf/d. The contract, which will supply at least 80% of Eastman’s gas requirements in Kingsport, TN, is estimated to generate over $200 million of revenues during its term.
Energy Search Makes Production-Boosting Deal
With prices looking up, Energy Search Inc. of Knoxville, TN,sought and will get a boost to help develop some of its oil and gasproperties. The company made a deal to accelerate development withSouthern Producer Services, a subsidiary of Atlanta-based SouthernEnergy Inc.
Energy Search Makes Production-Boosting Deal
With prices looking up, Energy Search Inc. of Knoxville, TN,sought and will get a boost to help develop some of its oil and gasproperties. The company made a deal to accelerate development withSouthern Producer Services, a subsidiary of Atlanta-based SouthernEnergy Inc.
Tengasco Completes Eastern Tennessee Pipe
Tengasco, Inc. of Knoxville, TN, completed its $10 million,28-mile pipeline in Eastern Tennessee. The pipeline originates atthe company’s Swan Creek Natural Gas Field into Rogersville, TN.Hawkins County Utilities District has connected Swan Creek to itsdistribution network. Three small tie-ins and testing of facilitiesremain before Tengasco furnishes gas to East Tennessee bymid-April.
