Additional briefs

• Apache Corp., Houston, is buying Occidental Petroleum interests on the Outer Continental Shelf of the Gulf of Mexico and gas production for $385 million, a portion of which will be paid in future years. The interests comprise properties in 32 fields, half of them operated, on 93 blocks with total proved reserves of 56.8 million BOE. Included in the package is proprietary 3-D seismic data on 113 blocks covering 1,022 square miles. • Baker Hughes Inc., Houston, has appointed Michael E. Wiley chairman of the board, president, and chief executive officer. Wiley was president and chief operating officer of Atlantic Richfield Co. until BP's purchase of Arco in May. Previously, he was chairman, president, and chief executive officer of Vastar Resources Inc. Wiley began his career with Arco in 1972 as a drilling engineer. He served in numerous engineering and operational assignments in Arco's lower 48, Alaska and international oil and gas operations. He became president of Arco Oil and Gas in 1993. • Richard White has resigned as chief executive officer of Veritas DGC Inc., Houston. White joined Veritas in January. David B. Robson, executive chairman, has reassumed the CEO responsibilities. • McMoRan Exploration Co., New Orleans, has sold its 35% interest in the troubled Brazos Block A-19 field and its 50% interest in the unexplored Brazos Block A-26 to Shell Offshore Inc. for $70 million. The Brazos blocks are in the western Gulf of Mexico, about 75 miles south, southwest of Galveston. The sale is expected to close within 30 days. McMoRan's 95% share of the exploration program equates to $66.5 million in sales proceeds, the company said. • First Permian LLC, Midland, has sold additional common membership interests and a new class of preferred membership interests for $20 million in cash. First Permian will use the proceeds to pay off approximately $4.3 million of subordinated debt and to accelerate developmental drilling activities on its Permian Basin oil properties. New members include affiliates of EnCap Investments LLC, who contributed $16 million. Parallel Petroleum Corp. now owns approximately 30.7% of First Permian. • Southwestern Energy Co., Fayetteville, Ark., has arranged interim financing with its lead banks to meet its immediate financial obligations which would provide it time and financial flexibility to pursue the sale of its utility business. The company also said it will retain the services of an investment bank to assist it in the sale. Proceeds will be used to pay a $109-million court judgement concerning the utility side of its business. • Martin Capital Advisors LLP, Austin, Texas, has launched the Texas Opportunity Fund, a no-load, long-term growth fund that will invest in companies that are either based in Texas or have a strong presence in the state. • OGE Energy Corp., Oklahoma City, subsidiary Enogex Inc. has sold interests in producing properties in Utah and three gas-gathering pipeline systems in Oklahoma. Proceeds, totaling about $14 million, will be used to pay down short-term debt associated with Enogex's 1999 acquisition of Transok LLC. The Oklahoma sale was to Seminole Gas Co., a subsidiary of Seminole Energy Services LLC, Tulsa. • Edge Petroleum Corp., Houston, is selling its ownership in privately held Frontera Resources Corp., Houston, with principal assets in Georgia and Azerbaijan, to an undisclosed, private party. Net proceeds to Edge will be $3.5 million, which will be used to reduce debt and provide funds for its 2000 capex program. • Delta Petroleum Corp., Denver, has acquired Whiting Petroleum Corp. interests in producing wells and acreage in the Eland and Stadium fields in Stark County, N.D., for approximately $11 million. Delta has sold 50% of its acquired rights to a third party that is paying 50% of the purchase price. Current production net to the interests being acquired is approximately 700 BOE per day. • Tipperary Corp., Denver, has sold additional properties for approximately $4 million. The company had received approximately $12 million from previous domestic asset sales. The sales are in connection with Tipperary's plan to divest its U.S. conventional properties and focus on coalbed methane production and development in Australia and the U.S. • Comanche Energy Inc., Tulsa, has acquired an acreage position in the Brookshire Dome Area of Waller County, Texas, approximately 50 miles west of Houston. The Brookshire Dome has wells making up to 500 bbl. of oil per day from depths of less than 3,000 feet. Several of the wells also are producing more than 1 million cu. ft. of gas per day. • Home-Stake Oil & Gas Co., Tulsa, has acquired an additional 12.4% working interest in the C.F. Kinney Prospect area in Gaines County, Texas, for $847,500. The acquisition added approximately 225,000 net bbl. of oil and 112 million cu. ft. of gas to the company's reserves and increases the company's working interest in this prospect to 50% with a 39.5% net revenue interest. • Krescent Energy Co. LLC, Houston, has sold its interests in Gum Island Field, in Jefferson County, Texas, for $1.7 million. • Magnum Hunter Resources Inc., Irving, Texas, subsidiary Bluebird Energy Inc. has acquired 100% of Magnum Hunter's existing 1996 Series A convertible preferred stock at par value. Additional consideration of 900,000 shares of restricted stock purchase warrants were issued to TCW and its affiliates with an exercise price of $5.25 per share and a term expiring on June 30, 2003. Bluebird Energy Inc. used an existing credit line with its commercial banks to acquire the $10-million preferred stock issue. • McGowen Resources Co. Inc., Dallas, has acquired properties in the AWP Field, McMullen County, Texas, from Petro-Hunt LLC for $2.8 million cash. "This represents an additional 40 operating wells and a 70% increase in equivalent production. This acquisition allows us to move forward in our efforts to grow the company and increase our visibility in the energy industry," president of McGowen, Michael Montgomery, said. • Queen Sand Resources Inc., Dallas, and Choctaw II Oil & Gas Ltd. have sold their interest in the Lopeno and Volpe properties to Cody Texas LP. In a separate agreement with Cody Texas, Queen Sand Resources purchased 25% of all the interests in the Lopeno and Volpe properties along with several other properties in the area that were acquired by Cody Texas LP. Queen Sand Resources now owns an approximate 25% working interest in the properties. • Sapient Energy Corp., Tulsa, has purchased properties in the Haynesville and Shongaloo areas of northern Louisiana from Will-Drill Resources Inc. The acquisition includes 12 operated wells, currently producing 2.8 million cu. ft. of gas and 125 bbl. of oil per day net to Sapient Energy. Separately, Sapient has acquired privately held Falcon Creek Resources Inc., Denver, for stock and assumption of Falcon Creek debt. The majority of Falcon Creek's assets are in the Permian Basin in Lea County, N.M. The properties include 125 operated wells currently producing 5.4 million cu. ft. per day and 1,100 bbl. of oil per day net to Sapient. The acquisition of Falcon Creek increases Sapient's net production to approximately 20 million cu. ft. per day and 1,500 bbl. of oil per day. • Toreador Resources Corp., Dallas, has acquired Texona Petroleum Corp., Houston, in a reverse merger. Texona's properties, mostly working-interest properties, are in 12 states, principally Oklahoma, Louisiana and Texas. Toreador will acquire Texona for 1.1 million common Toreador shares. Texona shareholders will own approximately 17% of Toreador stock. • Abraxas Petroleum Corp., San Antonio, subsidiary Canadian Abraxas Petroleum Ltd. has sold noncore properties for US$8.5 million. Daily production from the properties is approximately 500 BOE. The company is refocusing its operations in Canada to concentrate on core areas with high potential return. • CanArgo Energy Corp., Calgary, has purchased a 21.2% interest in Ninotsminda Oil Co. from JKX Oil & Gas for US$4.5 million of CanArgo stock. Ninotsminda is now a wholly owned subsidiary of CanArgo. Ninotsminda holds a license on producing assets and exploration prospects in the Republic of Georgia. • Compton Petroleum Corp., Calgary, has sold a number of minor properties for a total of C$21 million. Proceeds were used to eliminate the company's subordinated bridge credit facility. • Greentree Gas & Oil Ltd., London, Ontario, plans to buy a producing oil property to the west of Rodney, Ontario, near Greentree's recently discovered Rodney South pool. The property is currently producing approximately 25 bbl. of oil per day. • Meota Resources Corp., Calgary, has purchased C$56.5 million of assets in Saskatchewan and southern Alberta. The assets have are producing approximately 1,200 bbl. per day of oil and 11 million cu. ft. per day of gas. The acquisition increases Meota's production by 49% to average 4,800 BOE per day. The purchase was financed with credit from Scotia Capital. • Sentry Resources Corp., Vancouver, has completed the acquisition of Georgian Bancorp Inc.'s interest to acquire reserves and land rights in the Mackenzie Delta and Beaufort Sea areas of Canada. Sentry will have approximately 2.6% interest in the properties. • Proprietary Industries Inc., Calgary, plans to acquire Prism Petroleum Inc. for approximately C$6.25 million. • Summit Resources Ltd. is acquiring Torex Resources Inc., Calgary, for C$1.25 per Torex share, or about C$45 million, including the assumption of approximately C$10 million in outstanding debt and working capital deficiency. Peters & Co. Ltd. has acted as exclusive financial advisor to Torex and has opined that the proposed transaction is fair. • Aviva Petroleum Inc., Dallas, through subsidiary Aviva America Inc., has signed a farm-out agreement on its Breton Sound property, offshore Louisiana. The farmee, a privately held New Orleans-based producer, has the right to drill a well to test the Hollywood formation at 16,000 feet. AAI owns a 65% working interest. • Spinnaker Exploration Co., Houston, has changed its stock listing to the New York Stock Exchange. The stock now trades as SKE. • Mitchell Energy & Development Corp., The Woodlands, Texas, has combined its two stocks into a single class. All shares now trade as MND. • Ocelot International Ltd. has changed its name to PanAfrican Energy Corp. Ltd. Shares now trade on the Toronto Stock Exchange as PNF.A and PNF.B. • The American Stock Exchange is now trading options on New York Stock Exchange-listed PetroChina Co. Ltd. stock. • HYTK Industries Inc., Benedict, Kan., has changed its name to Quest Resource Corp., for which its ticker, QRCP, was created. • AltaQuest Energy Corp., Calgary, has changed its name to Chain Energy Corp. Shares now trade as CSH on the Toronto Stock Exchange. • American Energy Services Inc., Houston, has begun trading on the OTC Bulletin Board as AEYS. • Collicutt Hanover Services Ltd., Red Deer, Alberta, has commenced trading on the Toronto Stock Exchange as COH. • Industrial Holdings Inc., Houston, has resumed trading on Nasdaq National Market as IHII. • Privately held Orion Resources LLC, Houston, has formed Aurora Gas LLC, which will hold its Alaskan oil and gas interests. Aurora Gas is owned 50-50 by Orion and Aurora Power Resources Inc. with offices in Houston and Anchorage. Aurora Gas holds exploratory leases in the Cook Inlet region, including a 100% interest in the Nicolai Creek Unit it recently acquired from Unocal Alaska Resources and Marathon Oil Co. • Joe Michael McKinney has resigned as chief executive and president of American International Petroleum Corp., New York. • Carrizo Oil & Gas Inc., Houston, has named F. Gardner Parker a director of the company. Parker was a partner of Ernst & Young and is currently chairman of the board of Computer Control Systems Overpar Inc. and OHA General Partners. • Clayton Williams Energy Inc., Midland, has elected Jordan R. Smith to the board. Smith is president of Ramshorn Investments Inc., a subsidiary of Nabors Industries. • Encal Energy, Calgary, has appointed G.S. Bennett and W.C. Wilson to the board. Bennett will assume the chairman position following the retirement of Thomas Taylor. Wilson recently retired from EOG Resources Inc. where he was chief financial officer. • Harken Energy Corp., Houston, has appointed J. William Petty to the board. Petty is currently professor of finance and the W.W. Caruth chairholder of entrepreneurship at Baylor University. • McGowen Resources Co. Inc., Dallas, has elected Michael E. Montgomery chairman of the board. Montgomery is president and founder of Montgomery Petroleum Inc., which owns producing properties in Texas, New Mexico and Oklahoma. • Petroglyph Energy Inc., Hutchinson, Kan., has appointed S. Ken Smith chief financial officer, replacing Tim A. Lucas, who has accepted a position with a company outside the oil industry. • PetroQuest Energy Inc., Lafayette, La., has appointed Charles T. Goodson chairman and chief executive officer and Alfred J. Thomas II president and chief operating officer. Goodson was president and CEO. Thomas was chief operating officer. • John Gremillion has joined Quicksilver Resources Inc., Fort Worth, as director of investor relations. Gremillion, a certified public accountant, was most recently vice president, taxes, for Union Pacific Corp. • Santa Fe Snyder Corp., Houston, chairman John Snyder has resigned to pursue outside entrepreneurial interests. James L. Payne, chief executive officer, has assumed the position. • Michael E. Conley has been named director of investor relations for Flowserve Corp., Dallas. Conley was director of investor relations for Trinity Industries Inc. since 1995. • Petroleum Helicopters Inc., of Lafayette, La., has named Major Gen. James E. Livingston to its board. Livingston retired from the U.S. Marine Corps in 1995 following more than 33 years on active duty. • Chuck Voorhies, E&P analyst for G.K. Baum, has moved to Bank of America in corporate finance, credit products, and energy and power. Prior to joining Baum, he was an associate analyst for the Morgan Keegan group in Houston. • Rothschild has hired oil and gas investment bankers Edwin E. Wells Jr., as managing director, and Richard Ennis, as a director in Rothschild's New York-based investment banking advisory group. Both were at UBS Warburg. • Brad Davis has joined Southwest Securities in Houston as senior vice president and senior energy analyst, covering midcap E&P companies. • Eagle Geophysical Inc., Houston, and its subsidiaries have emerged from bankruptcy, under which they have been operating since Sept. 29, 1999. • Castle Energy Corp., Radnor, Pa., has hired Energy Spectrum Advisors Inc., Dallas, to explore strategic alternatives for the company, as its stock price has not increased proportionately with oil and gas prices. • Hanover Compressor, Houston, is acquiring the Dresser Rand compression services division from Ingersoll-Rand Co. for $190 million in cash and stock. The deal will combine Dresser-Rand compressor services' operations and customer base with Hanover's outsourced compression and gas handling operations. Separately, Hanover has acquired Stewart & Stevenson Services' gas compressor leasing business for approximately $60 million in cash and notes. Hanover will purchase gas compression equipment and related support from S&S, which will refer compression leasing business to Hanover. • Offshore Data Services Inc., Houston, and Petrodata Ltd., Aberdeen, Scotland, have merged, forming OneOffshore Inc. which will serve as a resource for offshore energy information and services. Lime Rock Partners, Westport, Conn., structured the transaction and organized an investor group, led by The Beacon Group and TMCT Ventures, to fund the new enterprise through an initial investment of $16 million. OneOffshore will be headquartered in Houston.