Seitel Inc. (NYSE: SEI), Houston, registered with the Securities and Exchange Commission to spin off its oil and gas exploration and production subsidiary, DDD Energy, as a new company, Vision Energy Inc. CIBC World Markets is lead underwriter of the offering, with A.G. Edwards & Sons Inc. as comanaging underwriter. The geophysical services company will offer approximately 12,915,000 shares of Vision Energy, excluding stock subject to the underwriters' overallotment options. It will retain an approximately 10% interest in the producer (or about 4% if the underwriters' overallotment options are exercised fully) once the offering is complete. Seitel intends to use net proceeds from the spinoff to reduce debt, to purchase seismic data for its libraries and for general corporate purposes. Chieftain International Inc. (Amex: CID), Edmonton, sold 2.88 million common shares at US$17.50 each in a US$50.3-million public offering led by CIBC World Markets, Dain Rauscher Wessels and A.G. Edwards & Sons Inc. The independent operates primarily in the shallow Gulf of Mexico onshore in Louisiana and Utah and offshore in the British North Sea. It will use net proceeds to fund development of its existing oil and gas reserves, to increase its exploration program, and possibly to acquire oil and gas properties. Quicksilver Resources Inc. (Amex: KWK), Fort Worth, commenced a public offering of 5 million common shares at $5 each under an existing shelf registration with the SEC. Bear, Stearns & Co. Inc. was lead manager of the underwriting group, with Dain Rauscher Wessels and Morgan Keegan & Co. Inc. as comanagers. Texoil Inc. (Nasdaq: TXLI), Houston, issued $22 million of convertible preferred stock to institutional investors and certain individual investors. First Union Securities Inc. arranged the financing and acted as financial adviser. Del Roca Energy Ltd. (Alberta: DRQ), Calgary, plans to offer up to C$1 million of flow-through shares and up to C$3 million of units, consisting of one common share plus a half-warrant to investors in Alberta, British Columbia and Ontario. Octagon Capital Corp. is lead agent and adviser and Jennings Capital Inc. is co-agent of the selling group that includes Yorkton Securities Inc. and Credifinance Securities Ltd. The independent producer will use proceeds to finance development drilling and facilities construction at its Modeste Creek and Columbia prospects in west-central Alberta. Cancoil Integrated Services Inc. (Alberta: CAN), Calgary, raised C$3 million from the private placement of equity with ARC Financial Corp. and ARC Canadian Energy Venture Fund. The private placement made ARC Canadian Energy Cancoil's largest single shareholder, effectively giving it control of the coiled-tube drilling services company. Cancoil issued the ARC entities 8 million units in the private placement. Each unit is comprised of one common share, 0.375 of an A warrant and 0.375 of a B warrant. Each whole A warrant entitles the holder to acquire a Cancoil common share for C50 cents for two years. Each whole B warrant and C50 cents entitles the holder to buy either a Cancoil common share or 7% nonredeemable convertible debt (up to a maximum C$1.5 million total) from the company for two years. Tappit Resources Ltd. (Alberta: TPT), Regina, Sask., plans to privately place 3,825,000 common shares on a flow-through basis at C40 cents each to Alberta, Saskatchewan and Manitoba investors for up to C$1.53 million of proceeds. The independent producer determined the issue price under the Alberta Stock Exchange's minimum pricing requirements. It does not expect to use an investment dealer, broker or agent in the private placement. ProMax Energy Inc. (Vancouver: PMY), Calgary, raised C$384,560 from a private placement of common shares and flow-through common stock. The independent producer placed 693,000 common shares at C20 cents per share and 1,118,000 flow-through common shares at C22 cents each for a total issue of 1,811,000 shares. One warrant is attached to each share purchased, allowing the holder to purchase one additional common share at C25 cents through Oct. 31, 2000. Promax will use proceeds from the common stock issue for general corporate purposes and money from the flow-through stock issue for exploration of its Cessford natural gas properties.
Strong Earnings, Promising Outlooks for Enterprise, Magellan, Hess Midstream
2023-02-07 - In a strong earnings season, Enterprise surpassed $9 billion in EBITDA, Magellan beat earnings per share guidance and Hess Midstream weathered a tough winter to please investors.
Deutsche Bank Tightens Coal Finance Policy but Not Oil and Gas
2023-03-02 - Deutsche Bank said it "plans to update its oil and gas policy" without giving a timeframe.
Bernstein Forecast: US Capex to Rise 15% — But Remains Near 20-year Low
2023-01-17 - Global capex will increase to $575 billion, which is well shy of what is needed to meet long-term oil and gas demand, analysts say.
Williams Deepwater GoM Expansions Add Significant Growth
2023-02-22 - Williams reported another year of record financial performance, and six key projects underway in the U.S. Gulf of Mexico will drive impressive EBITDA growth in coming years.
Barclays Tightens Lending for Dirtiest Fossil Fuels
2023-02-15 - Environmental campaigners were disappointed Barclays haven't stopped financings oil and gas drilling altogether, accusing banks globally of "moving too slowly."