Kerr-McGee Corp. (NYSE: KMG), Oklahoma City, intends to sell approximately 9 million shares of common stock and $300 million of 10-year convertible subordinated debt in separate offerings. Lehman Brothers Inc. and Goldman, Sachs & Co. are joint book-running managers of both offerings. The independent producer has granted a 15% option to the underwriters to cover any overallotments. Kerr-McGee will use proceeds from both offerings to reduce existing borrowings, including those with its acquisition of Repsol SA's (NYSE: REP) North Sea oil and gas properties, and for general corporate purposes. McMoRan Exploration Co. (NYSE: MMR), New Orleans, registered with the Securities and Exchange Commission to offer $300 million of common stock, preferred stock and debt. The oil and gas producer and sulfur miner-marketer said that it would use proceeds from any sale of securities under the registration for general corporate purposes, including working capital, the repayment or refinancing of debt, future acquisitions and / or capital expenditures. Ivanhoe Energy Inc. (Toronto: IE), Calgary, will privately place up to 6.25 million units for approximately C$20.3 million of total proceeds. Each unit will consist of one common share and one share purchase warrant. Two warrants will entitle the holder to acquire one common share of the independent producer at a C$4 exercise price for one year. Small Cap World Fund Inc., a U.S. mutual fund managed by Capital Research & Management Co. of Los Angeles, will purchase 4 million units for C$3.25 each, or approximately C$13 million. The independent will use the funds primarily for deep drilling in California's San Joaquin Basin. Compton Petroleum Corp. (Toronto: CMT), Calgary, privately placed 3,846,153 new flowthrough common shares at C$2.60 each with Canadian investors for C$10 million of gross proceeds. Griffiths McBurney & Partners led the underwriting syndicate. The producer will use net proceeds for exploration, development and acquisitions. Range Petroleum Corp. (Canadian Venture Exchange: RAN), Vancouver, raised C$2,504,336 from a nonbrokered private placement of 1,787,250 flowthrough shares and 1,343,170 non-flow-through units. Each unit consists of one common share and one half of a nontransferable common share purchase warrant. Each full warrant may be exercised for C80 cents for one year. The producer will use proceeds primarily to explore and develop its Michigan Basin properties. It also will use the money to acquire additional land and form joint ventures. Devlan Exploration Inc. (Canadian Venture Exchange: DXI), Calgary, privately placed 2.5 million flowthrough common shares at C$1 each with Canadian investors for C$2.5 million of gross proceeds. The producer will use proceeds to explore and develop its properties in north-central and southern Alberta. Liberty Oil & Gas Ltd. (Canadian Venture Exchange: LBR), Calgary, raised C$1.6 million from the private placement of 2,444,231 flow-through common shares at C65 cents per share. The producer also received a C$1.7-million increase in its line of credit with the Alberta Treasury Branches to C$7.2 million CanBaikal Resources Inc. (Canadian Venture Exchange: CBQ), Calgary, raised C$1.25 million through a private placement of nearly 4.17 million common shares at C30 cents each. Rogers & Partners Securities Inc. acted as placement agent. The independent producer will use proceeds to fund its development program on Block J46V in Russia, including facilities to allow for year-round delivery of crude oil to the nearest pipeline. Kicking Horse Resources Ltd. (Canadian Venture Exchange: KHL), Calgary, will offer 2,184,000 flowthrough special warrants to investors in Alberta and Ontario at C50 cents each for C$1,092,000 of gross proceeds. Each warrant will entitle its holder to acquire a common share at no additional cost. The producer will use its best efforts to qualify for distribution of the common shares issuable if the warrants are exercised by filing a prospectus in the two provinces by June 30. Energy North Inc. (Canadian Venture Exchange: ENI), Calgary, closed a flow-through offering of 3,348,875 common shares at C32 cents each for C$1,071,640 of gross proceeds. National Bank Financial Corp. acted as offering agent. The producer intends to use its share of the proceeds to exploit its core areas at Sibbald and Leela in east-central Alberta. The financing leaves it with 32,996,302 shares outstanding.
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