CMS Energy Corp. (NYSE: CMS), Dearborn, Mich., plans to make an initial public offering of up to 50% of its exploration and production subsidiary next month. The IPO will be part of a value enhancement and balance sheet improvement program by the Dearborn, Mich., integrated natural gas company that also includes the accelerated issue of $300 million of CMS Energy common stock that had been planned for mid-2001. CMS said that the strong exploration and production track record of CMS Oil and Gas Co. and higher commodity prices will make it possible to realize excellent valuations of both the IPO shares and the interest retained by the parent company. The combined actions will raise approximately $800 million of cash and generate about $450 million of equity, according to CMS. It will use the $800 million to reduce debt and to supplement the $1.4-billion asset sale program currently under way, almost $900 million of which is completed. "The successful execution of this additional program will bring CMS Energy's financial ratios to investment-grade levels by the end of the first quarter," said Alan M. Wright, senior vice president and chief financial officer. Novistar Inc. (Nasdaq: NOVS), Houston, registered a $100-million initial public offering of common stock with the Securities and Exchange Commission. The oilfield service company will determine the amount of stock and price at a later time. CIBC World Markets is lead underwriter, with Stephens Inc. as co-underwriter. Novistar supplies software solutions to oil and gas producers, including transaction outsourcing, application hosting and licensing. It has operated as a subsidiary of Torch Energy Advisors Inc., which consolidated several of its business activities into Novistar in 1999 and will retain a majority interest following the IPO. Trinidad Drilling Ltd. (Toronto: TDG), Calgary, completed an initial public offering of 4 million units for C$10 million, or C$2.50 per unit, to Canadian investors. The stock has not been registered to trade in the United States. National Bank Financial Inc., Dundee Securities Corp., Sprott Securities Inc. and Canaccord Capital Corp. acted as agents to the onshore drilling contractor in connection with the IPO. Each unit consists of one common share of Trinidad and half of one common share purchase warrant. Each full warrant entitles the holder to purchase one Trinidad common share for C$3 through Dec. 11, 2001. Trinidad currently has 9,994,839 common shares and 2 million warrants issued and outstanding. Ivanhoe Energy Inc. (Nasdaq: IVAN), Bakersfield, Calif., expects to raise $25 million from the private placement of 5 million units at $5 each with The Growth Fund of America Inc., a U.S.-based mutual fund managed by Capital Research and Management Co. of Los Angeles. Each unit will consist of one common share and one share purchase warrant. Two share purchase warrants will entitle the holder to acquire one common share of the producer at an exercise price of $5.375 for one year after closing. If all the warrants are exercised, the company will receive approximately $13.4 million of additional proceeds, bringing the offering's total to approximately $38.4 million. Singapore-based Ivanhoe Capital Corp. arranged the transaction. The private placement will bring the total Ivanhoe Energy has raised to approximately $47.2 million this year to fund its gas-to-liquids (GTL) developments and exploration activities worldwide. The proceeds from the recent private placement will primarily be used to fund Ivanhoe's investment in Syntroleum Corp.'s (Nasdaq: SYNM) $600-million Sweetwater GTL project under development in Western Australia and to advance Ivanhoe Energy's oil and deep-gas drilling programs. After completion of this private placement, funds managed by Capital Research and Management will own 11 million shares of Ivanhoe Energy, representing approximately 8.7% of the issued and outstanding shares. If The Growth Fund of America exercises all of its warrants, these funds will own up to approximately 10.5% of Ivanhoe Energy. Goodrich Petroleum Corp. (NYSE: GDP) registered with the SEC to sell 4.5 million common shares at a price to be determined later. Jefferies & Co. Inc. is managing underwriter. The Houston and Shreveport, La., independent granted the underwriter an option to buy another 675,000 common shares to cover any overallotments. Goodrich plans to use net proceeds to pay all or part of its borrowings from Compass Bank. It then plans to invest its operating cash flow and reborrow funds under the bank credit line to develop and exploit its holdings in South Louisiana, with a particular focus on the Burrwood, West Delta and Lafitte fields. Canada Southern Petroleum Ltd. (Nasdaq: CSPLF), Calgary, registered with U.S. and Canadian securities regulators to sell up to 3 million common shares for C$15 million, or C$5 per share. The independent plans to sell each common share with a right to buy more common stock at no additional cost. Canada Southern has not determined other terms of the offering, including the number of rights it will take to acquire a single additional common share. It intends to use net proceeds for general corporate purposes, including working capital, exploration and development and continuation of litigation involving its holdings in Canada's Kotaneelee region. Canada Southern is authorized to sell up to 100 million common shares and presently has approximately 14.3 million shares of limited voting stock outstanding. Meota Resources Corp. (Canadian Venture: MRZ.A), Calgary, entered into a bought-deal financing agreement to issue 4 million special warrants for C$15 million, or C$3.75 each, for sale to Canadian investors. RBC Dominion Securities Inc., Yorkton Securities Inc., Scotia Capital Inc., Newcrest Capital Inc. and FirstEnergy Capital Corp. are underwriters. Each special warrant may be exchanged into one common share of the independent at no additional cost. Meota has also granted the underwriters an option to purchase another 250,000 special warrants to cover any overallotments. It will use net proceeds initially to reduced bank debt so it can expand its 2001 capital budget.