Equity Company Exchange / Symbol Headquarters Amount Comments Exco Resources Inc. (Nasdaq: EXCO) Dallas US$105.1 million Sold 5 million 5% convertible preferred shares at $21 each. The dealer-manager was A.G. Edwards & Sons Inc. Exco applied approximately $97.6 million of the proceeds to pay off its bank loans and intends to use the remaining proceeds for general corporate purposes. APF Energy Trust (Canadian Venture: AY) Calgary C$35.1 million Issued 3.05 million trust units at C$11.50 per unit. The syndicated offering was led by Scotia Capital Inc. and included Research Capital Corp., CIBC World Markets Inc., National Bank Financial Inc., Dundee Securities Corp. and HSBC Securities Inc. The financing included the exercise of a C$10-million underwriters' option. The trust now has 11,430,652 units outstanding. Proceeds will be used to pay APF Energy the royalty on recently acquired properties and to provide working capital to APF Energy, initially to reduce bank debt. Gasco Energy Inc. (OTC BB: GASE) Denver US$19 million Sold $19 million of preferred shares to First Ecom.com Inc. (Nasdaq: FECC). Gasco will use the funds for drilling in the Rockies. The preferred shares are convertible into 9.5 million shares of Gasco common stock. First Ecom has agreed hold its stake three years. The position gives First Ecom 26% of Gasco voting rights, which is to not be diluted by future issuance of common stock. Zargon Oil & Gas (Toronto: ZAR) Calgary C$14.1 million Sold 2 million special warrants at C$7.05 each. Underwriters were led by Raymond James Ltd., and included Peters & Co. Ltd. and National Bank Financial Inc. GMX Resources Inc. (Nasdaq: GMXR) Oklahoma City US$10 million Plans to offer $10 million of new series A cumulative convertible preferred stock, underwritten by a syndicate managed by Paulson Investment Co. Inc. and I-Bankers Securities Inc. The preferred stock is expected to have a liquidation and redemption value of $25 per share, plus dividends, payable semi-annually at $1.50 per share. The preferred is expected to be convertible into two shares of common at any time and will be automatically convertible into common if the stock trades for a period of four consecutive days at $18.75 per share, at least. Halliburton Co. (NYSE: HAL) Dallas US$425 million Issued $275 million of fixed-rate notes and $150 million of floating-rate notes. The notes were issued through joint-lead managers JP Morgan and Salomon Smith Barney. Comanagers were ABN Amro, HSBC and The Royal Bank of Scotland. The five-year $275 million of notes have a fixed-rate coupon of 6% and were priced at 99.572 to yield 6.099% to maturity. The two-year $150-million floating-rate notes were issued at par and have a coupon of three-month Libor plus 15 basis points. Halliburton plans to use the net proceeds to reduce its outstanding commercial paper and for general corporate purposes. Seitel Inc. (NYSE: SEI; Toronto: OSL) Houston US$75 million Has a new $75-million unsecured line of credit through its principal lenders, Bank One Texas NA, Comerica Bank-Texas and Guaranty Bank. The deal includes a three-year term; an interest rate of 1.5% over Libor that would be reduced based on the company's forecasted debt-EBITDA ratio, and the right to increase the credit facility to $150 million. The new line of credit replaces the existing $75-million credit facility. Seven Seas Petroleum Inc. (Amex: SEV) Houston US$45 million Raised $45 million via Chesapeake Energy Corp.'s purchase of $22.5 million of senior unsecured notes with detachable warrants, and the purchase by a group of investors led by Robert Hefner III of $22.5 million of short-term secured. Promax Energy Inc. (Toronto: PMY) Calgary US$45 million Closed a US$55-million credit facility with Shell Capital Inc., Houston. The agreement includes a US$22-million commitment at closing with an additional US$23 million subject to a borrowing base review. Promax will issue 5 million common share purchase warrants with an exercise price of C$1.24 per share and a term of five years. The warrants will vest to Shell Capital pro rata with loan tranche amounts to US$45 million. Promax will have an option to repurchase up to 50% of the warrants at C$2 above the warrant purchase price after 12 months and before 18 months following closing, or January 2003. Shell Capital will have an option to sell and Promax will have an obligation to buy any earned and unexercised warrants also at C$2 above the exercise price after 24 months and before 30 months from closing, or January 2004. Venus Exploration Inc. (Nasdaq: VENX) San Antonio US$5 million Signed with Hibernia National Bank, New Orleans, for a new $5-million revolving credit facility. Venus intends to use the facility to pay existing debt, acquisition and development of properties, and for general working capital. The reserve-based facility includes an initial borrowing base of $2.5 million, with reductions of $50,000 per month subject to redeterminations at Venus' request.