Hercules Offshore, Inc. announced today that it has entered into an Asset Purchase Agreement with Seahawk Drilling, Inc. (Nasdaq:HAWK – News) and its affiliates (collectively “Seahawk”) to purchase 20 jackup rigs and related assets from Seahawk for approximately 22.3 million shares of Hercules Offshore common stock and cash consideration of $25 million, which will be used primarily to pay off Seahawk’s Debtor-in-Possession... Read more..
Quest Minerals & Mining Corp., a Kentucky based operator of energy and mineral related properties, announced that the U.S. Bankruptcy Court for the Eastern District of Kentucky has approved the Second Amended Disclosure Statement and Third Amended Plan of Reorganization for Quest’s subsidiary, Gwenco, Inc. The Court also authorized Gwenco to begin soliciting approval from its creditors for the Plan of Reorganization. With these developments,... Read more..
VeraSun Energy Corporation, one of the nation’s largest ethanol producers, announced today that it had received commitments for up to $215 million in debtor in possession (DIP) financing from certain holders of VeraSun’s 9 7/8% senior secured notes due 2012 and groups of lenders led by AgStar Financial Services. At today’s “first day” hearing, the U.S. Bankruptcy Court entered an interim order allowing VeraSun and its... Read more..
VeraSun Energy Corporation, one of the nation’s largest ethanol producers announced today the Company and 24 of its subsidiaries have filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to enhance liquidity while they reorganize. The filing was precipitated by a series of events that led to a contraction in VeraSun’s liquidity, impairing its... Read more..
Calpine Corporation announced a settlement with Rosetta Resources, Inc. of all claims related to Calpine’s July 7, 2005 sale of substantially all of its oil and gas business to Rosetta. The settlement provides for a $97 million payment to Calpine from Rosetta and the conveyance of certain residual oil and gas properties by Calpine to Rosetta. This settlement resolves disputes that were the subject of litigation in the U.S. Bankruptcy Court for the... Read more..
Rosetta Resources Inc., an independent oil and gas company, today announced it has reached an agreement to settle its pending litigation with Calpine Corporation. The agreement will allow Rosetta to complete the transaction by which it purchased Calpine’s oil and gas business on July 7, 2005. The agreement will also extend the contract by which Rosetta sells certain Sacramento Basin gas volumes to Calpine. The agreement has been approved by... Read more..
Rosetta Resources Inc. announced financial and operating results for the second quarter 2008. Highlights include: * Natural gas and crude oil production of 155 MMcfe/d, up 29 percent over the same period in 2007 * Revenues of $154.5 million, an increase of 78 percent from second quarter 2007 * Earnings of $39.3 million or $0.77 per diluted share, up 200 percent and 196 percent, respectively, from the same period a year ago For... Read more..