SandRidge sells assets for $2.6B
SandRidge Energy Inc. said Tuesday it has completed its previously announced $2.6 billion sale of assets in Texas' Permian Basin, effective Jan. 1. The Oklahoma City-based energy company said it will use the proceeds to reduce debt, fund capital expenditures and for general corporate purposes. SandRidge also said Tuesday it will redeem all of its outstanding 9.875 percent senior notes due 2016 — which have an aggregate principal amount outstanding of more than $365 million — and all of its 8 percent senior notes due 2018 — which have an aggregate principal amount outstanding of $750 million. The redemption date is March 28.
Discrimination claims sought
U.S. Agriculture Secretary Tom Vilsack this week reminded Hispanic and women farmers and ranchers who allege discrimination by the USDA in past decades that they must file their claims by March 25. As announced in February 2011, the voluntary claims process will make available at least $1.33 billion for cash awards and tax relief payments, plus up to $160 million in farm debt relief, to eligible Hispanic and women farmers and ranchers. There are no filing fees to participate in the program. The process offers a voluntary alternative to litigation for each Hispanic or female farmer and rancher who can prove that USDA denied his or her application for loan or loan servicing assistance for discriminatory reasons for certain time periods between 1981 and 2000. Claims can be made by calling (888) 504-4429 or by visiting www.farmerclaims.gov.
REI names new president, CEO
DURANT — REI Oklahoma has named Oklahoma Cattlemen's Association Executive Vice President Scott Dewald its new president and CEO, effective April 1. Dewald has served as a director at the Oklahoma Department of Agriculture, the Oklahoma Agriculture Cooperative Council, Secretary of the Environment's Office and the Oklahoma Cattlemen's Association. He has been president of the Oklahoma Society of Association Executives, is a Leadership Oklahoma graduate and an Oklahoma State University Distinguished Alumni. “He is a pragmatic, forward-thinking and visionary leader. We are excited to have him at the helm of our organization,” said REI's incoming board chairman, Martin VanMeter.
Trailblazer to anchor Fund II
Oklahoma City-based business accelerator VentureSpur said Tuesday that Trailblazer Capital has agreed to become the anchor investor for its Fund II and to partner in development of a 2013 program at least twice the size of the 2012 program. Trailblazer Capital specializes in early stage and growth capital investments in networking, mobility and enterprise software. “We are delighted to have Trailblazer Capital as our anchor investor for Fund II,” said Kraettli L. Epperson, VentureSpur's managing director. “They were great event sponsors and panelists for Pitch Day 2012, and we know they'll help us attract the best applications and the best mentors in the region.”
OGE will seek stock split
OGE Energy Corp.'s board of directors said Tuesday it will ask shareholders at its annual meeting in May to approve a potential 2-for-1 stock split of its common shares. The utility also said it will pay a second-quarter dividend of 41.75 cents per common share April 30 to holders of record as of April 10. OGE is the parent company of Oklahoma Gas and Electric Co. and OGE Enogex Holdings LLC.
GULFPORT ENERGY CORP.
Gulfport Energy Corp. on Tuesday reported fourth-quarter earnings of $15.9 million, or 28 cents a share. The Oklahoma City-based oil and natural gas producer earned $31 million, or 59 cents a share, in the same period of 2011. Gulfport's full-year earnings dipped from $108.4 million, or $2.20 a share in 2011, to $68.4 million, or $1.21 a share last year. The company also reported its 2012 production totaled 2.57 million barrels of oil equivalent, up 10 percent.
COMPRESSCO PARTNERS LP
Fueled by strong overseas growth, Compressco Partners LP boosted its net income to $9.4 million last year, the partnership reported Tuesday. That is up from $7.2 million in 2011, thanks to a 23 percent increase in revenue. “In 2012, we accelerated our strategic focus on expanding unconventional resource applications and growing our business outside the U.S. Our team diligently deployed assets into Latin American, European and Asian Pacific markets throughout 2012, while domestically focusing on unconventional applications supporting associated gas from liquids production, vapor recovery and casing gas systems,” President Ronald J. Foster said.
From Staff Reports