Oklahoma business briefs for June 18

Oklahoma business briefs for June 18, 2014
Oklahoman Published: June 18, 2014
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Oklahoma briefs

Panhandle closes $80M deal

Oklahoma City-based Panhandle Oil and Gas Inc. has closed an $80 million purchase of assets in core of the Eagle Ford shale in Texas. Panhandle funded the acquisition of assets that were being developed by Cheyenne Petroleum Co. of Oklahoma City by utilizing its bank credit facility. The deal includes 16 percent nonoperated working interest in 63 producing wells, one well being drilled, and 109 undeveloped Eagle Ford locations, Panhandle said. The company also has increased its bank credit facility to $200 million with a current borrowing base set at $130 million.

McAfee & Taft gets high marks

McAfee & Taft law firm received top marks in the 2014 edition of the “Chambers USA Guide to America’s Leading Lawyers for Business,” earning top rankings in the areas of corporate/commercial (including tax and health care), energy and natural resources, intellectual property, labor and employment, litigation and real estate law. The firm’s American Indian law practice was also highly ranked. In addition, 46 of the firm’s attorneys were honored as leading lawyers in their respective practice attorneys, more than any law firm in Oklahoma, the firm said. Researchers with London-based Chambers & Partners Publishing conducted interviews of attorneys and clients throughout the United States to identify and rank the nation’s leading business lawyers. The final rankings are based on such factors as technical legal ability, professional conduct, client service, commercial awareness/astuteness, diligence, commitment, and other qualities most valued by the client.

IBC Bank, workers help United Way

IBC Bank-Oklahoma and its employees in 2013-2014 helped contribute $55,494 to the United Way, the company said Tuesday. “We are sincerely grateful for the ongoing commitment from IBC Bank-Oklahoma,” Tulsa Area United Way President and CEO Mark Graham said. “Through their generous support, both monetarily and through volunteer hours, our communities and families throughout Oklahoma are made stronger every day.” The donation provided by IBC Bank-Oklahoma employees was distributed to 12 United Way agencies serving Oklahoma City, Tulsa, Lawton, Duncan, and surrounding areas. These 12 United Way agencies help fund more than 288 partner organizations. IBC Bank-Oklahoma is a division of International Bancshares Corp. based in Laredo, Texas.