Oklahoma business briefs for May 31

Oklahoma business briefs for May 31, 2014
Oklahoman Published: May 31, 2014
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OKLAHOMA BRIEFS

Chaparral Energy strikes deal

Chaparral Energy Inc. has struck a deal to sell its Central Basin holdings in Texas and New Mexico to RAM Energy LLC for $48.1 million in cash, according to a regulatory filing. The properties currently produce about 600 barrels of oil equivalent a day. Chaparral has decided to concentrate on its Mid-Continent assets, so it is selling its holdings in Arkansas, Louisiana and Texas. This latest deal, which expected to close by July 25, will reduce the company’s borrowing base to $484.5 million. Proceeds from the sale will be used to repay debt.

Grillot to retire in June

Larry R. Grillot, a geophysicist who guided University of Oklahoma’s Mewbourne College of Earth and Energy from its inception, announced plans to retire effective June 30, 2015. OU President David Boren will recommend a search committee to the Board of Regents for their consideration at the board’s June meeting. A national search will be conducted for a permanent replacement. Under Grillot’s leadership, $20 million in facilities improvements were made, enrollment increased from 450 students to 1,300 students, total scholarship awards doubled, and graduates of the college achieved an almost 100 percent employment rate. Grillot joined OU in 2006 after working in leadership positions with Phillips Petroleum for 30 years.