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31 Hurricane Shares Rise 41% on Plan to Buy Refinery in Kazakhstan
By Gene Laverty
Hurricane Shares Rise 29% on Plan to Buy Refinery (Update1)
(Adds closing share price.)
Calgary, Alberta, Oct. 12 (Bloomberg) -- Hurricane
Hydrocarbons Ltd. shares rose 29 percent after the Canadian oil
producer, currently under court protection from its creditors,
said it's buying the Kazakhstan refinery where its crude oil is
processed.
The Calgary, Alberta-based company will pay with a third of
its stock and US$57 million (C$84.1 million). Shares rose C$0.25
to C$1.10 in Toronto trading of 645,936, more than six times the
three-month average volume of 99,538. Earlier, the shares touched
C$1.20.
Calgary, Alberta-based Hurricane said it will buy OJSC
Shymkentnefteorgsyntez, the refiner that forced it close to
bankruptcy in May by refusing to buy crude oil Hurricane produces
in South Kazakhstan. The refiner was the only potential buyer for
the oil.
Hurricane said it would pay a combination of cash and shares
for the refiner equal to 33 percent of Hurricane's shares after
the transaction is complete July 1. The company refused to say
whether it will issue new shares between now and completion.
Approval of the purchase requires the agreement of
Hurricane's shareholders and the Alberta court.
``This definitive agreement will result in the creation of a
leading integrated oil company in Central Asia,' Bernard
Isautier, Hurricane's chief executive, said in a statement.
The company sought protection from its creditors under the
Companies' Creditors Arrangements Act, which is similar to
Chapter 11 bankruptcy in the U.S., when it was unable to pay its
C$210 million debt. Hurricane stock has doubled since Sept. 27,
when it said it reached an agreement with OJSC
Shymkentnefteorgsyntez to buy oil and was working on a plan to
repay its creditors. |
