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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: gamesmistress who wrote (84698)	1/18/2001 9:08:59 PM
From: Razorbak	Read Replies (3) \| Respond to of 95453

"Ocean Energy to Acquire Texoil" Thursday January 18, 7:53 pm Eastern Time Press Release SOURCE: Ocean Energy, Inc. HOUSTON, Jan. 18 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI - news) and Texoil, Inc. (Nasdaq: TXLI - news) today announced the signing of a definitive agreement for Ocean Energy to acquire all the outstanding shares of common stock of Texoil at a price of $8.25 per share and all outstanding shares of Series A convertible preferred stock of Texoil at a price of $18.04 per share. The all-cash transaction is structured as a first step tender offer followed by a cash merger to acquire all remaining shares of Texoil common stock and Series A convertible preferred stock for approximately $130 million including assumed bank debt of approximately $15 million plus certain other liabilities. The acquisition is expected to be accretive to Ocean's earnings and cash flow. The tender offer is subject to a number of conditions, including the valid tender of at least a majority of the outstanding common stock and a majority of the outstanding preferred stock. In conjunction with the tender offer, several principal stockholders of Texoil, who collectively own greater than a majority of Texoil's common stock and preferred stock, have agreed to tender their shares and vote such shares in favor of the merger agreement. Ocean estimates total proved reserves of approximately 150 billion cubic feet of natural gas equivalent, of which some 57 percent are gas reserves. During 2000, Texoil's average production rate was approximately 34 million cubic feet of gas equivalent per day. ``This acquisition will expand our core operating area in South Texas and complement our strong position in Louisiana,'' said John D. Schiller, Ocean Energy Executive Vice President -- Operations. ``It also will enhance our ability to grow production through exploitation and exploration, one of our primary corporate goals in 2001. Ocean will succeed Texoil as operator of approximately 80 percent of the properties.'' ``This transaction provides our shareholders with a premium value for their holdings,'' said Frank A. Lodzinski, Chairman, President and Chief Executive Officer for Texoil, Inc. ``Since our inception we have focused on increasing share value and liquidity for our shareholders, by assembling an attractive producing asset base with exploration and exploitation potential. This action fulfills that commitment by providing our shareholders an immediate cash return on their investment.'' Texoil, Inc. is an independent oil and gas company engaged in the acquisition of oil and gas reserves through a program, which includes purchases of reserves, reengineering, development and exploration activities in Texas and Louisiana. Ocean Energy, Inc. is an independent energy company engaged in the exploration, development, production and acquisition of crude oil and natural gas. North American operations are focused in the shelf and deepwater areas of the Gulf of Mexico, the Permian Basin, Mid-continent and Rocky Mountain regions. Internationally, Ocean Energy holds a leading position among U.S. independents in West Africa with oil and gas activities in Cote d'Ivoire, Equatorial Guinea and Angola. The company also conducts operations in the republics of Egypt, Tatarstan, Pakistan, and Indonesia. Texoil stockholders are advised to read the tender offer statement regarding the acquisition of Texoil, described in this press release, which will be filed by Ocean Energy with the Securities and Exchange Commission and the related solicitation/recommendation statement, which will be filed by Texoil with the Commission. The tender offer statement (including an offer to purchase, letter of transmittal and related tender offer documents) and the solicitation/recommendation statement will contain important information which should be read carefully before any decision is made with respect to the offer. These documents will be made available at no charge to all stockholders of Texoil, Inc. Stockholders may contact the information agent at (800) 223-2064. These documents also will be available at no charge on the SEC's web site at www.sec.gov. Certain statements in this news release may constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievement of Ocean Energy or Texoil to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. SOURCE: Ocean Energy, Inc. biz.yahoo.com

To: gamesmistress who wrote (84698)	1/18/2001 9:09:26 PM
From: Second_Titan	Read Replies (1) \| Respond to of 95453

NS GROUP: Q1 LOSS 19 CENTS VS. LOSS 40 CENTS YR-AGO QTR. - PETROLEUM GEO-SERVICES EXPECTS FY-01 EARNS 70-80 CENTS. VS. $1.04 ESTIMATE Glad I dont own PGO, I still have soem underwater NSS. Glad to see SOB still is holding out for March to May rally. I just hope there are enough non-believers ready to dump the patch in the crapper.

To: gamesmistress who wrote (84698)	1/18/2001 10:12:56 PM
From: Warpfactor	Read Replies (1) \| Respond to of 95453

After listening to all these stupid California politicians for the past few days, I'm beginning to suspect a liberal/environmentalist agenda. Unlike most other states, who offer unbelievable concessions to companies so that they might relocate or build new plants, I believe that CA politicians do not want any more growth, and in fact would prefer if people (not liberals of course, but the general riff-raffie masses) just plain left and went back to Iowa and Nebraska. This would ease the "threat" that the encroaching masses have on California wilderness. The environmentalists are actually glad that this energy crisis is upon us. High tech industry, seeing the unreliable supply of energy, along with an overgrown civic infrastructure and a chronic housing crunch, would flee to Texas, Oregon, etc.. This would ultimately have the effect of returning California back to the "paradise" of yesteryear. High energy prices, coupled with regularly scheduled blackouts, are a small price to pay for their slice of heaven. Warp

To: gamesmistress who wrote (84698)	1/18/2001 10:52:56 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

Gina, As noted earlier the whole event is unfolding like the S&L crisis in the 80's. NYC went to the Feds in the late 70's for help- California is slow in doing the same mainly because it is an open admission that they have mishandled their economy...leftist- style populism makes nice headlines- but where is the leadership to forge a long-term plan to dig California out of this situation? Where are their Senators and Congressional Reps; Governor and State Reps? Local Reps? Has anyone called for a meeting in order to consider comprehensive energy/economic planning? Who has the "cahones" to face up to the environmentalists and suggest construction of more infrastructure and creation of more pollution for a few years? The choice is simple: Thin the herd or grow more fodder to feed a growing herd.....