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

To: Aggie who wrote (42311)	4/15/1999 8:15:00 PM
From: DEER HUNTER	Read Replies (1) \| Respond to of 95453

FLC announces preferred stock offering....... Thursday April 15, 7:42 pm Eastern Time Company Press Release SOURCE: R&B Falcon Corporation R&B Falcon Corporation Announces Pricing of $300 Million Preferred Stock Offering HOUSTON, April 15 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC) announced today that it proposes to make a private placement of $300 million of new Senior Cumulative Redeemable Preferred Stock. These securities will carry a dividend of 13 7/8% per annum and will be subject to mandatory redemption by the company on May 1, 2009. For the first five years, the company will have the option to pay dividends in kind with additional shares of preferred stock. Purchasers of the new preferred stock will also receive warrants to acquire, in the aggregate, 10,500,000 shares of the company's common stock at a price of $9.50 per share prior to May 1, 2009. This transaction is expected to close April 22, 1999. The proposed new securities will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful. SOURCE: R&B Falcon Corporation

To: Aggie who wrote (42311)	4/15/1999 10:46:00 PM
From: JungleInvestor	Read Replies (1) \| Respond to of 95453

Thanks again, Aggie!! The following are from the Greywolf site. If the government had not been so slow, they could have gotten some oil in the SPR at a lot lower price. Washington, April 15 OPEC's March agreement to remove 2.1 million barrels of crude oil per day from world oil markets is likely to run into delays, US Energy Secretary Bill Richardson said. Washington, April 15 The US Strategic Petroleum Reserve will take in 500,000 barrels of so called federal royalty oil "within the next 10 days," a senior Department of Energy official told Bridge. The royalty oil is the first addition to the SPR since the Energy Department's February announcement it will add 28 million barrels of crude oil to the reserve in an effort to shore up the emergency energy stockpile.