Page 13 - NorthAmOil Week 35

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Grohmann, chief executive o cer, Schoeller- Bleckmann Oil eld Equipment.
“ is is an incredible opportunity to combine two highly-successful, innovative businesses,” said Je McNamara, President of Downhole Technology. “WellBoss will be better positioned to increase the velocity of new completion solutions to the market, thereby increasing the value we o er for our oil and gas partners around the world. Our intense focus on solving the oil and gas industry’s completion challenges combined with an execution mindset will separate us from the competition and better serve our customers.”
“WellBoss will be able to o er an extensive sales channel and one of the most diversi ed completion o erings on the market,” said Colin Atkinson, President of Resource Well Completion Technologies. “Combined with a world-class quality management system and
a state-of-the-art innovation pipeline, this venture will allow customers to get more from every completion.”
Upon nalisation of the merger, Je McNamara will assume the role of President for e WellBoss Company. Colin Atkinson will assume the role of Executive Vice President Global Sales for e WellBoss Company and remain President of the Canadian subsidiary of e WellBoss Company.
DOWNHOLE TECHNOLOGY AND RESOURCE WELL COMPLETION TECHNOLOGIES, August 28, 2019
MOVES
Tallgrass Energy announces
receipt of “take private”
proposal
Tallgrass Energy (TGE) today announced that the board of directors of its general partner has received a non-binding preliminary proposal letter, dated August 27, 2019,
from Blackstone Infrastructure Partners, its partners and respective a liates to acquire all of the outstanding Class A shares representing limited partner interests in TGE not already owned by the sponsors for $19.50 per Class A share in cash. A copy of the proposal letter is attached as Annex A to this press release.
e $19.50 per Class A share price of the proposal represents an approximate 35.9% premium over TGE’s closing price on August 27, 2019, and a premium of approximately 12% to its volume weighted average price during the last 30 calendar days. e sponsors
collectively hold an approximate 44.2% economic interest in TGE as of August 27, 2019.
e board intends to form a con icts committee consisting of independent directors of the board to consider the proposal. e board expects that the con icts committee will retain independent advisors, including independent nancial and legal advisors, to assist it in this process.
e proposal constitutes only a preliminary indication of interest by the sponsors and
does not constitute any binding commitment with respect to the proposed transaction
or any other transaction. No agreement, arrangement or understanding between TGE and the sponsors relating to any proposed transaction will be created unless de nitive documentation is executed and delivered by the sponsors, TGE and all other appropriate parties.
TGE does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
TALLGRASS ENERGY, August 27, 2019
Panhandle Oil and Gas
announces transition of
leadership
Panhandle Oil and Gas and its president,
chief executive o cer and director, Paul
F Blanchard Jr., announced a transition
of leadership of the company, pursuant to which Mr. Blanchard has stepped down as a member of the board, and as president and chief executive o cer of the company e ective August 26, 2019.
e Panhandle board of directors has appointed Chad L. Stephens, Panhandle’s
lead independent director, to serve as interim chief executive o cer. Mr. Stephens has been a member of the board since 2017 and serves on the audit committee and the compensation committee. He will remain a director, and
the role of lead independent director will be assumed by Mark T. Behrman, a member of the board since 2017.
PANHANDLE OIL AND GAS, August 27, 2019
Abraxas Petroleum receives
NASDAQ notice regarding
non-compliance with
continued listing standards
Abraxas Petroleum today announced
that yesterday it received notice from the NASDAQ Stock Market that the company does not presently meet the NASDAQ continued listing standard which requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.
In accordance with applicable NASDAQ procedures, the company plans to timely notify NASDAQ that it intends to pursue actions to meet the minimum average share price requirement. NASDAQ provides for
a period of 180 days following receipt of the notice to meet the standard and regain compliance for continued listing on the exchange.
e notice has no immediate impact on the listing of the company’s common stock, which will continue to trade on the NASDAQ subject to the company’s compliance with the other continued listing requirements.
ABRAXAS PETROLEUM, August 28, 2019
Whiting Petroleum
announces tender offer for
its 1.25% convertible senior
notes due 2020
Whiting Petroleum today announced a tender o er to purchase up to $300,000,000 aggregate principal amount of its outstanding 1.25% convertible senior notes due 2020. As of August 28, 2019, there was $562,075,000 aggregate principal amount of the notes outstanding.
Upon the terms and subject to the conditions set forth in the company’s o er to purchase, dated August 29, 2019, and the related letter of transmittal, the company is o ering to pay, for cash, an amount equal to $990 per $1,000 principal amount of notes purchased.
Additionally, holders of record on September 15, 2019 of the notes that are validly tendered at or prior to the expiration date and accepted for purchase will receive accrued interest, if any, from the last interest payment date up to, but not including, the date the company accepts and purchases any such notes.
e tender o er will expire at 11:59 p.m., New York City time, on September 26, 2019, or any other date and time to which the company extends such tender o er, unless earlier terminated.
WHITING PETROLEUM, August 29, 2019
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