P.M. BRIEFING : Mesa OKs 2 Oil and Gas Deals
Mesa Limited Partnership said today that it has agreed to two transactions that would sell about 11% of its natural gas and oil reserves in deals that could eventually bring more than $300 million.
The agreements came six weeks after a deal fell through in which Seagull Energy Corp. of Houston would have purchased 13% of Mesa’s reserves. Seagull was not able to obtain financing for the purchase then but is the purchaser in one of the deals announced today.
Mesa, led by investor T. Boone Pickens, has been eager to make the deals to raise money that would reduce a $1.5-billion debt. “This will allow us to repay about 18% of our total debt,” Mesa spokesman Jay Rosser said.
Mesa is selling properties in the Texas Panhandle and Oklahoma to Seagull and another company that did not wish to be identified.
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