HOUSTON, March 22 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) today
completed the acquisition of Texoil, Inc. (Nasdaq: TXLI) by consummating the
second-step merger of a previously announced all-cash transaction that was
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. Total consideration for the acquisition is 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. Texoil, Inc., which is now a wholly owned subsidiary of Ocean,
will be delisted from Nasdaq.
Texoil, Inc. was an independent oil and gas company engaged in the
acquisition of oil and gas reserves through a program, which included
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.
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.
 back to top
Related links:
http://www.oceanenergy.com
Company News On-Call:
http://www.prnewswire.com/comp/913463.html or fax,
800-758-5804, ext. 913463
CONTACT:
financial, Bruce Busmire, 713-265-6161, or
media, Janice Aston White, 713-265-6164, both of Ocean Energy,
Inc.
|
