Transocean Launches All Cash Voluntary Offer For Aker Drilling

- Transocean Launches All Cash Voluntary Offer For Aker Drilling



Aug 26, 2011

Transocean (NYSE:RIG) announced after receiving clearance by the Oslo Stock Exchange, that it launched its all cash voluntary offer for 100% of the shares of Aker Drilling for 26.50 Kroner per share. The offer has been made on an unconditional basis and with settlement guaranteed by a financial institution.

Transocean has a potential upside of 51.7% based on a current price of $51.47 and an average consensus analyst price target of $78.07.

Transocean is currently below its 50-day moving average (MA) of $59.22 and below its 200-day MA of $70.28.

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Kodiak to Offer Shares to Fund Bakken Activity

- Kodiak to Offer Shares to Fund Bakken Activity

Monday, July 18, 2011
Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. today announced that it is commencing an offering of 20,000,000 shares of its common stock in an underwritten public offering. Kodiak expects to grant the underwriters a 30-day over allotment option to purchase up to an additional 3,000,000 shares of Kodiak's common stock.

Kodiak intends to use the net proceeds of the offering to repay debt outstanding under its revolving credit facility, to fund capital expenditures related to drilling, development and infrastructure, principally in the Bakken play located in North Dakota, and for general corporate purposes, including financing the potential acquisition of oil and gas properties in certain core areas, such as the Bakken play.

In connection with the offering, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting: Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037.

The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities & Exchange Commission (SEC). A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and available on its website at http://www.sec.gov.

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Endeavour to Offer Up to $110 Million in Notes

- Endeavour to Offer Up to $110 Million in Notes

Monday, July 18, 2011
Endeavour International Corporation

Endeavour International Corporation today announced that it intends to offer, subject to market and other conditions, up to $110 million aggregate principal amount of its convertible senior notes due 2016 in a private placement to eligible purchasers. Endeavour also intends to grant to the initial purchasers of the notes an option to purchase up to an additional $15 million of notes to cover over-allotments, if any.

Endeavour intends to use substantially all of the net proceeds of this offering to fund its pending acquisition of acreage and related midstream assets in the Marcellus shale play. The remainder, if any, will be used for general corporate purposes, including funding a portion of Endeavour's 2011 capital program.

This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes will be offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 (the "Securities Act"). The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This announcement is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

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Alaska To Offer Nearly 15 Million Acres for Oil, Gas Drilling Leases

- Alaska To Offer Nearly 15 Million Acres for Oil, Gas Drilling Leases

Thursday, June 30, 2011
Dow Jones Newswires
WASHINGTON
by Tennille Tracy

The state of Alaska plans to offer nearly 15 million acres of state-owned land and waters for oil-drilling leases, saying the areas contain billions of barrels of oil.

The lease sale will be held Oct. 26, 2011, the state said Thursday.

The sale will involve 2 million acres in the Beaufort Sea, 5.1 million acres on the North Slope and 7.6 million acres in the North Slope foothills.

Roughly 3 billion to 6 billion barrels of undiscovered oil exists in the state- and Alaska Native-owned lands between the National Petroleum Reserve and Arctic National Wildlife Refuge, the state said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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ICON to Offer New Services

- ICON to Offer New Services

Friday, May 27, 2011
Icon Energy Ltd.

A new provider of thru-tubing milling and fishing services – ICON Oilfield Services – has been established in response to the oil and gas industry's need for oilfield service companies that adhere to a high standard of quality, professionalism and reliability. The Company is headquartered in Dallas and is currently establishing an office in San Antonio, Texas in order to service the Eagle Ford Shale play. Other district offices will open throughout the year to support domestic drilling locations across the United States.

"We are excited to launch ICON Oilfield Services and introduce a higher standard of product and service to domestic oil and gas companies – The ICON Standard," said Jim Kerr, President of ICON. "We're committed to providing the client with highly-trained employees, advanced design equipment, and local state-of-the-art repair facilities."

ICON specializes in removing composite and cast-iron frac plugs after isolated zones have been fracture stimulated. The Company's industry-leading downhole motors and mills will then remove each zone's frac plug to bring a well online and maximize its production rate. ICON also provides other thru-tubing and fishing services.

"Advances in horizontal drilling and hydraulic fracturing have led to a dramatic growth in unconventional resource plays. E&P companies are drilling longer laterals and increasing the number of frac stages to enhance their well's production," said Kerr. "This evolution has led to a burgeoning demand for thru-tubing, milling, and fishing services. ICON will fulfill this demand by providing reliable, high-quality equipment and exceptional service by experienced field supervisors."

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Shell, Maersk Offer Bids for Offshore Danish Project

- Shell, Maersk Offer Bids for Offshore Danish Project

Thursday, May 26, 2011
IndigoPool

Shell and Maersk Oil as the operator (the Partners) are jointly offering up to 60% interest in the Elly and Luke development project located near the existing Tyra gathering, treating and transportation infrastructure. The Partners are in the advanced stages of planning for the combined development of the Elly and Luke discoveries that will deliver hydrocarbons into the Danish and Dutch gas transmission systems. The Luke and Elly fields are expected to yield mean recoverable gas resources of 180 BCF, with upside estimated at 430 BCF. In addition, exploration prospects in the licenses have potential mean recoverable gas resources estimated at 140 BCF with an upside of 422 BCF.

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DMTI to Offer More Technical Support with New Integrity Management Division

- DMTI to Offer More Technical Support with New Integrity Management Division

Thursday, May 26, 2011
Delta Marine Technologies Inc.

Delta Marine Technologies (DMTI) has entered a new marketplace adding more technical support to the Oil & Gas Industry with its newly formed Integrity Management Division.

DMTI acquired the services of Mr. Les Colter to head-up its newly formed Integrity Management Division located in its corporate offices in Montgomery, TX.

Mr. Colter has more than thirty-five (35) years of hands-on experience examining and solving structure problems. Mr. Colter holds both a B.S. and a M.S. in Metallurgical Engineering from the University of Texas at El Paso. He also has been a member of the National Association of Corrosion Engineers (NACE) for more than twenty-five (25) years. Combining extensive field experience, strong practical or common sense, and a good academic background gave credence to his assignment as Director of Integrity Management in April, 2011.

In the coming months, DMTI will be completing the necessary equipment purchases and hiring staff, which will be trained and certified to meet current challenges being thrust upon facilities and pipeline operators in the United States. And, if the trend follows previous patterns, DMTI will be solving the same issues worldwide. The move from a "reactive" operator to a "proactive" operator is necessary to meet the proper risk management philosophy in which systems are required to have addressed all possible threats to the structure’s integrity, whether they be above grade facilities, buried or subsea pipelines.

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Vantage Proposes Senior Notes Offer

- Vantage Proposes Senior Notes Offer

Friday, May 20, 2011
Vantage Drilling Co.

Vantage announced that its wholly-owned subsidiary Offshore Group Investment Limited (the "Issuer") intends to offer, subject to market and other conditions, $225.0 million in aggregate principal amount of 11 ½% Senior Secured First Lien Notes due 2015. The Notes will be offered as additional notes, commonly referred to as a "tack-on bond," under the indenture pursuant to which the Issuer previously issued $1.0 billion of 11 ½% Senior Secured First Lien Notes due 2015 in July 2010. The Notes will be guaranteed by Vantage and each of Issuer's existing and future subsidiaries and by certain of Vantage's other subsidiaries, and will be senior secured obligations of the Issuer and the guarantors.

The Issuer expects to use the net proceeds from this offering, if completed, to purchase from Vantage the wholly-owned subsidiaries of Vantage which own the Aquamarine Driller and related drilling contracts (the "Acquisition"), as well as for general corporate purposes. Vantage expects to use the proceeds from the Acquisition to (i) repay and terminate its outstanding term loan secured by the Aquamarine Driller, (ii) make the initial payment to Daewoo Shipbuilding and Marine Engineering Co., Ltd under Vantage's recently announced construction contract for an ultra-deepwater drillship, to be named the Tungsten Explorer and (iii) for general corporate purposes.

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Chesapeake Begins Tender Offer to Buy Bronco Drilling

Chesapeake Begins Tender Offer to Buy Bronco Drilling

Tuesday, April 26, 2011
Chesapeake Energy Corp.

Chesapeake announced that it, through a new wholly owned subsidiary, Nomac Acquisition, Inc., is commencing a cash tender offer to purchase all outstanding shares of common stock of Bronco Drilling. On April 15, 2011, the companies previously announced a definitive agreement whereby Chesapeake would acquire Bronco in a cash tender offer and subsequent merger for approximately $315 million, including debt, net working capital and outstanding warrants.

Upon the successful closing of the tender offer, Bronco stockholders will receive $11.00 in cash for each share of Bronco common stock tendered in the offer, without interest and less any required withholding taxes. If more than 50 percent of the shares of Bronco common stock on a fully diluted basis (but less than all of the outstanding shares of Bronco common stock) are tendered, and all other closing conditions are satisfied, any remaining shares not tendered will be converted into the right to receive the same consideration in cash in connection with a merger of Nomac Acquisition into Bronco. Following the transaction, Bronco will be an indirect wholly owned subsidiary of Chesapeake.

Today Chesapeake will file with the Securities and Exchange Commission (SEC) a tender offer statement on Schedule TO that provides the terms of the tender offer, and Bronco will file a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of Bronco's board of directors that Bronco stockholders accept the tender offer and tender their shares in the offer. As previously disclosed, the board of directors of each of Bronco and Chesapeake has unanimously approved the transaction.

The tender offer will expire at Midnight, New York City time, on May 23, 2011 unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. The closing of the tender offer is conditioned upon the valid tender of a majority of the outstanding shares of Bronco common stock on a fully diluted basis. As previously disclosed, stockholders holding shares representing approximately 32% of Bronco’s outstanding common stock have agreed, among other things, to tender all of their shares in the tender offer. In addition, Bronco’s directors and executive officers, who beneficially own in the aggregate approximately 1.7% of the outstanding shares of Bronco common stock (excluding unvested restricted shares), have indicated that they intend to tender their shares in the tender offer.

The closing of the transaction is conditioned upon expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.