OCR Text |
Show THE SAN JUAN RECORD Wednesday, March 17, 1999 - Page 3 Local work force told they will be retained The transaction is expected to close in the second quarter, with an effective date of Janu- Unocal sells Lisbon Valley plant to Tom Brown Inc. Spirit Energy 76, Unocal Corporations U.S. Lower 48 exploration and production unit, recently signed a letter of intent to trade most of its Rocky Mountain oil and gas assets for 5.8 million shares of Tom Brown, Inc. and $5 million in cash. Also included in the deal is the Lisbon Cryogenic Processing Plant in Lisbon Valley that removes hydrogen sulfide, carbon dioxide and nitrogen from the natural gas produced in southeastern Utah. The plant markets residue gas, natural gas liquids and molten sulfur and is one of only seven plants in the United states that produces value of the transaction would Unocal stockholders and participate in the growth potential of Tom Brown, Inc. At the of the same time, a spin-of- f be $76 million. Unocal will hold 16.52 percent of the outstanding common stock of Tom Brown, Inc. based on the number of shares to be issued. The agreement also gives Unocal a seat on Tom Brown, Inc.s board of directors and the option to increase its ownership up to 19.5 percent through open market purchases. The stock holding in Tom Brown is subject to certain restrictions, lock-u- p including a period. Tom Brown is a focused Rocky Mountain player whose ary 1, 1999. Tom Brown is engaged in the exploration for, and the acqui- - sition, development, produc-Rock- y tion and sale of, natural gas and crude oil in the U.S. The company reported 1998 net Mountain properties will allow our management team to focus on core growth opportunities in the Gulf of production of 115 million Gulf Coast and Per- - bic feet equivalent per day of natural gas and net reserves mian Basin, Donohue said. The transaction involves ap- totaling more than 406 billion proximately 35 net wells that cubic feet equivalent, had 1998 net sales of 18 mil- Spirit Energy 76, Unocal lion cubic feet of natural gas Corporations U.S. Lower 48 per day, 290 barrels of oil per exploration and production day and 92,000 gallons of gas unit, has major operations onplant liquids per day. In addi- shore in Texas and Louisiana tion, the transaction includes and on the Gulf of Mexico shelf, in addition to a signifi- proved reserves of approximately 89 billion cubic feet cant presence in the Gulf of equivalent of natural gas and Mexico deepwater, Unocal is one of the worlds about 65,000 undeveloped acres located in Colorado, largest independent oil and Utah, Wyoming and North gas exploration and produc-Dakottion companies, with major The company said the deal resource development, power is expected to be slightly plant and pipeline projects in dilutive to Unocals reserves Asia, the U.S. Gulf of Mexico and production in the short region and Latin America, cu-Mexi- 24-mon- th substantial exploratory position combines well with Unocals assets in the region. liquid helium. Company offi- The trade will give both comcials say that it is anticipated panies greater participation in that all of Spirit Energys lo- the North American natural cal workforce, totaling about gas value chain, said John T. 50 employees, will be retained Donohue, president of Spirit Energy 76. by Tom Brown, Inc. This transaction provides Based on a recent closing the opportunity to realize good price of $12.3125 per share of Tom Brown, Inc., the total value for these assets for a. term. Commission brief by Anna Adair At the March 15 meeting of the San Juan County Commission, Commissioners: accepted three names sub- mitted by the San Juan County Republican party for the County ClerkAuditor po- Norman Johnson, Linda Lewis and Kimberly sition. Lacy will be considered to fufill the uneXpired term of Gale Northern, who is leaving the county. Because of potential conflicts of interest, the commission approved a motion for Utah Governor Mike Leavitts office to make the final decision; heard a request from concerned citizen Melvin Frost to add a scenic overlook pull-oon Blue Mountain road. Frost has looked at a number of difut ferent sites and presented what he feels is the best one. Commissioners told Frost of a $2 million National Forest Highway road grant that the county will use to upgrade the Blue Mountain road from Newspaper Rock to Monticello. Funds for turnouts are included in the grant. Frosts CORTEZ SEARS Home appliances, electronics, lawn & suggestions will be given to the County Road Department for consideration; was asked by County Planner Edwrard Scherick for garden and tools any information the Commission may have on an old grazing unit number 12 somewhere near the Comb Wash area. The Commission was able to offer no information; discussed the BLMs method of managing resources by using County roads to control their lands. Commission- ers stated that there may be other methods for the BLM to manage their resources. Commissioner Bill Redd said that if the roads are important in managing the land, why dont we (the county) manage the land since we manage the roads!; approved building permits for Shane Deeter for a shop in La Sal and for Eric Snyder for a building on Bridger Jack Mesa; and discussed a meeting the Commission will have with the even sale prices Our entire store is on sale.. .3 days only! sale good March 18 president of the Navajo Nation. The meeting will focus on law enforcement and juvenile detention issues. through March 20 'ML. ''W Kenmore Super Capacity Plus motor. 29882 washer with Was 52999. Closeout 429.88. WSk quanXei Iasi with 10 savings 32-i- with Smart Sound. 65033 Reg. 64999. Sale 599.99. with 10 (Mir A. Craftsman and cabinet combo. stereo TV TS3258C) B. Craftsman savings 79"each Extra large Capocity dryer, 66512 Reg. 31999, sale 29999. 269.99 after 10 savings Owned Mon Sat: 9 am to 6 pm Ennui1 & tzifl55zl&5 rlpoo 1 19.5-HP- , 42-i- 17X37 1999" with I 10 FINAL SAVINGS with 10 savings to 6 pm lawn tractor & savings $250 . 2214 East Main firen 970-565-16- 90 mmt tm vdr liMMiMilWiwpimmiiSrarlINMmiimM. wmM dap in Well keep your bite bright Tamra Tobin nr YOU CAN COUNT ON SCARS FOR SATISFACTION GUARANTEED OR YOUR MONEY BACK M aul pnrt (maroamtiM MCtVfB Ttw idwtnamrt ndudM many radurtcrn, pfo Putnam ms adnemaad pmt f fe M am net mdaret AnagMePtlM Whm aWal adn accw yaa kaaa Ima omm WVT 0 FMMCS CMAMt OTMLSc Arndatm I on yaw cwrom accawd polanca and mm Pa ?dy W mlaW mommy pamwro Worn ArtM monddy mum may tan MrodTAMT CRtMT HUMS SW taa. dcOroy m lm ro opaon and HUM S400 rOX la apaa yaw SaanCIwp MIS accawd. MA SX)0 pwcharo af w puchmMittmMMd Magadan B turn M aw 2!Ma bociM AR S roat aa HUSt 5Q Amw IPX XX Mnmm knm dwi romaTTX Samdma pal "my rory Mranaaa aaadNy Pnanca d d SSO tlyaad Py paroeniapyro OiMRM Sam CaMI fcnm Annudomanme TV tmm aoroa and avPcalad IPX Wuaa. Cato aad comrncim tor edude teapheM pd apai aaaamtdy Mc. wdna AppAanca paces am Saan, ItaafcucAand Ca oat earn pdynmM and cMdcp warn. amdto. Bern moduct. denary. MdMn Mm. amaAtd hnroa anproyamtt product and aanacaa. Sam Gdl Card, laydamy mw D.D.S. 27081 deck, 1ff Optional bogger for 42-iReg. 21999, 197.99 after 10 savings $20 Operated by Mike Sun: Craftsman with Briggs & Stratton engine. Reg 154999. Sale 1444,44. 65783 34-H- FINAL SAVINGS -- chest reciprocating saw with case. Reg. 99.99. Sale 8888 each. FINAL SAVINGS $110 FINAL SAVINGS $143 Kenmore Philips Magnavox W" sJJ :89 Brent Johansen Family Dentistry and Orthodontics 212 South 2nd East Blanding, Utah (435) 678-344- 0 |