Tulsa-Based Oneok Completes Sale of Its Oil and Gas Production Companies
Posted on: Wednesday, 28 September 2005, 21:00 CDT
By Journal Record Staff
Oneok has completed the sale of its oil and gas production companies to TXOK Acquisition Inc. for $645 million. The sale includes natural gas and oil properties in four fields in Oklahoma and Texas. Tulsa-based Oneok will use the proceeds of $500 million to reduce debt.
TXOK Acquisition is a Dallas-based privately held oil and natural gas acquisition, exploration, exploitation, and development and production company. As part of the transaction, Oneok has agreed to provide transition services to TXOK Acquisition.
In New York Stock Exchange trading Tuesday, Oneok closed down 30 cents at $32.51. Market capitalization totals $3.28 billion.
Source: Journal Record - Oklahoma City
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