3TEC Energy Corporation Announces Redemption of Series C Preferred Stock.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Sept. 6, 2000 3TEC Energy Corporation ("3TEC") (Nasdaq:TTEN TTEN Thermoanaerobacter Tengcongensis ) announced today that it will redeem all outstanding shares of its Series C Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. on Sept. 30, 2000. The Series C Preferred Stock has a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $5.00 per share, plus all unpaid and accrued dividends to that date. The net cost to 3TEC to redeem the Series C Preferred Stock will be approximately $4.1 million. All holders of the Series C Preferred Stock should send their certificate(s), duly endorsed in blank Absent limitation or restriction. The term in blank is used in reference to negotiable instruments, such as checks or promissory notes. When such Commercial Paper is endorsed in blank, the designated payee signs his or her name only. for transfer or accompanied by proper instruments of assignment and transfer duly executed in blank to American Stock Transfer & Trust Company, 59 Maiden Lane, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York, 10038. Any questions concerning the redemption process should be directed to American Stock Transfer & Trust at 718/921-8200. The Board of Directors of 3TEC Energy Corporation has declared the final semi-annual dividend of $.25 per share on the Series C Preferred Stock to the holders of record on Aug. 31, 2000, which dividend is payable on Sept. 30, 2000. 3TEC will pay the dividend in accordance with its normal procedures. 3TEC Energy Corporation is engaged in the acquisition, development, production and exploration of oil and natural gas, with properties geographically concentrated in East Texas and the Gulf Coast region. 3TEC also owns significant properties in the Permian and San Juan basins The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. and in the Mid-Continent regions. The information contained in this press release may contain projections, estimates and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those included in the forward-looking statements include the timing and extent of changes in commodity prices for oil and gas, environmental risks, drilling, producing and operating risks, risks related to exploration and development, uncertainties about the estimates of reserves, government regulation, competition and the ability of the Company to meet its stated business goals. |
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