Belden & Blake Announces Agreement for Sale of Parent Company.NORTH CANTON, Ohio North Canton is a city in Stark County in the U.S. state of Ohio. The population was 16,369 at the 2000 census. History
In connection with the sale, a change in control of Belden & Blake will result under the indenture governing Belden & Blake's outstanding $192.5 million aggregate principal amount of 8-3/4% Senior Secured Notes due 2012. If the closing of the sale occurs, Belden & Blake will be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make an offer to repurchase the Notes at 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest. Closing of the sale transaction is expected to occur within 45 days, subject to confirmation of representations and warranties, satisfactory negotiation of certain amendments and consents to Belden & Blake's existing oil and gas hedge agreements and the termination of any waiting period under antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... , if applicable. Headquartered in North Canton, Ohio, Belden & Blake is one of the oldest and largest oil and gas producers in the Appalachian and Michigan Basins with estimated proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of approximately 285 Bcfe at the end of 2004. The company is engaged in every aspect of the development and production of its extensive resource base including exploitation, operation, compression, gathering and marketing. The statement made in this release regarding expectation of closing the sale transaction is a forward-looking statement 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. that is made pursuant to Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This statement is subject to the risk and uncertainty that the conditions to the closing set forth in this release can be met and met on a timely basis. |
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