Canaan Resources Completes Private Equity Funding.OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm -- Canaan Resources, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a natural gas asset-acquisition company, has been formed and funded with a $150 million commitment from Canaan Natural Gas Partners Fund IX, LP and associated entities. The company also entered into a $200 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with JP Morgan Chase to fund acquisitions. Canaan Resources focuses on acquiring onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. long-life gas reserves and is a continuation of a business plan begun in 1987 by co-founders Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. E. Woodard and John K. Penton. Canaan differs from many private-equity funded companies in that the principals of Canaan are also the general partners of the partnerships that provide the company's equity capital. This significant degree of autonomy and control ensures that Canaan can quickly and independently evaluate, negotiate and close transactions. "We believe this is an excellent time to make acquisitions of long-lived natural gas assets and we are committed to aggressively pursue high-quality opportunities," noted John K. Penton, president. Management includes Woodard, chief executive; Penton, president; S. Mark Cain, vice-president- engineering; Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. V. Beebe, vice-president- land and business development; Michael S. Mewbourn- vice-president and chief financial officer; and Scott M. Rayburn, vice-president- legal and general counsel. The business development office can be reached at 405-604-9290. Additional information can be found at the company's website at www.canaanresources.com. |
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