Mesa Financial Team May Not Disband, Though It Plans To

Article excerpt

The crack financial team put together by T. Boone Pickens Jr. at Mesa Petroleum Co. may be broken up when Mesa turns into a master limited partnership - then again it may not.

"We don't have to dissolve the company," said Sid Tassin, assistant to David Batchelder, vice president of financial affairs. "That's what we plan to do, though."

Tassin said he and his boss will not be joining the partnership. Neither are the other members of the Mesa financial team, Drew Craig and Brad Shoup, expected to go with the partnership.

The group, which has planned so many successful takeovers, could join Pickens in a consulting team he is rumored to be planning, however. Pickens has said he might consider an investment banking role and that could keep the team together, raising money and applying their acquisition expertise.

In the meantime, Batchelder, Tassin and the others will be busy selling those 14,600,000 shares of Unocal and other assets in preparation for the demise of Mesa Petroleum. . .

- The American Institute of Professional Geologists will hold its first fall luncheon at 12:30 p.m. today at the Petroleum Club. Oil and gas attorney Joseph Dancy will address the group on "Economic and Legal Considerations in a Declining Oil and Gas Market.". .

- Richard Itteilag, director of the American Gas Association, will speak to the International Association of Energy Economists at 6:15 p.m. Sept. 24 in the Whitehall Club.

Itteilag will discuss current demand for natural gas, the gas "bubble," the competitive position of gas versus other fuels, and new markets for gas. He will focus on the association's outlook for major gas producing states like Oklahoma. . .

- Pennzoil Co. reports "a significant oil discovery" in the Tatum Basin of southeast New Mexico.

The discovery well, the No. 1 Viersen, flowed 1,056 barrels of oil and 754,000 cubic feet of natural gas on a 24-hour test from selected perforations in the Pennsylvanian Strawn formation.

The Lea County wildcat was tested through a 5/8-inch choke with 240 pounds-per-square-inch flowing tubing pressure.

Pennzoil owns 90 percent of the lease and controls acreage offsetting the discovery.

The company plans an active drilling program to develop the discovery, located in Section 3, T17S, R36E, some six miles southeast of Lovington. . .

- Geolograph Pioneer Inc. has introduced the 8400 reservoir measurement system as an effective alternative for the accurate recording of downhole pressure and temperature data when the use of an electric wireline becomes undesirable due to safety or other operational considerations.

The system is the latest in a series of reservoir logging systems designed and manufactured by Valstar Oilfield Products and marketed in the United States by Geolograph Pioneer.

The 8400 uses a versatile self-supporting memory module that can be coupled with strain gauge transducers to increase robustness, with quartz capacitance transducers to increase and sensitivity.

It can also be coupled with the Hewlett-Packard 2013 B quartz pressure gauge to give the operator increased utilization of existing equipment. . .

- The Sun Co. plans to redeem $100 million of its 9.15 percent notes issued in 1979. Notice was made on Aug. 30 with redemption on Oct. 1, 1985.

Sun will redeem all the outstanding notes at a price of 100 percent of the principal, plus accrued interest from Aug. 1, 1985, amounting to $15.25 for each $1,000 in principal.

Payment of the redemption price will be made at Citibank, N.A., Receive and Deliver Department. . .

- The University of Tulsa is currently offering several oil and gas related seminars in the metro area. …