Newspaper article THE JOURNAL RECORD

The Journal Record Business Briefs: April 12, 2011

Newspaper article THE JOURNAL RECORD

The Journal Record Business Briefs: April 12, 2011

Article excerpt

SandRidge Mississippian Trust completes offering

SandRidge Mississippian Trust I has closed its initial public offering of 17,250,000 common units, raising $338.7 million.

The offering included 2,250,000 common units sold to cover the underwriters' over-allotment option. The proceeds were paid to Oklahoma City-based SandRidge Energy Inc. as partial payment the royalty interests held by the trust. The common units trade on the New York Stock Exchange under the symbol SDT.

The 17,250,000 common units sold to the public in the offering represent a 61.6-percent beneficial interest in the trust. The trust also issued SandRidge 3,750,000 common units and 7,000,000 subordinated units convertible into common units representing a 38.4- percent beneficial interest in the trust.

Raymond James & Associates Inc. and Morgan Stanley & Co. Inc. served as joint book-running managers of the offering. Wells Fargo Securities and RBC Capital Markets served as co-lead managers and Oppenheimer & Co., Madison Williams and Co., Morgan Keegan & Co., Robert W. Baird & Co. and Wunderlich Securities Inc. served as co- managers.

SandRidge Mississippian Trust I was formed by SandRidge Energy to own certain royalty interests in oil and natural gas wells in northern Oklahoma producing from the Mississippian formation.

Johnson joins OERB board of directors

Russell "Rusty" V. Johnson III has joined the Oklahoma Energy Resources Board's board of directors.

Johnson is chief executive officer of JEC Operating in Oklahoma City and was co-founder of Johnson Exploration Co. in 1981. JEC currently operates about 100 wells in Oklahoma and West Virginia.

Johnson is a graduate of the University of Oklahoma. He was in the U.S. Navy from 1973 to 1976 as a commissioned officer.

GMX increases production, adds board members

GMX Resources reported production for the first quarter of 6 billion cubic feet equivalent.

Production for the quarter was up 89 percent from the first quarter of 2011 and 14 percent from the fourth quarter.

The Oklahoma City company expects production for the second quarter to total 6.1 billion cubic feet equivalent.

GMX also expanded its board of directors adding two new members - J. David Lucke and Michael J. Rohleder.

Lucke is chief financial officer of Sabco Oil & Gas Corp., a Houston-based company. Lucke was an investment banker focused in the energy industry for 19 years. A certified public accountant, Lucke is a graduate of Duke University and has a master of business administration degree from the University of Texas.

Rohleder was appointed as president of GMX Resources on June 1, 2009, and earlier was executive vice president.

Fallin reappoints Joe Hall to OSU/A&M Board of Regents

Gov. Mary Fallin on Tuesday said she will reappoint Joe Hall of Elk City to the Oklahoma Agricultural and Mechanical Colleges Board of Regents. …

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