Newspaper article THE JOURNAL RECORD

Geodyne Resources Executes Financing, Stock Agreements / with Paine Webber, Stockholders

Newspaper article THE JOURNAL RECORD

Geodyne Resources Executes Financing, Stock Agreements / with Paine Webber, Stockholders

Article excerpt

TULSA - The execution of several agreements were announced Monday by Geodyne Resources Inc. of Tulsa that will allow the company to obtain additional financing and provide for the redemption of a portion of its preferred stock.

The series of agreements entered into involve Paine Webber Inc., the company's Series B Convertible Preferred stockholders and the company itself.

Under a group of limited partnerships formed by Paine Webber and Geodyne, $90 million in interests are being offered to the public through the Paine Webber-Geodyne Energy Income Program I.

One partnership was closed in 1984 and units in a second partnership are currently being offered under the program, which is headed by Paine Webber Inc. and Geodyne, serving as co-general partners.

Paine Webber is serving as dealer-manager for this offering.

Warrants to purchase common stock of Geodyne are to be issued in three series to the Paine Webber group, the first being an offering of 400,000 shares at an exercise price of 75-cents per share.

The offering will expire in five years if the stock remains unexercised from the date of issuance.

The second series of warrants, exercisable through February of 1986, would allow Paine Webber to purchase an amount of unissued shares of Geodyne common stock at $1 per share.

That should be sufficient enough to allow Paine Webber to purchase approximately 25 percent of the company's common stock.

The third series of warrants will be exercisable from the date the second series of warrants are exercised through Feb. …

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