Newspaper article THE JOURNAL RECORD

Briefly.In Oklahoma

Newspaper article THE JOURNAL RECORD

Briefly.In Oklahoma

Article excerpt

Public Offering of Williams Companies Begun TULSA - The public offering of 3 million shares of the Williams Companies Inc. convertible exchangeable preferred stock has begun at a price of $50 per share, officials said Thursday.

The $150 million offering is being managed by Morgan Stanley & Co., Salomon Brothers Inc. and Smith Barney Harris Upham & Co. The underwriters have been granted an option to acquire an additional 300,000 shares to cover over-allotments.

The preferred stock may be converted at any time into shares of the company's common stock at the rate of 1.2739 shares of common stock for each share of preferred stock (equivalent to a conversion price of $39.25 per share based upon the public offering price of $50 per share of preferred stock).

On any dividend payment date beginning March 31, 1992, the company may exchange, in whole but not in part, the preferred stock for the company's 7 3/4 percent convertible subordinated debentures due 2014.

The preferred stock is redeemable, in whole or in part at any time on or after March 31, 1992, at an initial redemption price of $52.7125 per share. The price will decline to $50 per share on or after March 31, 1999, plus dividends accrued and unpaid to the redemption date.

Net proceeds from the sale will be used for general corporate purposes, including capital expenditures and the repayment of indebtedness incurred by the company in connection with the acquisition of LIGHTNET.

Noble Affiliates Unit Extends Natural Gas Field ARDMORE - A subsidiary of Noble Affiliates Inc. has significantly extended a natural gas field in the Kaybob Area in Alberta, Canada, through a successful exploratory drilling program, officials said Thursday.

The field is located approximately 150 miles northwest of the city of Edmonton.

Samedan Oil of Canada Inc., a wholly owned unit of Noble Affiliates, drilled the discovery well, Kaybob 2-1, in September 1988. The well encountered Notikewin gas sand at approximately 4,450 feet and tested 9 million cubic feet of gas per day through a 1/2-inch choke with 1,305 pounds of flowing tubing pressure. …

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