Business Services Industry
Cross Timbers Oil Co. to Sell Part of Reserves to Royalty Trust.
Knight Ridder/Tribune Business News, October, 1998 by Piller, Dan
Knight Ridder/Tribune Business News
Oct. 14--FORT WORTH, Texas--Cross Timbers Oil Co. said yesterday that it will sell about 30 percent of its reserves to a royalty trust, which company Chairman Bob R. Simpson said will generate about $700 million in new equity.
The properties to be put into the trust are in the Hugoton area of southwestern Kansas and the Green River Basin of Wyoming. Simpson said the reserves are "long-lived properties with upside potential to maintain a consistent reserve and production base."
Cross Timbers will file a registration statement in December for a sale in January for the investment, to be called the Hugoton Royalty Trust.
"Our royalty trust plan calls for distributing to our common shareholder on a...
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