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Texas-Based Cross Timbers Oil to Sell Stock, Buy Back Shares from Shell.
Knight Ridder/Tribune Business News, July, 1999 by White, Bill
Knight Ridder/Tribune Business News
Jul. 9 -- Cross Timbers Oil Co. said Thursday it is selling 2 million shares of common stock to buy back shares that Shell Oil Co. obtained last fall when it sold its Cook Inlet properties to Cross Timbers.
The Fort Worth, Texas-based company also plans to use some of the roughly $27 million raised in the stock offering to continue reducing its debt, said Preston Kirk, spokesman for Cross Timbers.
Shell sold its last Alaska operations to Cross Timbers in October for about $39 million, Kirk said.
That deal involved two state oil and gas leases, two offshore oil platforms in the Middle Ground Shoal field and a half interest in some pipelines and onshore processing facilities, all in the Cook Inlet...
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