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Fort Worth, Texas-Based Cross Timbers Oil to Sell Stake in New Trust.
Knight Ridder/Tribune Business News, August, 1999 by Solis, Dianne
Knight Ridder/Tribune Business News
Aug. 25 -- Cross Timbers Oil Co., a Fort Worth-based oil and natural gas exploration company, said Tuesday that it plans to sell 40 percent of its newly created Texas Permian Royalty Trust to the public. It hopes to raise as much as $150 million in October to reduce debt.
The company said it expects to sell 10 million out of a total 25 million units in the Texas Permian trust. About 70 percent of the trust properties are oil-based fields, some of which date to the 1950s. Cross Timbers said it is using sophisticated recovery techniques at the sites.
It is the third royalty trust that Cross Timbers has created since 1992.
The first trust was called Cross Timbers Royalty Trust.
The second...
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