Patina stockholders approved the proposed merger with a subsidiary of Noble Energy. Noble Energy stockholders approved the issuance of common stock to Patina stockholders in the merger and the amendment of the company's certificate of incorporation to increase the number of authorized shares of common stock from 100 million to 250 million. Upon completion of the unwind of certain hedging transactions of Patina and satisfaction of other customary conditions, the proposed merger is expected to close on Monday, May 16, 2005.
In the merger, Patina stockholders will receive shares of Noble Energy common stock, cash or a combination thereof (subject to the allocation procedure described in the proxy statement) in exchange for their shares of Patina common stock.
Noble Energy is one of the nation's leading independent energy companies and operates throughout major basins in the United States including the Gulf of Mexico, as well as internationally, in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea and the North Sea. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc.
Patina is an independent energy company engaged in the acquisition, development, exploitation and production of oil and natural gas primarily in Colorado's Wattenberg Field, the Mid-continent region of western Oklahoma and the Texas Panhandle, and the San Juan Basin in New Mexico.
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