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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jan 03, 2005
Page
7
Arena Resources Inc said its Dec 1 acquisition of a 100 percent working interest in the Fuhrman-Masche Field in Andrews County totals 11 300 acres and 136 producing wells. The deal includes 130 future drilling locations and marks Arena’s fifth Permian Basin purchase in 18 months.
BJ Services Co will delay filing its 2004 annual report amid a tax review of Asia Pacific accounts. The regional controller admits misappropriating about 9 million dollars. Also noted: Delta Sea board Well Service sold three rigs to Basic Energy Services for 5 million cash in New Iberia Louisiana. Exxon Mobil plans 5 million in humanitarian aid, matched by employee and retiree contributions worldwide. Lee Raymond of ExxonMobil comments on relief efforts.
This week totals show Lea 25, Loving 11, Pecos 5, Martin 6, Midland 7, Crane 1, Upton 16, Ward 1, Andrews 6, Terrell 4, Ector 3, Winkler 1, Gaines 5, Culberson 0, Reeves 4, Howard 0. Last week 146, year ago 146. For more details see Page 5.
Enron once the seventh largest U S company collapsed under complex accounting fraud in 2004. Kenneth Lay and Jeffrey Skilling face more than 30 counts each including fraud and conspiracy as they await trial. Lay’s bank fraud and margin loan charges add to a widening web of legal actions. Five former broadband unit executives head to trial April 1 for inflated hype and stock selling schemes while two ex accounting executives are accused of siphoning 111 million from a Blockbuster video on demand deal. See ENRON Page 2B.
A Houston based former ConocoPhillips chair reflects on how Western access to Russia’s vast oil wealth collided with Kremlin control. The Yukos crackdown, led by President Vladimir Putin, involved a $27.5 billion back tax bill and the transfer of Yuganskneftegaz to Gazprom for $9.3 billion, unsettling investors while highlighting new rules of engagement in Russia.
Perryman assesses a year of growth amid war on terror high energy prices and a volatile dollar. GDP rose homeownership hit 69 percent productivity and investment increased profits up while gas costs and oil prices strained households. Iraq tensions and beheadings dominated headlines yet security measures tax cuts and Fed actions shaped the economy in 2004.
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