Pickens Seeks Own Stock

Mesa Petroleum Co., which has launched a series of hostile takeover bids for major oil companies in recent years, today announced a $100-million plan to buy back about 10% of its own common stock.

Mesa, headed by maverick oilman T. Boone Pickens Jr., currently has about 67 million common shares outstanding. Mesa said its board of directors has earmarked enough funds to buy about 6.9 million shares at Friday’s closing price of $14.50 on the New York Stock Exchange. “We believe that our shares represent an attractive reinvestment opportunity” to maximize values for Mesa shareholders, Pickens said.