Mesa Makes New Deals to Sell Assets:...
From Times Staff and Wire Reports
Mesa Makes New Deals to Sell Assets: Mesa Limited Partnership is making a second stab at reducing debt by selling some of its proven natural gas reserves. Mesa, led by investor T. Boone Pickens Jr., tried to sell the reserves in December, but the deal fell through when the buyer, Seagull Energy Corp. of Houston, couldn’t obtain financing. This time, Seagull Chairman Barry Gault said the company has obtained financing for a smaller, $201-million purchase of 168.3 billion cubic feet of natural gas and 4.6 million barrels of oil. Seagull will assume about $1 million in liabilities and may pay Mesa up to $25 million from sales.
