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Geodyne Resources Forms Partnerships Totaling $30.5 Million
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Geodyne Resources Forms Partnerships Totaling $30.5 Million
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Geodyne Resources Forms Partnerships Totaling $30.5 Million
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Newsletter
Geodyne Resources Forms Partnerships Totaling $30.5 Million
1992
Overview
Geodyne Resources Inc. (AMEX:GDR), Thursday announced the formation of PaineWebber/Geodyne Institutional/Pension Energy Income Limited Partnership P-7 and P-8 with aggregate subscriptions of approximately $30.5 million. Activated on Feb. 28, the partnerships include subscriptions from approximately 1,427 investors totaling $18,870,200 for P-7 and 1,280 investors totaling $11,616,800 for P-8. Upon activation, the partnership purchased $21.4 million in natural gas and oil properties which Geodyne had acquired on their behalf. The purchase allowed Geodyne to retire $23.6 million in short-term debt originally incurred to purchase the properties in November 1991. (excerpt)
Publisher
Business Wire
Subject
