Out of 26 million Texans, you may have an idea to change the world. You may have had several ideas to change the world. But only a tiny minority of you pushed through the U.S. Patent office from application to successful patent. We've seen Texans change the world many times over. Jack Kilby did it with Texas Instruments in 1958 with the integrated circuit, causing the start of the digital revolution, which, in part, is why you can read these words over your electronic device.
Over the last few years, Texas Business has brought its feature: Texas Business Patent of the Day. This list is of the ones that were either extremely clever, odd or strange. One thing becomes apparent from these patents and the patent that runs daily in Texas Business—Texans have a unique mind set.
Though the history of the Corn Dog is disputed, the State Fair of Texas claims to have introduced the Corny Dog sometime between 1938 and 1942. As a paean to that invention that now sits in the freezer section of every grocery store in the southwest, here are the fried foods the State Fair of Texas has introduced, or tried to introduce, in the last seven years.
Don't get caught up with John Wayne religion. For one thing, he's not Texan. He's in some fine movies involving Texas, most notably The Searchers, but none of his movies can make the best cut of Texas movies. Here's the short list.
Unsung Texas Business Journalists Mention that one is a reporter, and there's a spark of interest. Mention that one is a business news reporter, and watch the eyes glaze over. Except to the players, business and economic journalists are unappreciated. While many wish to become sports reporters when they grow up, most do not realize that business journalists cover the Real Game. Mention that reporter covers business, and watch the eyes glaze over. A toast to these below on the short list and the numerous unnamed ones slogging away. Full Story » TexasBusiness.com
Best Texas Mexican Food: The Short List No, we're not going to debate the difference between Tex-Mex, Mex-Tex, Mexican and Texican food. Just know these establishments are the pinnacle of Texas Mexican fare. No brag, just fact. Full Story » TexasBusiness.com
Best Texas Burgers Texas Burgers. . While a hamburger is merely sustenance and gratification for a meal, the memory a good Texas burger can give rise to Homeric odes. The short list. Full Story » TexasBusiness.com
MIDLAND, Texas - Concho Resources Inc. today announced that it has entered into a definitive agreement to acquire all the oil and gas assets of Marbob Energy Corporation and certain affiliated entities (collectively "Marbob") for $1.65 billion in cash and Concho securities.
Marbob is a privately-held exploration and production company with substantially all of its operations located in the Permian Basin of Southeast New Mexico, including a large acreage position contiguous to the Company's core Yeso play on the Southeast New Mexico Shelf and a significant acreage position in the emerging Bone Spring play in Southeast New Mexico.
Highlights of the Marbob acquisition:
-- 76 million barrels of oil equivalent ("MMBoe") estimated proved reserves(1) (58% oil, 63% proved developed)
-- 166 MMBoe estimated unproved reserves(1)
-- First quarter 2010 average net daily production of approximately 14,000 barrels of oil equivalent per day
-- Reserve to production ratio of 14.9 years
-- Approximately 2,300 identified drilling locations (350 of which are proved undeveloped) including approximately 1,300 in the Yeso play and approximately 1,000 in the Bone Spring play
-- Marbob is currently running 5 rigs, including 1 rig drilling Yeso wells on the Southeast New Mexico Shelf and 4 rigs drilling in the Bone Spring play
-- Marbob's experienced technical and operational staff to be retained by Concho
"We are pleased to announce the largest and most strategic acquisition in our Company's history,” commented Timothy A. Leach, Concho's chairman in a prepared statement. “This acquisition has been one of our highest priorities for the last three years. These assets are a perfect complement to our New Mexico Shelf position, and they double our Yeso drilling inventory. In addition, Marbob's Bone Spring acreage, when coupled with our existing acreage, gives the Company over 100,000 net acres in one of the most exciting emerging plays in the industry today and adds a significant new area of growth to the Company's portfolio. After closing, we plan to increase the activity level and rig count on these acquired properties, which should result in significant production growth over the next several years. Going forward Concho will be a bigger version of today's company, with a large, high rate of return, high margin drilling inventory that will be complemented by the Bone Spring play.”
Concho intends to finance this transaction with a combination of equity and debt. Total consideration paid to Marbob at closing will consist of $1.45 billion in cash, 1.1 million shares of Concho common stock valued at $50 million in the aggregate and a $150 million 8% senior unsecured note issued to Marbob due in 2018. Additionally, Concho has received underwritten commitments from affiliates of J.P. Morgan Chase Bank, N.A. and Bank of America, N.A. to expand the size of its existing revolving credit facility from $1.2 billion to $2.0 billion as part of the financing for the acquisition. Finally, in addition to the securities issued to the seller, Concho has entered into an agreement with certain purchasers to sell 6.6 million shares of common stock for $300 million in a private placement transaction. The private placement is expected to close on the date of the closing of the Marbob acquisition, subject to the satisfaction of customary closing conditions and the satisfaction of certain conditions related to the Marbob acquisition. In conjunction with this transaction, Concho plans to enter into derivative contracts for a significant portion of the proved developed producing reserves estimated to be produced by the acquired assets in the years 2011 through 2015. In July, the Company has entered into new crude oil swaps on 5.6 million barrels of oil at a price of approximately $82.50 per barrel for the years 2011 through 2015 (see the updated hedge schedule at the end of this press release).
Concho's Board of Directors has approved this transaction, which is expected to close on or before November 30, 2010, and is subject to certain preferential rights to purchase, due diligence, customary purchase price adjustments and other customary closing conditions.
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