Reported by Star-Bulletin staff & wire
Monday, November 4, 1996
Reported by Star-Bulletin staff & wire
Monday, November 4, 1996
Barnwell Industries Inc., a Honolulu-based oil and gas exploration company, said today it will have a 12.5 percent share of a major natural gas and oil development in Michigan's Central Basin. Barnwell to develop Mich. gas/oil reserves
Barnwell, whose oil and gas ventures so far have been in Canada, will share in developing the resources on 220,000 acres. The leading partners are KEP Energy Resources LLP and Presco Inc., privately held U.S. companies. Belco Oil & Gas Co., based in New York, owns 35 percent of the development and will spend some $5 million on nine wells, which it will operate.
Most will be new drillings but there are some abandoned wells that will be reopened with new technology, said Russell Gifford, Barnwell's chief financial officer.
Hawaiian Fertilizer Sales Inc, a Waipahu distributor of agricultural fertilizers, has been awarded a $450,000 loan from Bank of America, under a loan guarantee by the U.S. Department of Agriculture's rural development section. Waipahu fertilizer firm gets $450,000 loan
The loan, for business expansion, is under a federal program that helps businesses in communities of no more than 50,000 people.
PLANO, Texas - J.C. Penney Co. said it has agreed to buy Eckerd Corp. for $2.59 billion in cash and stock, doubling Penney's revenues from the retail drug business. J.C. Penney to pay $2.59 billion for Eckerd
With the acquisition of Eckerd's 1,724 stores, which had sales of more than $5 billion last year, J.C. Penney's Thrift Drug Inc. subsidiary will operate about 2,800 drug stores with $10 billion in annual sales. Earnings from drug stores will account for about a third of J.C. Penney's total sales.