Oil States International Inc. (to be NYSE: OIS), Houston, has registered an initial public offering of common stock with the Securities and Exchange Commission. Although the oilfield service and supply company did not indicate how many shares it plans to sell in the IPO, it said that it expects the offering to raise some $200 million. Merrill Lynch & Co. and Credit Suisse First Boston Corp. are lead underwriters, with Simmons and Co. International as co-underwriter. As the offering closes, Oil States will combine with four privately held oilfield service companies: Oil States Industries, Sooner Inc., HWC Energy Services Inc. and Canadian firm PTI Group Inc. The majority interest of the four private oilfield service companies is held by L.E. Simmons & Associates Inc. through two private equity funds. HWC, PTI and Sooner will become wholly owned subsidiaries of Oil States, which will effect a three-for-one reverse split of its common stock as part of the combination. The company expects to raise $138 million of net proceeds from the IPO. It plans to use approximately $103 million of that amount to retire outstanding preferred stock of subsidiaries and subordinated debt. Another $31 million will be used to upgrade facilities and to expand products and services. Oil States will use the balance to buy out nonaccredited shareholders and their preemptive stock purchase rights following the rollup of the four service companies. Last year, Oil States sold the operating assets of C.E. Distribution Services Inc. (CEDS), C.E. Drilling Products Inc., C.E. Mobile Equipment Inc. and its 51.8% investment in C.E. Franklin Ltd. for $102.4 million cash and $24 million of securities. It applied proceeds to reduce its bank debt. On a pro forma basis (reflecting completion of the combination, acquisitions and IPO), Oil States had $349,000 of operating income on $487.38 million of revenues in 1999 and $14.5 million of operating income on $158.65 million of revenues during the first quarter of 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) were nearly $35.47 million in 1999 and almost $23.26 million during 2000's first quarter on the same pro forma basis. Pennaco Energy Inc. (Amex: PN), Denver, registered with the Securities and Exchange Commission to offer up to $100 million of debt and equity. "While we have no immediate plans to offer any of the securities for sale, we believe that maintenance of a universal shelf registration is prudent for a capital intensive business," explained Glen Warren, the Denver independent producer's chief financial officer. "A continuously effective shelf registration statement will allow us to access the public markets with greater flexibility and efficiency, for example, should we decide to acquire additional leases or accelerate our drilling program in the Powder River Basin." Ness Energy International Inc. (OTC Bulletin Board: NESS), Willow Park, Texas, registered with the SEC to offer 18.5 million investment units for $37 million, or $2 per unit. Each unit would be comprised of two common shares and one 18-month warrant to purchase an additional common share for $2.50. The independent producer plans to use the approximately $36.4 million of net proceeds to commence operations in the southwestern corner of Israel's Dead Sea. Ness will sell the units directly and through brokers. NCE Petrofund (Toronto: NCF.UN), Toronto, filed a preliminary prospectus to offer up to C$30 million of trust units to Canadian investors. The oil and gas royalty trust will use net proceeds for acquisitions, working capital, debt retirement and project development in western Canada. Dundee Securities Corp., National Bank Financial Inc., Canaccord Capital Corp., Yorkton Securities Inc. and Goepel McDermid Inc. are offering agents. NCE Petrofund is a member of NCE Resources Group, an oil and gas investment management firm that was formed in 1984. CanArgo Energy Corp. (OTC Bulletin Board: GUSH), Calgary and Oslo, privately placed 12 million common shares with European investors at a price of 11.2 Norwegian kroner (approximately US$1.27) per share. Sundal Collier & Co. ASA and Den Norske Bank ASA's DnB Markets division acted as placement agents. The independent producer will use the approximately US$14.4 million of net proceeds principally to pursue early oil and cash flow generating opportunities in the Republic of Georgia. It indicated that this private placement satisfies the second and final tranche of its near-term funding requirements. Consequently, CanArgo does not anticipate raising additional equity funds for the foreseeable future. TransGlobe Energy Corp. (Toronto: TGL), Calgary, raised C$3.0 million as it closed the maximum offering of 4,477,612 investment units at C67 cents each by Yorkton Securities Inc. Each unit consists of one common share of the Calgary overseas independent producer and one-half of a share purchase warrant. Each full warrant will entitle the holder to purchase one TransGlobe common share for C85 cents until Jan. 27, 2001, and C$1.15 until Jan. 27, 2002.