| Deal Description | Kerr-McGee Oil Industries, Inc., used a portion of its part of the proceeds from this transaction for the retirement, as they matured, of the secured short-term notes of the company. These loans were incurred primarily to finance the contract drilling activities of the company and were owed for the most part to the First National Bank of Chicago and the Liberty National Bank of Oklahoma City, Oklahoma. The remainder of the proceeds was added to the company's general funds and was contemplated to be used for the acquisition of leases, for defraying the company's portion of the cost of drilling and equipping wells in which it owned interests, for replacing and modernizing drilling equipment, and for financing the company's refinery facilities and activities. Of the shares offered in this deal, 100,000 shares were sold by the group of selling stockholders, which consisted of Rob't S. Kerr, D. A. McGee, Dean Terrill, T. W. Fentem, T. M. Kerr, and Geraldine H. Kerr. The company received no portion of the proceeds from these shares. |
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