Delta Petroleum acquiring Pa.-based Castle Energy
Denver-based Delta Petroleum Corp. has agreed to acquire Castle Energy Corp., a natural-gas and oil producer based in King of Prussia, Pa.
Castle Energy is Delta’s second-largest shareholder, owning 6.7 million shares of Delta. Under terms of the acquisition, Delta will issue 8.5 million shares to Castle stockholders, for a net issuance of 1.8 million shares.
In addition to its stake in Delta, Castle Energy holds $24 million in cash and producing energy properties in western Pennsylvania valued at $14 million to $20 million.
Castle has 8.4 billion cubic feet of proven gas reserves. Delta, with properties in the Rocky Mountains and along the Gulf Coast, has proven reserves of 238 billion cubic feet.
ARAPAHOE COUNTY
Adam Aircraft marks 1st customer delivery
Adam Aircraft hit a milestone with the delivery of an A500 twin-engine propeller plane to a Colorado Springs business executive Monday. The company, based at Centennial Airport, said it was its first customer aircraft delivery.
“Adam Aircraft has moved from a developmental startup company that makes experimental aircraft to an FAA-certified manufacturer that is delivering standard airworthiness aircraft,” chief executive Rick Adam said in a statement. The company also said it rolled out a second A700 jet, set for its first flight before the end of the year.
WASHINGTON
CH2M Hill, 5 others to vie for AF projects
The Air Force selected Doug las County-based CH2M Hill and five other companies Tuesday to compete for contracts worth up to $10 billion over 10 years.
The companies will compete for contracts to provide rapid-response services for government agencies during natural disasters and nation building. Boise, Idaho-based Washington Group International, whose defense division is based in the Denver Tech Center, also was selected.
TELLURIDE
Ground to be broken on luxury-hotel site
Coronado, Calif.-based KWB Development will break ground today on lumiere, a $25 million condominium hotel project in Telluride.
Houston-based Valencia Group will manage the development, which features 18 units that range in size from one to four bedrooms. Prices will be between $1 million and $2 million when they go on sale this month. The boutique hotel is scheduled to open in the fall of 2007.
SAN RAMON, Calif.
Chevron applies to build gas storage
Chevron Global Gas, a division of Chevron USA Inc., said Tuesday it has filed an application with the Federal Energy Regulatory Commission to build an underground natural-gas storage facility near Brush.
The project, named Windy Hill, would include four salt- storage caverns with a total working natural-gas capacity of 6 billion cubic feet.
DENVER
Local people, groups win bioscience honors
The Colorado BioScience Association announced the winners of its annual awards at the BioWest 2005 Conference on Tuesday evening.
Dr. Lynn Taussig, retiring president of National Jewish Medical and Research Center, was honored with the Lifetime Achievement award. Englewood-based CellPoint was named Rising Star of the Year. Dr. Timothy Estep was Volunteer of the Year. Denver-based law firm Hogan & Hartson LLP got the Chairman’s Award. Denver-based Baxa Corp. was Company of the Year, and Fort Collins-based InViragen LLC was the Venture Showcase winner.
DENVER
Latina business leader set to speak tonight
Denver businesswoman Monica Garcia Pleiman, who founded the Latina Chamber of Denver, is among the speakers tonight at the Denver Chapter of the National Society of Hispanic MBAs’ fourth annual “Hispanic Leaders of the New Millennium” Series. The event at the Denver Center for the Performing Arts begins at 6 p.m.
DENVER
Press Club manager quits over back pay
The Denver Press Club’s chef and general manager, Daniel Young, has resigned, citing the financially troubled private club’s failure to pay him what he was owed.
“Without going into full detail, I have tried for six months to reach workable terms with the club regarding back payments owed to me and our overall finances and regretfully I was not able to achieve this,” Young wrote in an e-mail to some of the club’s customers.
Barbara Head, president of the club’s board, said in an e-mail: “We are making arrangements to compensate him for his commission. The club is working on a financial plan to take care of any outstanding debts we have. We think we have a bright future.”
NEW YORK
Adelphia amends plan to leave bankruptcy
Greenwood Village-based Adelphia Communications Corp., the fifth-largest U.S. cable operator, said it has filed a fourth amended plan to emerge from bankruptcy.
Under the proposal, creditors will receive at least $9.7 billion in cash from the sale of most of Adelphia’s assets to Time Warner Inc. and Comcast Corp. Time Warner and Comcast agreed in April to buy the assets for $17.6 billion, including $12.7 billion in cash and a 16 percent equity stake.
CLIFTON, N.J.
Investment firm buys Linens N Things Inc.
Linens N Things Inc., a retailer of bedding, towels and home goods, agreed Tuesday to be acquired by an investment firm in a deal worth about $1.3 billion.
The deal to be acquired by a new company formed by privately held Apollo Management LP comes as Linens N Things, the nation’s No. 2 home-goods chain behind Bed Bath & Beyond, is dealing with falling profits and sales amid increased competition from retailers offering more trendy home goods.
HORSHAM, Pa.
Toll Brothers lowers 2006 sales outlook
Toll Brothers Inc., the largest U.S. builder of luxury homes, reduced next year’s sales forecast, saying the housing market is weakening after a five-year boom.
The sales forecast was cut by a range of 3.8 percent to 6.9 percent because of “some softening of demand” and delays in opening new communities, the Horsham, Pa.-based company said Tuesday in a statement.
