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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
February 27, 1998
Date of Report (Date of earliest event reported)
ONEOK, Inc.
(Exact name of registrant as specified in its charter)
Oklahoma 1-2572 73-1520922
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 West Fifth Street; Tulsa, OK
(Address of principal executive offices)
74103
(Zip code)
(918) 588-7000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Items 1 - 4. Not Applicable.
Item 5. Other Events.
ONEOK, Inc. (the Company) announced on February 27, 1998, that
its wholly owned subsidiary, ONEOK Resources Company has signed a definitive
agreement with OXY USA, Inc., to purchase some of its natural gas and oil
reserves in Oklahoma and Kansas outside the Hugeton field for approximately
$135 million before adjustments. The acquisition includes more than 400 wells
located in both states.
On February 27, 1998, the Company issued a press release, a
copy of which is attached hereto as exhibit 1.a and incorporated herein by
reference.
Items 6. Not Applicable
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibit
No. Description
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1.a Press release issued by ONEOK, Inc. dated February 27, 1998.
Item 8 - 9. Not Applicable
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized, on this 10th of March, 1998.
ONEOK, Inc.
By: /s/ JERRY D. NEAL
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Vice President, Chief Financial
Officer, and Treasurer
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
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<S> <C>
1.a Press release issued by ONEOK, Inc. dated
February 27, 1998
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EXHIBIT 1.a
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ONEOK FINANCIAL NEWS
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ONEOK, INC. WELDON WATSON, (918) 588-7158
P.O. BOX 871
TULSA, OK 74102-0871 FEBRUARY 27, 1998
ONEOK ACQUIRES A PORTION OF
OXY RESERVES IN OKLAHOMA AND KANSAS
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TULSA, Oklahoma -- ONEOK, Inc., announced today its wholly owned
subsidiary, ONEOK Resources Company, has signed a definitive agreement with OXY
USA, Inc., to purchase some of its natural gas and oil reserves in Oklahoma and
Kansas outside the Hugoton field for approximately $135 million before
adjustments.
The acquisition includes more than 400 wells located in both states.
Net production is approximately 30 million cubic feet of gas per day and 400
barrels of oil per day. The properties have lower-risk development potential
for increased reserves.
The acquisition includes a gas sweetening plant located in the Aledo
Field in Oklahoma that will generate additional revenues and provide attractive
income potential.
ONEOK's previous reserve acquisitions have been concentrated in
Oklahoma. This includes a significant move to own reserves in Kansas where
ONEOK recently acquired Kansas Gas Service, a gas distribution company serving
two-thirds of the state of Kansas.
David Kyle, president and chief operating officer of ONEOK, Inc., said,
"This acquisition is consistent with our strategy of focusing reserve ownership
close to our business operations, including natural gas distribution,
marketing, processing, and transmission and storage."
Kyle added, "This transaction will be accretive to earnings and based on
current projected reserves will almost double ONEOK's oil and gas reserve
base."
ONEOK, Inc. (NYSE: OKE), is engaged in intrastate natural gas
distribution and transmission, gas processing, gas marketing and oil and gas
production. ONEOK has approximately 31 million shares of common stock
outstanding.
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Information is available on the Internet World Wide Web at http://www.oneok.com