Pacific Energy Resources leads slate of oil offerings; Cerus secures $26.07 million from stock offering

By Sheri Kasprzak

New York, Dec. 6 - As stocks turned slightly sour Wednesday, Pacific Energy Resources Ltd. led private placement offerings while stabilizing oil prices may be sparking a new influx of energy placements.

Oil prices gave up 24 cents on the day to close at $62.19 per barrel, a slight change compared to the more than $1.00 drop oil suffered earlier this week.

Meanwhile, the Dow Jones Industrial Average fell 22.35 to close at 12,309.25 and the Nasdaq composite index slipped 6.52 to close at 2,445.86. The Standard & Poor's 500 composite index gave up 1.86 to end at 1,412.90.

A sellsider in Vancouver, B.C., who had earlier predicted that it may be too soon to tell if the stabilization of oil will impact PIPE volume in that sector said Wednesday that he may just have to change his tune.

"I have to say I'm surprised that it's happening so fast," he said Wednesday. "I personally am not seeing a huge jump on things. A few things to be sure, but I guess investors are eager for these [oil deals]."

Pacific Energy Resources led the slate of deals announced Wednesday with a $63,874,985 offering.

The company sold units and subscription receipts exchangeable for units to Canadian and U.S. investors. The units include one share and one half-share warrant. The full terms of the deal could not be determined by press time Wednesday.

On Wednesday, the company's stock gained 5 cents, or 3.33%, to close at C$1.55 (Toronto: PFE).

Of the total proceeds raised, $51,348,735 was placed to Canadian investors through agents D&D Securities Co. and Octagon Capital Corp. The rest -- $12,526,250 - was placed to U.S. investors through agent Energy Capital Solutions.

Also, the company entered into a $65 million senior secured credit facility with Goldman, Sachs & Co. and Silver Point Capital.

Based in Long Beach, Calif., Pacific Energy Resources is an oil and natural gas exploration and development company.

Ridgeway's C$6.5 million deal

Elsewhere in oil offerings, Ridgeway Petroleum Corp. priced a C$6.5 million offering of units.

The deal includes 12,037,037 units at C$0.54 each. The units consist of one share and one warrant. The warrants are exercisable at C$1.00 each.

The company expects the deal to close Dec. 22 and proceeds will be used to repay an outstanding note due at the end of the year. The rest will be used for the company's upcoming 2007 drilling program.

Houston's Ridgeway is an oil explorer. The company's stock remained unchanged at C$0.55 (TSX Venture: RGW).

Another energy company, Stylus Energy Inc., announced its plans to raise up to C$5,500,150 in a private placement of flow-through shares.

The deal includes up to 1,341,500 shares at C$4.10 each.

The company's stock fell 19 cents, or 5.6%, to close at C$3.20 (Toronto: STY).

Sprott Securities Inc. is the lead agent for the deal, scheduled to close Dec. 20.

Stylus is based in Calgary, Alta.

Cerus's direct offering

Looking to the biotech sector, Cerus Corp. announced it plans to wrap a registered direct offering of its stock for $26,078,400. News of the offering sent the company's stock down 8.36% on Wednesday, or 62 cents, to close at $6.80 (Nasdaq: CERS). The stock gave up another penny and a half in after-hours trading.

A group of institutional investors agreed to buy 3,903,952 shares at $6.68 each, a 10% discount to the company's $7.42 closing stock price Tuesday.

Banc of America Securities LLC was the lead agent.

The shares will be sold under the company's shelf registration.

Located in Concord, Calif., Cerus is a biopharmaceutical company focused on treatments for cancer and infectious diseases.

Immunicon's stock slips

In secondary market action, Immunicon Corp.'s stock fell for the second straight session after the company concluded a private placement of 6% unsecured subordinated convertible promissory notes on Tuesday.

The stock fell more than a penny and a half, or 0.54%, to close at $3.1729 (Nasdaq: IMMC). On Tuesday, the stock slipped 7%, or 24 cents, to end at $3.19. Volume remained higher than usual with 133,913 shares of Immunicon traded, compared with the average 60,560 shares. There were 184,605 shares traded Tuesday compared to an average 58,620 shares.

In the offering, the company notes that are convertible at $4.09 each, a 19.2% premium to the company' $3.43 closing stock price on Monday.

Deutsche Bank Securities Inc. was the placement agent.

The underlying shares will be issued under the company's shelf registration.

Proceeds will be used for the commercialization of the company's medical diagnostic products, including manufacturing and clinical trials, research and development, marketing activities outside of the field of cancer, capital expenses and working capital.

Immunicon, headquartered in Hutingdon Valley, Pa., develops cell- and molecule-based human diagnostic and life science products to pharmaceutical and biotechnology companies.

Tank gets equity line

Elsewhere in PIPE news Wednesday, Tank Sports, Inc. sealed a $10 million equity line with Dutchess Private Equities Fund, LP.

For the next three years, Dutchess may buy shares of Tank Sports at 95% of the lowest closing bid price for the five consecutive trading days after a put notice.

There is a limit on each draw equal to $150,000 or 200% of the average daily volume of the stock for the three trading days before a put date.

The company's stock gained 6.9% Wednesday to close at $1.24 (OTCBB: TNSP).

Based in El Monte, Calif., Tank Sports distributes all-terrain vehicles.

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