Western Gas Resources says nearly all convertible preferreds exchanged ahead of call

New York, Jan. 22 - Western Gas Resources Inc. said nearly all the 800,000 shares of its $2.625 cumulative convertible preferred stock it called for redemption were exchanged for stock by their holders.

Holders converted 786,751 shares of the convertible preferreds into 989,622 shares of common stock.

The remaining 13,249 shares of the convertible preferreds were redeemed for cash on Jan. 21 at a total cost of $672,000.

Following the redemption, the Denver natural gas exploration, production and transportation company has 1,252,943 shares of the convertible preferreds outstanding or $62.65 million.

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