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Published on 9/14/2007 in the Prospect News PIPE Daily.

Odyssey Marine wraps $6.95 million convertibles; Northern Oil and Gas stock gains; BreitBurn stock rises

By LLuvia Mares

New York, Sept. 14 - Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) announced Friday it completed a $6.95 million private placement of series E convertible preferred stock.

The company sold 13 shares of the preferreds to Drawbridge Global Master Macro Fund Ltd. at $535,000 per share.

Each preferred share is convertible into 100,000 shares of the company's common stock.

Holders have the right to participate in any dividends declared by the company on the company's common stock on an as-if-converted basis.

The company expects to use the proceeds for general corporate purposes.

Tampa, Fla.-based Odyssey Marine specializes in archaeologically-sensitive exploration and recovery of deep water shipwrecks throughout the world.

Northern Oil and Gas stock increases

After recently wrapping up a $15 million private placement of shares and warrants, Northern Oil and Gas, Inc. (OTCBB: NOGS) ended Friday's session with a 1% stock increase.

The stock added $0.05 cents, ending the day at $5.05.

The company sold 4,545,455 shares at $3.30 per share to a group of accredited investors in a deal that settled Tuesday.

A one-half share warrant to purchase common stock at $5.00 per share for 18 months from the date of closing was also attached to each share sold in the transaction.

FIG Partners, LLC Energy Research & Capital Group is the placement agent.

Proceeds will be used for continued acreage acquisitions in the Williston Basin and the Appalachia Basin, for Northern's exploration and development program and for general corporate purposes.

Wayzata, Minn.-based Northern Oil and Gas is an exploration and production company.

Sleep Holdings stock up

Just a day after Sleep Holdings, Inc. (Pink Sheets: SLHJ) completed a $2.3 million private placement of convertible preferred stock and warrants, the company's stock increased 50% Friday.

The stock rose by $0.75 cents ending the day at $2.25.

Each of the company's preferred shares, priced at $1.00 each, are convertible into one share of common stock.

The warrant is exercisable at $1.35 per share for five years.

"For the state of our growth it's the most logical financing step for us to take," said a company insider Friday about the private placement. "This continues to help us fund our growth strategy by continuing more acquisitions and other possible opportunities."

Sleep Holdings is a sleep-disorder diagnostics company based in Dallas.

BreitBurn stock rises

After its announcement that it acquired assets and executed a unit purchase agreement with a group of 23 institutional investors for $450 million in equity securities consisting of 16,666,667 common units, BreitBurn Energy Partners LP (Nasdaq: BBEP) saw a 1.37% stock increase in trading Friday.

The company's stock gained $0.45 cents during the session, going home at $33.25.

The proceeds will be used to help finance the purchase of natural gas, oil and midstream assets in Michigan, Indiana and Kentucky from Quicksilver Resources Inc. for $750 million in cash and 21.348 million units.

The transaction is expected to close by Nov. 1.

Further details on the private placement were not available.

Los Angeles-based BreitBurn Energy is independent oil and gas limited partnership focused on the acquisition, exploitation and development of oil and gas properties.

Fort Worth, Tex.-based Quicksilver Resources is a natural gas and crude oil exploration and production company engaged in the development and acquisition of natural gas reserves, including coal bed methane, shale gas, and tight sands gas in North America.


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