Legendary oilman Oscar Wyatt earned $500 million this week in the sale of his 25% stake in oil company Coastal Energy Co.
Coastal Energy, listed in Toronto and London, agreed to be acquired for C$2.3 billion in cash or C$19 a share, Forbes reported.
The buyers include the Abu Dhabi-controlled Compania Espanola de Petroleos (CEP) and Malaysian investor Jho Low.
They agreed to pay a 28% premium above the share price.
CEP is owned by the Abu Dhabi state oil company International Petroleum Investment Co. and has 11,000 employees.
Wyatt, 89, pleaded guilty in 2007 to one count of conspiracy to commit wire fraud in connection with the U.N. oil-for-food program. The U.S. Government accused him of paying millions in illegal surcharges directly to Iraqi officials in return for oil allocations from 2000 to 2002. He served a year in prison and forfeited $11 million.
In 1955, Wyatt founded Coastal States Gas Producing Company, a diversified energy company based in Houston. It later became Coastal Corporation and merged with the El Paso corporation in 2001 in a $24 billion deal.
Coastal Energy has about 150 million barrels of oil and gas reserves, mostly in Thailand and Malaysia. It holds 100% interests in the G5/43 block that covers an area of approximately 2,494 square kilometers; and G5/50 block covering approximately 283 square kilometers in the Gulf of Thailand. It also owns a net 13.7% working interest in EU-1 and E5-N blocks, which contains Sinphuhorm gas field located in northeast Thailand; and a net 39.0% working interest in L27/43 and L15/43 blocks located in the onshore Thailand.
Coastal Energy Company was founded in 2004 and is based in George Town, the Cayman Islands.
A filing in August 2012 showed that Wyatt held 30,069,580 shares of Coastal Energy, representing 26.55% of total issued share capital of the company.