SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
CALPINE CORPORATION
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)
131347304
(CUSIP Number)
SPO Advisory Corp.
591 Redwood Highway, Suite 3215
Mill Valley, California 94941
(415) 383-6600
with a copy to:
Alison S. Ressler
Sullivan & Cromwell LLP
1888 Century Park East
Los Angeles, California 90067-1725
(310) 712-6600
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
January 31, 2008
(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_].
Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 2 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SPO Partners II, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
60,866,427 (1)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
60,866,427 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,866,427
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SPO Advisory Partners,
L.P.
|
Page 3 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SPO Partners II Co-Investment Partnership, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
1,657,900 (1)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
1,657,900 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,657,900
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SPO Advisory Partners,
L.P.
|
Page 4 of 23 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SPO Advisory Partners, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
62,524,327 (1)(2)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
62,524,327 (1)(2)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,524,327
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.9%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of SPO Partners II, L.P.
with respect to 60,866,427 shares; and solely in its capacity as the sole
general partner of SPO Partners II Co-Investment Partnership, L.P. with
respect to 1,657,900 shares.
(2) Power is exercised through its sole general partner, SPO Advisory Corp.
|
Page 5 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
San Francisco Partners II, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
3,203,237 (1)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
3,203,237 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,203,237
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Power is exercised through its sole general partner, SF Advisory Partners,
L.P.
|
Page 6 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SF Advisory Partners, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
3,203,237 (1)(2)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
3,203,237 (1)(2)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,203,237
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of San Francisco Partners
II, L.P.
(2) Power is exercised through its sole general partner, SPO Advisory Corp.
|
Page 7 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
SPO Advisory Corp
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
-0-
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By 65,727,564 (1)(2)
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
65,727,564 (1)(2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,727,564
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(1) Solely in its capacity as the sole general partner of SPO Advisory Partners,
L.P. with respect to 62,524,327 of such shares; and solely in its capacity
as the sole general partner of SF Advisory Partners, L.P. with respect to
3,203,237 of such shares. These shares may also be deemed to be beneficially
owned by J. Stuart Ryan, solely as a result of his advisory capacity to SPO
Advisory Corp. with respect to investments by SPO Partners II, L.P., SPO
Partners II Co-Investment Partnership, L.P. and San Francisco Partners II,
L.P in securities of the Issuer.
(2) Power is exercised through its three controlling persons, John H. Scully,
William E. Oberndorf and William J. Patterson.
|
Page 8 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
John H. Scully
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
-0-
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By 65,727,564 (1)
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
65,727,564 (1)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,727,564
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) These shares may be deemed to be beneficially owned by Mr. Scully solely in
his capacity as one of three controlling persons of SPO Advisory Corp.
|
Page 9 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
William E. Oberndorf
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
-0-
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By 65,727,564 (1)
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
65,727,564 (1)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,727,564
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) These shares may be deemed to be beneficially owned by Mr. Oberndorf solely
in his capacity as one of three controlling persons of SPO Advisory Corp.
|
Page 10 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
William J. Patterson
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
5,029 (1)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By 65,727,564 (2)
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
5,029 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
65,727,564 (2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,732,593
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) These are shares of restricted stock awarded to Mr. Patterson in his
capacity as a member of the board of directors of the Issuer.
(2) These shares may be deemed to be beneficially owned by Mr. Patterson solely
in his capacity as one of three controlling persons of SPO Advisory Corp.
|
Page 11 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
J. Stuart Ryan
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
5,029 (1)
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
5,029 (1)
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
65,727,564 (2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,732,593
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) These are shares of restricted stock awarded to Mr. Ryan in his capacity as
a member of the board of directors of the Issuer.
(2) These shares may be deemed to be beneficially owned by Mr. Ryan, solely in
his capacity as an advisor to SPO Advisory Corp. with respect to investments
by SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P.
and San Francisco Partners II, L.P in securities of the Issuer.
|
Page 12 of 25 pages
CUSIP No. 131347304
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
Rydout LLC
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f) [_]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
-0-
------------------------------------------------------
Number Of Shares 8. SHARED VOTING POWER
Beneficially Owned By -0-
Each Reporting Person ------------------------------------------------------
With 9. SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------
10. SHARED DISPOSITIVE POWER
65,727,564 (1)(2)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,727,564
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
(1) Power is exercised through its sole manager, J. Stuart Ryan.
(2) These shares may be deemed to be beneficially owned by Mr. Ryan solely in
his capacity as an advisor to SPO Advisory Corp. with respect to investments
by SPO Partners II, L.P., SPO Partners II Co-Investment Partnership, L.P.
and San Francisco Partners II, L.P in securities of the Issuer.
|
Page 13 of 25 pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to the shares of Common Stock, par value $0.001
per share ("Shares"), of Calpine Corporation, a Delaware corporation (the
"Issuer"). The principal executive offices of the Issuer are located at 50 West
San Fernando Street, San Jose, California 95113.
ITEM 2. IDENTITY AND BACKGROUND.
(a) The undersigned hereby file this Schedule 13D Statement on behalf
of SPO Partners II, L.P., a Delaware limited partnership ("SPO"), SPO Partners
II Co-Investment Partnership, L.P., a Delaware limited partnership ("SPO
Co-Investment"), SPO Advisory Partners, L.P., a Delaware limited partnership
("SPO Advisory Partners"), San Francisco Partners II, L.P., a California limited
partnership ("SFP"), SF Advisory Partners, L.P., a Delaware limited partnership
("SF Advisory Partners"), SPO Advisory Corp., a Delaware corporation ("SPO
Advisory Corp."), John H. Scully ("JHS"), William E. Oberndorf ("WEO"), William
J. Patterson ("WJP"), J. Stuart Ryan ("JSR") and Rydout LLC, a California
limited liability company ("Rydout"). SPO, SPO Co-Investment, SPO Advisory
Partners, SFP, SF Advisory Partners, SPO Advisory Corp., JHS, WEO, WJP, JSR and
Rydout are sometimes hereinafter referred to as the "Reporting Persons." The
Reporting Persons are making this single, joint filing because they may be
deemed to constitute a "group" within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the "Act"), although neither the
fact of this filing nor anything contained herein shall be deemed to be an
admission by the Reporting Persons that a group exists.
(b) - (c)
SPO
SPO is a Delaware limited partnership, the principal business of which
is the purchase, sale, exchange, acquisition and holding of investment
securities. The principal business address of SPO, which also serves as its
principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California
94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information
with respect to SPO Advisory Partners, the sole general partner of SPO, is set
forth below.
SPO CO-INVESTMENT
SPO Co-Investment is a Delaware limited partnership, the principal
business of which is the purchase, sale, exchange, acquisition and holding of
investment securities. The principal business address of SPO Co-Investment,
which also serves as its principal office, is 591 Redwood Highway, Suite 3215,
Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the
Act, certain information with respect to SPO Advisory Partners, the sole general
partner of SPO Co-Investment, is set forth below.
SPO ADVISORY PARTNERS
SPO Advisory Partners is a Delaware limited partnership, the principal
business of which is serving as the sole general partner of each of SPO and SPO
Co-Investment. The principal business address of SPO Advisory Partners, which
also serves as its principal office, is 591 Redwood Highway, Suite 3215, Mill
Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the Act,
certain information with respect to SPO Advisory Corp., the sole general partner
of SPO Advisory Partners, is set forth below.
Page 14 of 25 pages
SFP
SFP is a California limited partnership, the principal business of
which is the purchase, sale, exchange, acquisition and holding of investment
securities. The principal business address of SFP, which also serves as its
principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California
94941. Pursuant to Instruction C to Schedule 13D of the Act, certain information
with respect to SF Advisory Partners, the sole general partner of SFP, is set
forth below.
SF ADVISORY PARTNERS
SF Advisory Partners is a Delaware limited partnership, the principal
business of which is serving as the sole general partner of SFP. The principal
business address of SF Advisory Partners, which also serves as its principal
office, is 591 Redwood Highway, Suite 3215, Mill Valley, California 94941.
Pursuant to Instruction C to Schedule 13D of the Act, certain information with
respect to SPO Advisory Corp., the sole general partner of SF Advisory Partners,
is set forth below.
SPO ADVISORY CORP.
SPO Advisory Corp. is a Delaware corporation, the principal business of
which is serving as the sole general partner of each of SPO Advisory Partners
and SF Advisory Partners. The principal business address of SPO Advisory Corp.,
which also serves as its principal office, is 591 Redwood Highway, Suite 3215,
Mill Valley, California 94941. Pursuant to Instruction C to Schedule 13D of the
Act, certain information with respect to JHS, WEO and WJP, the three controlling
persons of SPO Advisory Corp., is set forth below.
JHS
JHS' business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co., a Delaware corporation. The principal business
of SPO Partners & Co. is operating as an investment firm. The principal business
address of SPO Partners & Co., which serves as its principal office, is 591
Redwood Highway, Suite 3215, Mill Valley, California 94941. JHS is one of three
controlling persons of SPO Advisory Corp., the sole general partner of each of
SPO Advisory Partners and SF Advisory Partners.
WEO
WEO's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co. The principal business of SPO Partners & Co. is
operating as an investment firm. The principal business address of SPO Partners
& Co., which serves as its principal office, is 591 Redwood Highway, Suite 3215,
Mill Valley, California 94941. WEO is one of three controlling persons of SPO
Advisory Corp., the sole general partner of SPO Advisory Partners and SF
Advisory Partners.
WJP
WJP's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as a managing
director of SPO Partners & Co. The principal business of SPO Partners & Co. is
operating as an investment firm. The principal business address of SPO Partners
& Co., which serves as its principal office, is 591 Redwood Highway, Suite 3215,
Mill Valley, California 94941. WJP is one of three controlling persons of SPO
Advisory Corp., the sole general partner of SPO Advisory Partners and SF
Advisory Partners.
Page 15 of 25 pages
JSR
JSR's business address is 591 Redwood Highway, Suite 3215, Mill Valley,
California 94941. His present principal occupation is serving as sole manager
of Rydout. The principal business of Rydout is operating as an investment
vehicle. The principal business address of Rydout, which serves as its
principal office, is 591 Redwood Highway, Suite 3215, Mill Valley, California
94941. JSR also serves in an advisory capacity to SPO Advisory Corp. with
respect to investments by SPO Partners II, L.P., SPO Partners II Co-Investment
Partnership, L.P. and San Francisco Partners II, L.P in securities of the
Issuer.
RYDOUT
Rydout is a California limited liability company, the principal purpose
of which is to serve as an investment vehicle for JSR. The principal business
address of Rydout, which also serves as its principal office, is 591 Redwood
Highway, Suite 3215, Mill Valley, California 94941. Pursuant to Instruction C to
Schedule 13D of the Act, certain information with respect to JSR, the sole
manager of Rydout, is set forth herein.
(d) None of the entities or persons identified in this Item 2 has,
during the last five years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) None of the entities or persons identified in this Item 2 has,
during the last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
(f) All of the natural persons identified in this Item 2 are citizens
of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of the funds used or to be used by the Reporting
Persons to purchase Shares are as follows:
NAME SOURCE OF FUNDS AMOUNT OF FUNDS
-------------------------------------------------------------------------------
SPO Contributions from Partners $ 343,959,309
SPO Co-Investment Contributions from Partners $ 27,303,155
SPO Advisory Partners Not Applicable Not Applicable
SFP Contributions from Partners $ 18,101,637
SF Advisory Partners Not Applicable Not Applicable
SPO Advisory Corp. Not Applicable Not Applicable
JHS Not Applicable Not Applicable
WEO Not Applicable Not Applicable
WJP Not Applicable Not Applicable
JSR Not Applicable Not Applicable
Rydout Not Applicable Not Applicable
|
Page 16 of 25 pages
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Shares reported herein for
investment purposes through open market purchases and through the acquisition of
debentures that were converted into Shares pursuant to the Issuer's Chapter 11
plan of reorganization for investment purposes. Consistent with such purpose,
the Reporting Persons have had, and may have in the future, discussions with
management of the Issuer and may make suggestions concerning the Issuer's
operations, prospects, business and financial strategies, assets and
liabilities, business and financing alternatives and such other matters as the
Reporting Persons may deem relevant to their investments in the Shares and other
securities of the Issuer. Each Reporting Person expects that it will, from time
to time, review its investment position in the Issuer and may, depending on
market and other conditions, increase or decrease its investment position in the
Shares or other securities of the Issuer.
Whether the Reporting Persons acquire any additional Shares or other
securities of the Issuer or dispose of any Shares or other securities of the
Issuer, and the amount and timing of any such transactions, will depend upon the
Reporting Persons' individual continuing assessments of pertinent factors,
including the availability of Shares or other securities of the Issuer for
purchase at particular price levels, the Issuer's and the particular Reporting
Person's business and prospects, other business investment opportunities
available to the particular Reporting Person, economic conditions, stock market
conditions, money market conditions, the attitudes and actions of the Board of
Directors and management of the Issuer, the availability and nature of
opportunities to dispose of the particular Reporting Person's interest in the
Issuer, to realize trading profits or minimize trading losses, and other plans
and requirements of the particular Reporting Person. Depending upon its
individual assessments of these factors from time to time, each Reporting Person
may change its present intentions as stated above, including determining to
acquire additional Shares or other securities of the Issuer (by means of open
market or privately negotiated purchases) or to dispose of some or all of the
Shares or other securities of the Issuer held by or under the control of such
Reporting Person. In addition, each Reporting Person may from time to time enter
into equity swap or other derivative transactions with respect to its investment
in the Shares or other securities of the Issuer.
Except as set forth in this Item 4, the Reporting Persons have no
present plans or proposals that relate to or that would result in any of the
actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the
Act.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Percentage interest calculations for each Reporting Person are
based upon the Issuer having 485,000,000 total outstanding shares of Common
Stock as of the effective date of the reorganization pursuant to the Issuer's
Chapter 11 plan of reorganization as reported on the Issuer's Form 8-K filed
with the Securities and Exchange Commission on February 1, 2008.
SPO
The aggregate number of Shares that SPO owns beneficially, pursuant to
Rule 13d-3 of the Act, is 60,866,427 Shares, which constitutes approximately
12.5% of the outstanding Shares.
SPO Co-Investment
The aggregate number of Shares that SPO Co-Investment owns
beneficially, pursuant to Rule 13d-3 of the Act, is 1,657,900 Shares, which
constitutes approximately 0.3% of the outstanding Shares.
Page 17 of 25 pages
SPO Advisory Partners
Because of its position as the sole general partner of each of SPO and
SPO Co-Investment, SPO Advisory Partners may, pursuant to Rule 13d-3 of the Act,
be deemed to be the beneficial owner of 62,524,327 Shares, which constitutes
approximately 12.9% of the outstanding Shares.
SFP
The aggregate number of Shares that SFP owns beneficially, pursuant to
Rule 13d-3 of the Act, is 3,203,237 Shares, which constitutes approximately 0.7%
of the outstanding Shares.
SF Advisory Partners
Because of its position as the sole general partner of SFP, SF Advisory
Partners may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial
owner of 3,203,237 Shares, which constitutes approximately 0.7% of the
outstanding Shares.
SPO Advisory Corp.
Because of its positions as the sole general partner of each of SPO
Advisory Partners and SF Advisory Partners, SPO Advisory Corp. may, pursuant to
Rule 13d-3 of the Act, be deemed to be the beneficial owner of 65,727,564 Shares
in the aggregate, which constitutes approximately 13.6% of the outstanding
Shares.
JHS
Because of his position as a control person of SPO Advisory Corp., JHS
may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of
65,727,564 Shares in the aggregate, which constitutes approximately 13.6% of the
outstanding Shares.
WEO
Because of his position as a control person of SPO Advisory Corp., WEO
may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of
65,727,564 Shares in the aggregate, which constitutes approximately 13.6% of the
outstanding Shares.
WJP
Individually, and because of his position as a control person of SPO
Advisory Corp., WJP may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 65,732,593 Shares in the aggregate, which constitutes
approximately 13.6% of the outstanding Shares.
JSR
The aggregate number of Shares that JSR owns beneficially, pursuant to
Rule 13d-3 of the Act, is 65,732,593, which constitutes approximately 13.6% of
the outstanding Shares.
Rydout
The aggregate number of Shares that Rydout owns beneficially, pursuant
to Rule 13d-3 of the Act, is 65,732,593, which constitutes approximately 13.6%
of the outstanding Shares.
Page 18 of 25 pages
To the best of the knowledge of each of the Reporting Persons, other
than as set forth above, none of the persons named in Item 2 hereof is the
beneficial owner of any Shares.
(b) SPO
Acting through its sole general partner, SPO has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 60,866,427
Shares.
SPO Co-Investment
Acting through its sole general partner, SPO Co-Investment has the sole
power to vote or to direct the vote and to dispose or to direct the disposition
of 1,657,900 Shares.
SPO Advisory Partners
Acting through its sole general partner and in its capacity as the sole
general partner of each of SPO and SPO Co-Investment, SPO Advisory Partners has
the sole power to vote or to direct the vote and to dispose or to direct the
disposition of 62,524,327 Shares.
SFP
Acting through its sole general partner, SFP has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 3,203,237
Shares.
SF Advisory Partners
Acting through its sole general partner and in its capacity as the sole
general partner of SFP, SF Advisory Partners has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 3,203,237 Shares.
SPO Advisory Corp.
Acting through its controlling persons and through JSR in his advisory
capacity, and in its capacities as the sole general partner of each of SPO
Advisory Partners and SF Advisory Partners, SPO Advisory Corp. may be deemed to
have shared power with JSR to vote or to direct the vote and to dispose or to
direct the disposition of 65,727,564 Shares in the aggregate.
JHS
As one of three controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
JHS may be deemed to have shared power with WEO and WJP to vote or to direct the
vote and to dispose or to direct the disposition of 65,727,564 Shares held by
SPO and SFP in the aggregate.
WEO
As one of three controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
WEO may be deemed to have shared power with JHS and WJP to vote or to direct the
vote and to dispose or to direct the disposition of 65,727,564 Shares held by
SPO and SFP in the aggregate.
Page 19 of 25 pages
WJP
As one of three controlling persons of SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
WJP may be deemed to have shared power with JHS and WEO to vote or to direct the
vote and to dispose or to direct the disposition of 65,727,564 Shares held by
SPO and SFP in the aggregate. In addition, WJP has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 5,029 shares of
restricted stock awarded to WJP in his capacity as a director of the Issuer.
JSR
Because of his advisory position in SPO Advisory Corp., which is the
sole general partner of each of SPO Advisory Partners and SF Advisory Partners,
JSR may be deemed to have shared power with SPO Advisory Corp. to dispose or to
direct the disposition of 65,727,564 Shares in the aggregate. In addition, JSR
has the sole power to vote or to direct the vote and to dispose or to direct the
disposition of 5,029 shares of restricted stock awarded to JSR in his capacity
as a director of the Issuer.
Rydout
Acting through its sole manager, Rydout may be deemed to have shared
power with SPO Advisory Corp. to dispose or to direct the disposition of
65,727,564 Shares in the aggregate.
(c) Within the past 60 days of the date of this statement, Reporting
Persons acquired Shares through open market purchases on the New York Stock
Exchange or through the acquisition of debentures that were converted into
Shares pursuant to the Issuer's Chapter 11 plan of reorganization as set forth
on Schedule I attached hereto.
Except as set forth in this paragraph (c), to the best of the knowledge
of each of the Reporting Persons, none of the persons named in response to
paragraph (a) has effected any transactions in Shares during the past 60 days.
(d) Each of the Reporting Persons affirms that no person other than
such Reporting Person has the right to receive or the power to direct the
receipt of distributions with respect to, or the proceeds from the sale of,
Shares owned by such Reporting Person.
(e) Not applicable.
Page 20 of 25 pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Effective as of January 31, 2008, WJP and JSR have been appointed as
members of the Board of Directors of the Issuer. On January 10, 2008, SPO and
SPO Co-Investment (together, the "SPO Parties") entered into a Rule 10b5-1
Purchase Plan (the "Plan") with Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch") in accordance with Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended (the "Act"). The Plan provides that
subject to the terms and conditions of the Plan, Merrill Lynch will purchase up
to $445 million in Shares. Purchases under the Plan will terminate on the
earliest to occur of: (i) July 10, 2008, (ii) the completion of purchases of
$445 million in Shares, (iii) the receipt by Merrill Lynch of written notice
from SPO Advisory Corp., on behalf of the SPO Parties, of the termination of the
Plan and (iv) the reasonable determination of SPO Advisory Corp. or Merrill
Lynch that the Plan does not comply with Rule 10b5-1 or other applicable
securities laws or any of the parties thereto have not complied with the Plan,
Rule 10b5-1 or other applicable securities laws. The Plan may be amended only
upon the written agreement of SPO Advisory Corp., on behalf of the SPO Parties,
and Merrill Lynch.
Otherwise, except as set forth herein, there are no contracts,
arrangements, understandings or relationships of the type required to be
disclosed in response to Item 6 of Schedule 13D of the Act with respect to the
Shares owned by the Reporting Persons.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A: Agreement pursuant to Rule 13d-1 (k)
Exhibit B: Power of Attorney
Page 21 of 25 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: February 11, 2008 By: /s/ Kim M. Silva
---------------------------------
Kim M. Silva
|
Attorney-in-Fact for:
SPO PARTNERS II, L.P. (1)
SPO PARTNERS II CO-INVESTMENT
PARTNERSHIP, L.P. (1)
SPO ADVISORY PARTNERS, L.P. (1)
SAN FRANCISCO PARTNERS II, L.P. (1)
SF ADVISORY PARTNERS, L.P. (1)
SPO ADVISORY CORP. (1)
JOHN H. SCULLY (1)
WILLIAM E. OBERNDORF (1)
WILLIAM J. PATTERSON (1)
J. STUART RYAN (1)
RYDOUT LLC (1)
(1) A Power of Attorney
authorizing Kim M. Silva to
act on behalf of this
person or entity is filed
as Exhibit B.
Page 22 of 25 pages
SCHEDULE I TO SCHEDULE 13D
---------------------------------------------------------------------------------------------------------------------
PRICE PER SHARE WHERE/HOW
DATE OF NUMBER ($)/ CONVERSION TRANSACTION
REPORTING PERSON TRANSACTION TYPE OF SHARES RATIO EFFECTED
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 1,375,085 69.90776 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 40,112,487 69.54315 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 567,023 52.49730 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 1,312,465 52.62915 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 933,639 57.81047 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 2,980,483 58.17508 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 4,090,957 59.50829 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 987,052 58.56489 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II, L.P. 1/31/2008 Conversion 8,507,236 58.98178 Conversion of
Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 72,354 69.90776 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
|
Page 23 of 25 pages
---------------------------------------------------------------------------------------------------------------------
PRICE PER SHARE WHERE/HOW
DATE OF NUMBER ($)/ CONVERSION TRANSACTION
REPORTING PERSON TRANSACTION TYPE OF SHARES RATIO EFFECTED
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 2,111,121 69.54315 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 29,818 52.49730 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 69,049 52.62915 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant
to the Issuer's
Chapter 11 plan
of reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 49,138 57.81047 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant to
the Issuer's Chapter
11 plan of
reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 156,898 58.17508 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant to
the Issuer's Chapter
11 plan of
reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 215,241 59.50829 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant to
the Issuer's Chapter
11 plan of
reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 51,947 58.56489 Conversion of
Partners II, L.P. Shares per debentures into
thousand Shares pursuant to
the Issuer's Chapter
11 plan of
reorganization
---------------------------------------------------------------------------------------------------------------------
San Francisco 1/31/2008 Conversion 447,671 58.98178 Conversion of
Partners II.,L.P. Shares per debentures into
thousand Shares pursuant to
the Issuer's Chapter
11 plan of
reorganization
---------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/5/2008 Buy 69,600 16.4000 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/5/2008 Buy 10,000 16.4500 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
|
Page 24 of 25 pages
---------------------------------------------------------------------------------------------------------------------
PRICE PER SHARE WHERE/HOW
DATE OF NUMBER ($)/ CONVERSION TRANSACTION
REPORTING PERSON TRANSACTION TYPE OF SHARES RATIO EFFECTED
---------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/5/2008 Buy 3,900 16.4800 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/5/2008 Buy 401,500 16.4900 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/6/2008 Buy 16,200 16.4900 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/7/2008 Buy 115,100 16.4000 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/7/2008 Buy 20,000 16.4400 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/7/2008 Buy 81,100 16.4500 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/7/2008 Buy 50,000 16.4800 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/7/2008 Buy 90,500 16.4900 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 44,000 16.4300 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 45,500 16.4400 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 51,000 16.4500 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 44,200 16.4600 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 175,100 16.4700 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 202,700 16.4800 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
SPO Partners II 2/8/2008 Buy 237,500 16.4900 Open Market/Broker
Co-Investment
Partnership, L.P.
----------------------------------------------------------------------------------------------------------------------
|
Page 25 of 25 pages
EXHIBIT INDEX
EXHIBIT DOCUMENT DESCRIPTION
--------------------------------------------------------------------------------
A Agreement Pursuant to Rule 13d-1 (k)
--------------------------------------------------------------------------------
B Power of Attorney
--------------------------------------------------------------------------------
|
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