ABQJOURNAL NORTH: IN BRIEF

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Thursday, July 24, 2008

IN BRIEF

Journal and Wire Reports
      Thornburg Exchange Offer Under Way
Thornburg Mortgage has begun an exchange offer for four classes of its preferred stock.
    It's part of the Santa Fe-based mortgage lender's efforts to remain in business.
    Preferred stock holders will receive $5 in cash and 3.5 shares of common stock for each share of preferred stock tendered by 8 a.m. Mountain Time on Aug. 20th.
    Shareholders would receive about $6.02 per preferred share, based on Wednesday's closing price of 29 cents.
    The exchange offer is being completed as part of a recapitalization deal Thornburg announced at the end of March to raise $1.35 billion in new capital through an investment by MatlinPatterson.
    Driller Examining Gov.'s Directive
Fort Worth-based Approach Resources Inc. said Wednesday it is "evaluating the full effect" on pending litigation of Gov. Bill Richardson's Monday directive that the state Oil Conservation Division develop new rules for oil and gas drilling in eastern Rio Arriba County.
    Last week, the division revoked a controversial drilling permit for Approach near the headwaters of Tierra Amarilla Creek. And on Monday, Richardson directed the division to come up with new rules for the area in response to challenges from Rio Arriba County officials concerned about the impact of drilling on water resources. A governor's spokesman said the directive would have the same effect as a moratorium on state drilling permits.
    Approach Resources has sued Rio Arriba County, challenging a county moratorium on new drilling and the county's authority to regulate the industry. In its Wednesday news release, the company said it is looking into how Richardson's directive for new drilling rules affects the lawsuit.
    The company also said Approach "both recognizes and shares Gov. Richardson's concerns for the unique hydrologic resources in the Tierra Amarilla area."
    "We reiterate our prior commitment to go above and beyond current New Mexico state regulations for oil and gas operators in this environmentally sensitive watershed," Approach said.
    That company said that at an OCD hearing in June it laid out a "comprehensive and environmentally sound" drilling program that included:
    nUsing a closed-loop drilling system with above-ground steel tanks and no below-grade pits.
    n Drilling with air tools rather than drilling fluids whenever possible, which "mitigates the risk of contaminating ground water."
    n Using a rigorous casing and cementing program to further minimize the risk of ground water contamination.
    n Controlling run-on and run-off to prevent erosion around the well location.
    n Performing interim and final reclamation of areas affected by oil and gas operations.

    IAIA Gets $7.65M Grant for Expansion
The Institute of American Indian Arts announced Wednesday it has received $7.65 million in grant funding from the federal Department of Education to expand campus facilities.
    "The construction of these buildings will undoubtedly enhance our ability to recruit the best student scholars and provide them the finest education possible in Native arts and culture," IAIA president Robert Martin said in a news release.
    A $1.65 million grant will support the construction of IAIA's Foundry and Sculpture Center, which will house the three-dimensional art program of the school's Studio Arts degree. The new building will provide facilities for students studying woodworking, welding, forging, casting, ceramics and large scale metal, stone and glass sculpture. It also will alleviate current space limitations and improve overall safety conditions, the IAIA said.
    IAIA's new Science and Technology Building will be supported by a $3 million per year, two-year grant. The building will house a New Media Arts Center with advanced digital technologies, a multi-media presentation theater and a Museum Conservation Center to house IAIA's National Collection of Contemporary Native American art.
    The Science and Technology Building also will include conservation teaching laboratories to provide students with training in collections care and conservation and a science center with laboratories and instructional space for the science portion of the general education requirements of IAIA's degree programs.
    IAIA also has secured an additional $500,000 for the Science and Technology Building from New Mexico state government severance tax bond funding. Another $500,000 in general obligation bond funding will be on the November general election ballot.

    Sculpture Garden Holds Event Today
The Allan Houser Sculpture Garden will host a unique version of the Santa Fe Chamber of Commerce's "Business After Hours" networking series today at 5:30 p.m.
    The event is free and provides an opportunity to visit the compound without an appointment.
    The Allan Houser Compound is south of Santa Fe and encompasses about 110 acres. It started to evolve in 1976 when artist Allan Houser and his son, Phillip Haozous, acquired 50 acres of open land. The sculpture gardens were created in 1985 after the construction of a visitor's center and now include 85 outdoor works.
    The compound is off N.M. 14, about 12.5 miles south of Interstate 25, at 26 ABCD Haozous Road off County Road 42. Visit www.santafechamber.com for a map and directions.