Disclosure Forms Offer Few Details on Oil Business Deal

Paul Singer, ROLL CALL STAFF

"On Aug. 18, 2003, an executive from Key Energy Services testified during a House natural gas task force field hearing co-chaired by Reps. Steve Pearce (R-N.M.) and Heather Wilson (R-N.M.).

"Six weeks later, Key Energy closed a deal to buy the assets of Pearce's oil services company, apparently for $12 million, more than double the value of the company that Pearce had claimed on his financial disclosure forms."

"Pearce's forms provide no record of the sale and very little detail about his assets."

"The company reported to the SEC that it had transferred $5.2 million of its stock to Lea Fishing as part of the sale, suggesting that the remainder of the purchase would have been cash."

"Pearce never reported the proceeds from the sale."

"In March 2004, Key announced that it had discovered widespread financial irregularities and could not produce an annual report for 2003."

Pearce Made Millions on Sale
(4/29/08) Roll Call: On Aug. 18, 2003, an executive from Key Energy Services testified during a House natural gas task force field hearing co-chaired by Reps. Steve Pearce (R-N.M.) and Heather Wilson (R-N.M.). (Subscription required)