context: The Dallas oil and gas concern said that $ 10 million of the facility would be used to consolidate the company 's $ 8.1 million of existing bank debt , to repurchase 4 million of its 4.9 million shares outstanding of Series D convertible preferred stock , and to purchase a 10 % net - profits interest in certain oil and gas properties from one of its existing lenders , National Canada Corp . The remaining $ 40 million can be used over three years for oil and gas acquisitions , the company said .
hypothesis: The saying did not happen