Seahawk Oil International Inc. said its 10-cent-a-share...

Seahawk Oil International Inc. said its 10-cent-a-share cash tender offer to purchase up to 25% of Oxoco Inc.’s common stock has expired and it will return the approximately 75,000 shares that were tendered.

However, Newport Beach-based Seahawk said it is proceeding with its plan to remove Oxoco’s directors and install a “more efficient” management team. A Seahawk unit owns 10,000 Oxoco common shares, or less than 1% of outstanding shares, and Seahawk’s president and chief executive, Bob Friedenberg, owns 100 shares. Acting on behalf of Seahawk and Friedenberg, Seahawk filed with Chancery Court in Delaware, where Oxoco is incorporated, asking that the company be forced to hold an annual meeting.

Friedenberg said Oxoco has not called an annual meeting for two years. He said he hopes that the court will act quickly to order the meeting, where Seahawk plans to propose an alternate slate of directors and offer to manage Oxoco for a fee.

In Houston, Oxoco officials could not be reached for comment.

Seahawk began its hostile tender offer for the stake in Oxoco in June. The move is part of Seahawk’s plan to weather the current downturn in the oil industry by buying what it regards as weaker competitors and thus lower the overhead of both companies.