BELL PETROLEUM <BPSIO>, REGAL TO FORM PLAN Bell Petroleum Services Inc said it agreed to begin talks with Regal International Inc to form a plan of reorganization under which Bell would become a subsidiary of Regal. The plan would be subject to Bankruptcy court approval due to Bell's status as a debtor-in-possesion under Chapter 11. the company's expect to file a plan by the end of May. This agreement terminates litigation between the companies concerning previous attempts at a plan of reorganization.. Bell is also free to continue talks with any third parties interested in an acquisition, it said.