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ALEXANDER ENERGY AND NAHAMA & WEAGANT ENTER LETTER OF INTENT

 OKLAHOMA CITY, Dec. 10 /PRNewswire/ -- Alexander Energy Corporation (NASDAQ-NMS: AEOK) and Nahama & Weagant Energy Company (NASDAQ-NMS: NAWE) jointly announced that they have entered into an agreement in principal for Alexander and Nahama to become wholly-owned subsidiaries of a newly formed holding company. Based on the reserve studies of Alexander and Nahama at Dec. 31, 1992, the resulting holding company will have proved reserves of approximately 107 billion cubic feet of natural gas equivalents, which consist of 74 percent natural gas and 26 percent oil at a conversion ratio of 6:1.
 Bob G. Alexander, president of Alexander, will serve as chairman of the board and CEO and Rodney Nahama, president of Nahama, will be president of the holding company. The operations of the two companies will continue substantially unchanged with existing personnel.
 The stockholders of both firms will receive one share of holding company common stock for each one share of Alexander and Nahama common stock. Alexander, based in Oklahoma City, Okla., and Nahama based in Bakersfield, Calif., are independent oil and gas companies. Alexander and Nahama have approximately 6.6 million and 5.6 million shares, respectively, of fully diluted outstanding common shares.
 The transaction is subject to the negotiation and execution of a mutually satisfactory definitive agreement and approvals by the boards of directors and stockholders of each company.
 -0- 12/10/93
 /CONTACT: Bob G. Alexander, president and CEO of Alexander Energy Corporation, 405-478-8686, or Rodney Nahama, president and CEO of Nahama & Weagant Energy Company, 805-323-9075/
 (AEOK NAWE)


CO: Alexander Energy Corporation; Nahama & Weagant Energy Company ST: Oklahoma, California IN: OIL SU:

PS -- NY081 -- 2780 12/10/93 16:40 EST
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Publication:PR Newswire
Date:Dec 10, 1993
Words:274
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