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AMERICAN NATIONAL COMPLETES MERGER WITH PATRICK PETROLEUM

 HOUSTON, July 29 /PRNewswire/ -- American National Petroleum Company (NASDAQ: ANPC) (ANPC) today announced that it completed its merger with Patrick Petroleum Company (NYSE: PPC) (Patrick) today. ANPC and Patrick had entered into an agreement and plan of merger dated March 25, 1993 providing for ANPC to merge with a wholly owned subsidiary of Patrick.
 In accordance with the merger with Patrick, each share of ANPC common stock will be converted into (i) $3.40 in cash and (ii) $2.60 of Patrick common stock. Under the formula in the merger agreement, each share of Patrick common stock will be valued at $2.1125 for the purpose of determining the exchange value, so that each share of ANPC common stock will be converted into 1.231 shares of Patrick common stock. Trading in ANPC's common stock will be halted at the close of business today.
 American National Petroleum Company, a Houston based company, is engaged in oil and natural gas exploration and production and energy related businesses.
 Patrick Petroleum Company, a Jackson, Mich. based company, is an independent oil and gas company engaged in the acquisition of producing properties and the exploration, development and production of oil and gas in the continental United States.
 -0- 7/29/93
 /CONTACT: Mary Y. Cotner of American National Petroleum Company, 713-961-1770/
 (ANPC PPC)


CO: American National Petroleum Company; Patrick Petroleum Co. ST: Texas IN: OIL SU: TNM

TS-MG -- NY077 -- 7269 07/29/93 13:51 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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