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ENVIROMINT FILES TO EXTEND ITS OFFERS TO ACQUIRE FOR CASH ALL OUTSTANDING SHARES OF HOME-STAKE COMPANIES

 DALLAS, May 28 /PRNewswire/ -- EnvirOmint Holdings Inc. (OTC Bulletin Board: ENVM) announced today it has filed a Supplement to its Schedule 14D-1 with the Securities and Exchange Commission extending its offers to purchase for cash all of the outstanding shares of The Home-Stake Oil & Gas Co. ("Oil&Gas") and The Home-Stake Royalty Corp. ("Royalty"), collectively known as "Home-Stake Entities." The offers are being made by Home-Stake Acquisition Corp., a Delaware corporation formed by EnvirOmint Holdings Inc. and International Insurance Industries Inc.
 The offers are being extended to 5 p.m. New York City time, Wednesday, June 30, 1993, unless otherwise extended. Presently, all of the shares of The Home-Stake Entities that were previously tendered have been withdrawn. The purpose of this extension is to afford the boards of directors of the Home-Stake Entities with an additional opportunity to approve the offers. The offer price remains at $268.82 net per share to shareholders of Royalty and $147.85 net per share to shareholders of Oil&Gas.
 As set forth in their filings with the Securities and Exchange Commission, Home Stake Acquisition, EnvirOmint and International Insurance are continuing their efforts to secure equity capital necessary to fund an offer that will afford Home-Stake Acquisition with the control of the Home-Stake Companies in the event that the company's board of directors do not approve the offers. If successful in securing such capital, Home-Stake Acquisition intends to revise the existing offers. The revised offers may be for less than all of the outstanding shares and will not be subject to approval of the boards of directors of the Home-Stake Entities.
 EnvirOmint currently owns approximately 18 percent of the outstanding shares of Royalty and approximately 23 percent of the outstanding shares of Oil&Gas. The ownership of substantially all of these shares is disputed and the subject of litigation. The boards of directors of the Home-Stake Entities have recommended to their shareholders not to tender their shares.
 -0- 5/28/93
 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for EnvirOmint Holdings/
 (ENVM)


CO: EnvirOmint Holdings Inc.; Home-Stake Oil & Gas Co.; Home-Stake
 Royalty Corp.; International Insurance Industries Inc. ST: Texas IN: ENV OIL SU: TNM


LS-JL -- LA026 -- 3602 05/28/93 19:24 EDT
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Publication:PR Newswire
Date:May 28, 1993
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