HONDO OIL & GAS CO. CONTINUES NEGOTIATIONS FOR THE SALE OF ITS FLETCHER REFINERY IN CARSON, CALIF.
HONDO OIL & GAS CO. CONTINUES NEGOTIATIONS FOR THE SALE OF ITS FLETCHER REFINERY IN CARSON, CALIF. LOS ANGELES, Feb. 28 /PRNewswire/ -- At the Hondo Oil & Gas Co. (AMEX: HOG) annual meeting held in Los Angeles yesterday, Chairman and Chief Executive Robert O. Anderson said that the company continues negotiations for the sale of its Fletcher refinery in Carson, Calif., and hopes to sign a definitive agreement for the sale in the near future. Commenting on negotiations for the sale of Hondo's domestic oil and gas properties to Devon Energy Corp. (AMEX: DVN), which were announced Feb. 25, Anderson stated that the proposed purchase price is $140 million, with an effective date of Dec. 31, 1991. The negotiations are subject to the signing of a definitive agreement and, subsequently, to the satisfaction of several substantial conditions, including Devon's obtaining financing through a combination of bank debt and the sale of equity. -0- 2/28/92 /CONTACT: Tom Reed of Braun Ketchum Public Relations, 213-385-3481, for Hondo Oil & Gas/ (HOG DVN) CO: Hondo Oil & Gas Co.; Devon Energy Corp. ST: California, New Mexico IN: OIL SU: TNM
DM-JL -- LA009 -- 3591 02/28/92 09:01 EST
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|Date:||Feb 28, 1992|
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