Printer Friendly

HUNTER RESOURCES, INC. ANNOUNCES FORMATION OF ACQUISITION COMPANY WITH FOREIGN INVESTORS; FIRST ACQUISITION CLOSED

 IRVING, Texas, Jan. 26 /PRNewswire/ -- Hunter Resources, Inc. (BSE: HNT), today announced the formation of a new Wyoming Limited Liability Company with foreign investment partners to acquire oil and gas producing properties in the continental United States.
 The closing of the first acquisition was completed on Jan. 21, 1993, which included net proved oil and gas reserves to the company and its partners' interest of 383,000 barrels of oil and almost 400 million cubic feet of natural gas. The properties acquired are located in Coke County, Texas and have produced in excess of 717,500 barrels of oil and 480 million cubic feet of natural gas over their productive life. A significant amount of development drilling opportunities exist on the undeveloped acreage.
 Gruy Petroleum Management Co., a wholly owned subsidiary of Hunter Resources, Inc., has become the operator of record on the producing properties effective Jan. 1, 1993. Sunbelt Energy, Inc., another wholly owned subsidiary of Hunter Resources, Inc., has earned certain ownership rights to the properties acquired.
 Gary C. Evans, president of Hunter Resources, Inc., stated, "We have formed a relationship with a group of foreign investors who believe as we do that significant opportunities exist in the U.S. due to the exodus of the major oil and gas companies. We are continuing to seek the acquisition of mature oil and gas fields at bargain prices, implementing our lower overhead and bringing in our professional management team to provide efficient operations to the properties acquired. With over $10 billion of oil and gas properties presently for sale due to the downsizing' of the major oil and gas companies and large independents, the oversupply of properties available for purchase is providing the opportunity for acquiring producing properties at a price that will provide significant financial returns to our shareholders. We are currently evaluating several packages of properties in the $500,000 to $15 million range which appear economically attractive. Having now formalized new capital to assist our company in the acquisition of these properties, we hope to become more active in our acquisition efforts in fiscal 1993."
 Hunter Resources, Inc., is an energy development and management company engaged in three principal activities: (i) the production and sale of crude oil, condensate and natural gas; (ii) the gathering, transmission, and marketing of natural gas; and (iii) the business of managing and operating producing oil and natural gas properties for non- operating interest owners. Effective Jan. 14, 1993, the common stock of Hunter Resources, Inc., formerly Intramerican Corporation, began trading on the Boston Stock Exchange under the new ticker symbol "HNT."
 -0- 1/26/93
 /CONTACT: Gary C. Evans, president of Hunter Resources, 214-401-0752/
 (HNT)


CO: Hunter Resources, Inc. ST: Texas IN: OIL SU:

GK-OS -- NY035 -- 6303 01/26/93 10:48 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 26, 1993
Words:463
Previous Article:REUTERS SIGNS AGREEMENT WITH CANTOR FITZGERALD AND MARKET DATA CORPORATION
Next Article:RESPONSE USA, INC. ANNOUNCES TEST MARKET PROGRAM WITH MAJOR NATIONAL RETAIL CHAIN STORE
Topics:


Related Articles
HUNTER RESOURCES ANNOUNCES SECOND ACQUISITION CLOSED WITH FOREIGN INVESTORS
HUNTER ANNOUNCES FOURTH QUARTER ACQUISITIONS
MAGNUM COMPLETES PRODUCING PROPERTY ACQUISITION
Magnum Agrees to Acquire $143.5 Million in Oil and Gas Properties
Magnum Hunter Obtains New $190 Million Senior Bank Credit Facilities
Magnum Hunter Announces Three Successful Horizontal Wells
Magnum Hunter Closes Acquisition of Natural Gas Transmission Services, Inc.
Magnum Hunter Announces Participation in New Exploration Project
Magnum Hunter Announces $243 Million Property Acquisition.
Magnum Hunter Completes $40 Million Permian Basin Property Acquisition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters