PETROMINERALS CORP. ACQUIRES HYDRO-TEST INTERNATIONAL INC.
TUSTIN, Calif., Sept. 20 /PRNewswire/ -- Petrominerals Corp. (NASDAQ: PTRO) announces that it has concluded its negotiations with the shareholders of Hydro-Test International Inc. and has acquired all of the issued and outstanding shares of that privately held company. Petrominerals acquired Hydro-Test International Inc. for a total consideration of $200,000 plus 500,000 shares of Petrominerals' common stock. Eugene L. Butler, president and chief executive officer of Petrominerals Corp. stated that the acquisition of Hydro-Test International marks the first step in Petrominerals' plan to diversify the company and increase revenues. Hydro-Test International is engaged in the hydro-static testing of pipe, pipelines, valve assemblies and wells in the oil and gas industry, both onshore and offshore. Hydro- Test International operates 11 offices in California, Texas and New Mexico, and licenses an additional 15 offices in the United States and other countries. Butler noted that the acquisition will provide Petrominerals with increased market penetration and expansion in Gulf Coast markets and will complement the company's well servicing division. Revenues for Hydro-Test International Inc. for the year ended April 4, 1993 were $3,448,000. Petrominerals' revenues were $6,369,000 for the year ended Dec. 31, 1992. Petrominerals Corp. engages in the production and marketing of crude oil and natural gas in California, Texas and Louisiana. Lunn Production Service, a division of Petrominerals Corp., services and maintains oil and gas wells. -0- 9/20/93 /CONTACT: Virginia M. Lazar, corporate secretary, 714-730-5400/ (PTRO)
CO: Petrominerals Corp.; Hydro-Test International Inc. ST: California IN: OIL SU: TNM
MF-LM -- LA010 -- 3491 09/20/93 09:01 EDT
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|Date:||Sep 20, 1993|
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