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PETROMINERALS CORPORATION ENTERS INTO LETTER OF INTENT TO PURCHASE HYDRO-TEST INTERNATIONAL

 TUSTIN, Calif., June 17 /PRNewswire/ -- Petrominerals Corporation (NASDAQ: PTRO) today announced that it has entered into a letter of intent to acquire Hydro-Test International, a privately held New Mexico corporation. Hydro-Test is engaged in the hydro-static testing of tubular goods and pipelines, both onshore and offshore worldwide, for oil and gas producers. Hydro-Test operates 11 offices located in California and Texas, with an additional 15 offices operated by licensees in the United States and other countries. The company's customers include major and independent oil and gas producers.
 Eugene L. Butler, president and CEO, stated, "This is the first step in Petrominerals' strategy to expand and strengthen the company through acquisitions." The proposed acquisition of Hydro-Test will provide increased market penetration and expansion into selected Gulf Coast markets for the company, and the resulting diversification will complement the company's oil and gas production segment, as well as its oil and gas well service division.
 Petrominerals Corporation engages in the production and marketing of crude oil and natural gas in California, Texas and Louisiana. Lunn Production Service, a division of Petrominerals Corporation, services and maintains oil and gas wells.
 -0- 6/17/93
 /CONTACT: Virginia M. Lazar, corporate secretary of Petrominerals, 714-730-5400/
 (PTRO)


CO: Petrominerals Corporation ST: California IN: OIL SU: TNM

PS -- NY018 -- 2918 06/17/93 09:02 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
Words:219
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