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PHOENIX RESOURCE COMPANIES ANNOUNCES TENDER OFFER

 PHOENIX RESOURCE COMPANIES ANNOUNCES TENDER OFFER
 OKLAHOMA CITY, Feb. 28 /PRNewswire/ -- The Phoenix Resource


Companies, Inc. (NASDAQ: PHNI;PSE: PHN) announced that its tender offer for its 10 percent senior notes due April 9, 2000 has been successful and that the tender offer and related transactions have been substantially consummated. Accordingly, $31.6 million original face amount of its senior notes and $6.4 million of accrued and unpaid interest thereon have been retired in exchange for $27.0 million in cash and a new $7.2 million note in favor of Goldman, Sachs and Co., and the indenture governing the remaining outstanding $0.7 million original face amount of senior notes has been amended as previously contemplated to eliminate certain restrictive covenants and obligations to make mandatory offers to purchase. Because the senior notes contain significant unamortized discount, the company will book a loss of approximately $13.5 million in connection with this retirement of senior notes.
 As described in the tender offer documents, the company's offer to pay $1,082.96 for each $1,000 original face amount of the senior notes (90 percent of original face amount plus 90 percent of accrued interest) remains open through March 3, 1992, and may be accepted by appropriate tender of senior notes to the depository: Sequor National Bank Texas, Attn: Registered Bond Operations Department, c/o Security Pacific National Bank, 701 South Western Ave., Glendale, Calif. 91201. All senior notes which thereafter remain outstanding will continue to accrue interest to principal through April 9, 1993 and thereafter pay interest quarterly at 10 percent until maturity on April 9, 2000.
 Documents containing the terms and conditions of the tender offer have been mailed to the holders of record of the senior notes. The tender offer documents further describe the amendments to the indenture and govern any inconsistency between this press release and such tender offer documents.
 The Phoenix Resource Companies, Inc. is an independent oil and gas company headquartered in Oklahoma City with its principal assets located in Egypt.
 -0- 2/28/92
 /CONTACT: Debora Bingham of Phoenix Resource Companies, 405-728-5100/
 (PHNI) CO: Phoenix Resource Companies Inc. ST: Oklahoma IN: OIL SU: OFR AH -- NY043 -- 3747 02/28/92 13:17 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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