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PRIMEENERGY MANAGEMENT ACQUIRES GALVEST SHARES

 PRIMEENERGY MANAGEMENT ACQUIRES GALVEST SHARES
 STAMFORD, Conn., March 10 /PRNewswire/ -- PrimeEnergy Management


Corporation, Stamford, its subsidiaries and affiliates announced today that they have acquired 28 percent of the outstanding shares of GalVest, Inc. (NASDAQ: GALV)
 As required by Nevada law, on March 9 the board of directors of GalVest, Inc. approved the transaction that will allow Prime to make an offer to acquire in excess of 60 percent of GalVest stock. GalVest has agreed to appoint both Charles E. Drimal Jr. and Beverly A. Cummings to the board of directors of GalVest.
 Subsequent to the purchase of, in excess of 51 percent of the stock, Prime and GalVest agreed that they will enter into a cash merger, in which the remaining GalVest stockholders would receive 50 cents per share.
 PrimeEnergy Management Corporation is the managing general partner in 57 public and privately-held drilling and exploration and income fund limited partnerships, with over 8,600 limited partners. Its parent company, PrimeEnergy Corporation (NASDAQ: PNRG), owns interests in over 3,000 producing oil and gas wells, located primarily in Oklahoma, Texas, West Virginia, New Mexico, Montana and Wyoming and acts as the operator of over 1,200 of these wells.
 -0- 3/10/92
 /CONTACT: Yvonne Hayford of PrimeEnergy, 203-358-5700/
 (PNRG GALV) CO: PrimeEnergy Management Corporation; GalVest, Inc. ST: Connecticut, Nevada IN: OIL SU: TNM


AH-CK -- NY078 -- 7116 03/10/92 18:53 EST
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Publication:PR Newswire
Date:Mar 10, 1992
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