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PRINCETON ELECTRONIC PRODUCTS ANNOUNCES ACQUISITION

 PHOENIX, Aug. 25 /PRNewswire/ -- Princeton Electronic Products Inc. (NASDAQ: PELT), a 24-year-old diversified company, today announced the acquisition of a 50 percent working interest in the oil and gas properties of Potato Creek LLC. Princeton also announced an agreement to jointly acquire additional properties and to develop those properties using polymer technology, a revolutionary method of enhanced oil recovery, used to increase production and lower production costs in existing oil and gas wells.
 The Potato Creek properties, located in Kansas, consist of four leases containing approximately 600 acres and 30 existing wells, of which 7-8 are producing wells. The remaining wells will be reworked using polymer technology. The principals of Potato Creek have many years experience in the evaluation and development of this type of property and have developed many of the methods, equipment and techniques used in polymer applications.
 Regina Woodson, president of Potato Creek, said, "Our relationship with Princeton will open new opportunities for us to acquire additional producing properties leading to greater development potential."
 Dale Eyman, chairman of the board of Princeton, said, "Princeton regards this association with Potato Creek as an immediate step toward improved cash flow and profitability. We believe Potato Creek's expertise in this field allows us to select and acquire additional properties which will improve in value and provide income using this technology."
 Princeton Electronic Products Inc., headquartered in Phoenix, is a highly diversified company that specializes, through its subsidiaries, in innovative products, financial services and venture capital.
 -0- 8/25/93
 /CONTACT: Dale E. Eyman, chairman of Princeton Electronic Products, 800-966-7865; or Shannon T. Squyres, president of Corporate Relations Group, 714-955-1860/
 (PELT)


CO: Princeton Electronic Products Inc.; Potato Creek LLC ST: Arizona IN: CPR SU: TNM

LS-MF -- LA014 -- 5734 08/25/93 09:30 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
Words:293
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