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THE PHOENIX RESOURCE COMPANIES ANNOUNCE 1-FOR-10 REVERSE STOCK SPLIT

THE PHOENIX RESOURCE COMPANIES ANNOUNCE 1-FOR-10 REVERSE STOCK SPLIT
 OKLAHOMA CITY, May 11 /PRNewswire/ -- The Phoenix Resource Companies, Inc. (NASDAQ: PHNI) announced that its stockholders today approved a 1-for-10 reverse stock split of its common stock. The common stock will commence trading on a post-split basis on May 13, 1992. It will continue to trade under the symbol PHN on the Pacific Stock Exchange, but will for a short time trade under the temporary symbol PHNID on NASDAQ.
 Pursuant to stockholder approval at the annual meeting on May 11, 1992, the company amended its Certificate of Incorporation to effect the 1-for-10 reverse stock split, decreasing the number of authorized shares of common stock from 55,000,000 to 10,000,000 and increasing the par value from $0.001 per share to $0.01 per share. Effective May 13, the number of shares of common stock outstanding will be reduced from 41,679,851 to 4,167,985.
 Stockholders will receive one share of common stock in exchange for each 10 shares previously owned. A cash payment will be made for fractional shares.
 Stockholders will be requested to exchange their existing certificates for new certificates reflecting the result of the reverse stock split. Stockholders will shortly receive materials and instructions to effect such exchange.
 Also, at the annual meeting eight members were re-elected to the company's board of directors and a ninth member, Leon S. Gross, was elected to a newly created seat on the board. All directors were elected to three-year terms, expiring in 1995.
 The Phoenix Resource Companies, Inc. is an oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma with its primary producing properties in the Western Desert of Egypt.
 -0- 5/11/92
 /CONTACT: Debora Bingham of The Phoenix Resource Companies, 405-728-5100/
 (PHNI) CO: Phoenix Resource Companies Inc. ST: Oklahoma IN: OIL SU:


SM -- NY066 -- 8658 05/11/92 12:58 EDT
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Publication:PR Newswire
Date:May 11, 1992
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