TNC Media Inc. announces Texas acquisition.TULSA, Okla.--(BUSINESS WIRE)--April 17, 1995--TNC Media Inc. (TNCI TNCI Trans National Communications International (Boston, MA) ) announced today it has executed a Purchase and Sale Agreement with Johnson Ranch Partners of Dallas, to acquire, for cash and stock, the working interests in 69 oil and gas wells in Loving County, Texas Loving County is a county in the U.S. state of Texas, and is the least populous county in the entire United States. Its seat, and only community, is Mentone. The nearest sizable towns are Pecos, Texas, and Carlsbad, New Mexico. GeographyAccording to the U.S. . TNCI will assume operations of 66 of these wells. The subject wells produce primarily from the Cherry Canyon formation. However, there are a limited number of wells producing from the Olds Sand, Ramsey Sand, Brushy Canyon, Atoka/Penn, Silurian/Fusselman and Ellenburger zones. Net proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. acquired are estimated at 1.2mm barrels of oil and 28 billion cubic feet of gas. The acquisition of Johnson Ranch Partners gives TNCI the strategic base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army it has been seeking in the Delaware Basin, with considerable development and exploration potential, according to John Rainwater, vice president. The company plans to extend its base of properties in the area through additional acquisitions, development and exploration. TNCI is an oil and gas acquisition, exploration, development and production company headquartered in Tulsa. Additional information may be obtained by contacting the company's President, Michael Paulk or Vice President, John Rainwater at corporate headquarters, 5727 South Lewis Avenue, Suite 700, Tulsa, OK 74105, telephone number 918/749-5666, facsimile 918/749-5882. CONTACT: TNC (hardware) TNC - A threaded version of a BNC. Media Inc. Michael Paulk or John Rainwater, 918/749-5666 |
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