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ACQUISITION OF HOUSTON OIL & ENERGY, INC. BECOMES EFFECTIVE; GOLDEN TRIANGLE GROWTH CONTINUES

 ACQUISITION OF HOUSTON OIL & ENERGY, INC. BECOMES EFFECTIVE;
 GOLDEN TRIANGLE GROWTH CONTINUES
 CISCO, Texas, Aug. 5 /PRNewswire/ -- Golden Triangle Royalty & Oil, Inc. (NASDAQ: GTRO) today announced that on July 29, 1992, the Secretary of State of Nevada accepted the Articles of Exchange which consummated the acquisition of Houston Oil & Energy, Inc. (HOE) by Golden Triangle. HOE is incorporated in Nevada; GTRO is incorporated in Colorado. The May 31, 1992 combined pro forma balance sheets reflect an increase in GTRO assets from $1,249,131 to $2,442,722, with a net equity of $2,210,543. These balances exceed the minimum amount required for continuing to list GTRO on NASDAQ. GTRO is currently awaiting acceptance of the filing made with the National Association of Securities Dealers. Upon acceptance, the NASDAQ broker symbol will revert to "GTRO" from "GTROC." GTRO is listed daily in the Wall Street Journal as "Gold T" under "NASDAQ SMALL-CAP ISSUES."
 The acquisition of HOE brings to GTRO the following assets which the GTRO management believes will accelerate the future growth of GTRO:
 1. Important overriding royalty interests in 46 producing oil wells under 26,442,400 surface acres in Queensland, Australia;
 2. Royalties under 54 producing leases in the United States;
 3. A promising 1/6 working interest in the giant Cochise anticline, with 3,500 feet of closure, in the U.S. overthrust belt;
 4. Thirty drilling prospects, the largest of which is the Toomba Anticline with 2,860 feet of closure, on the 2,300 square mile exploration permit 460 APP in Australia. GTRO will now hold a 7-1/2 percent working interest in 460 APP;
 5. HOE's investment in Hailey Energy Corporation has been rewarded by the signing of a contract to sell its restricted Hailey Energy stock for $275,000;
 6. An increase of 30,116 net royalty acres where GTRO already held 180,940 net royalty acres under the 1,803,200 acre 299 APP. On 299 APP the Gimboola number one wildcat flowing on drill stem test at the rate of 552 barrels of oil per day made the thirteenth field discovered on GTRO's overriding royalty on 299 APP;
 7. There is a great future potential for GTRO under 299 APP as hundreds of additional wells will be required to fully develop the fields already discovered if drilled on 40 acre spacing down to the closing seismic contour. Especially exciting is the fact that GTRO holds its overriding royalty interests free and clear of exploration, drilling, and operating expenses.
 GTRO expects that HOE assets will contribute much to the future growth of GTRO.
 -0- 8/5/92
 /CONTACT: Ivan Webb of GTRO, 817-442-2665, or fax, 817-442-3843/
 (GTRO) CO: Golden Triangle Royalty & Oil, Inc.; Houston Oil & Energy, Inc. ST: Texas IN: OIL SU: TNM


TM-LD -- NY004 -- 6980 08/05/92 10:01 EDT
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Date:Aug 5, 1992
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