ALAMCO ANNOUNCES PURCHASE OF OIL AND GAS INTEREST
ALAMCO ANNOUNCES PURCHASE OF OIL AND GAS INTEREST CLARKSBURG, W.Va., July 8 /PRNewswire/ -- Alamco Inc.
(AMEX: AXO) today announced that in the first half of 1992 it increased its ownership interest in 204 gross wells (35.38 net wells) which it operates in West Virginia.
The company paid $266,570 for both working and overriding royalty interests utilizing its cash flow to finance the acquisitions. The company stated that the purchases were part of its plan to increase its oil and gas reserves through acquisitions that do not significantly add to the company's overhead cost. The company plans to continue to increase its ownership in wells it operates. Alamco, headquartered in Clarksburg, is an independent producer of gas and oil in the Appalachian Basin with a major operating concentration in West Virginia gas fields. The company's stock is traded on the American Stock Exchange under the symbol AXO. -0- 7/8/92 /CONTACT: Jane Merandi of Alamco, 304-623-6671/ (AXO) CO: Alamco Inc. ST: West Virginia IN: OIL SU:
DM-LJ -- PG007 -- 7438 07/08/92 13:11 EDT
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|Date:||Jul 8, 1992|
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