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ALLIANCE WELL SERVICE ANNOUNCES INTENT TO COMBINE WITH INTRAMERICAN

 ALLIANCE WELL SERVICE ANNOUNCES INTENT TO COMBINE WITH INTRAMERICAN
 LIBERTY, Texas, Dec. 9 /PRNewswire/ -- Alliance Well Service, Inc. (NASDAQ: AWSI) announced today that it has entered into a letter of intent with Intramerican Corporation (NASDAQ: IOMC) contemplating a combination of the assets of Alliance Well Service into Intramerican.
 Simultaneously, Alliance announced that it and Intramerican have entered into a joint venture agreement to acquire certain oil and gas properties in Louisiana, Texas and Mississippi for a total purchase price of approximately $2.4 million. Alliance and Intramerican have received a financing commitment from a commercial bank to finance approximately $1.9 million of the purchase price of the properties. The acquisition of the properties by the joint venture is expected to occur prior to the end of January 1992 and is expected to close, subject to normal due diligence and title conditions, without regard to the closing of the proposed business combination with Intramerican.
 While the precise structure of the Intramerican/Alliance combination will be determined through further negotiation, it is presently contemplated that Alliance will sell all of its assets, including its interest in the oil and gas properties, to Intramerican in exchange for approximately 12.4 million shares of common stock of Intramerican. In this structure, Alliance would then dissolve and distribute the Intramerican shares to its shareholders, at which point the separate existence of Alliance would cease. The proposed combination is subject to the execution of the definitive agreements between the two companies, the successful acquisition of the properties as outlined above and the approval of the holders of a majority of the outstanding shares of Alliance. In addition, the Intramerican shares would be issued to Alliance in the transaction would require registration with the Securities and Exchange Commission and appropriate state securities authorities. It is presently anticipated that this transaction will be completed prior to the end of March 1992.
 Intramerican Corporation is an energy development and management company headquartered in Irving, Texas, engaged in three principal activities: the production and sale of crude oil, condensate and natural gas; the gathering, transmission and marketing of natural gas; and the business of managing and operating producing oil and natural gas properties for nonoperating interest owners.
 In May 1991 Alliance sold its remaining well servicing rigs and has subsequently been seeking other investment opportunities.
 -0- 12/9/91
 /CONTACT: Nelson R. Jones of Alliance Well Service, 409-336-8831.
 (AWSI IOMC) CO: Alliance Well Service Inc.; Intramerican Corporation ST: Texas IN: OIL SU: TNM


CK -- NY026 -- 0498 12/09/91 11:07 EST
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Publication:PR Newswire
Date:Dec 9, 1991
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