Printer Friendly

BELLWETHER ANNOUNCES ACQUISITION AGREEMENT

 HOUSTON, Nov. 22 /PRNewswire/ -- Bellwether Exploration Company (NASDAQ: BELW) reported today that its board of directors and the board of directors of Associated Gas Resources, Inc. ("AGRI"), a closely-held company with gas pipeline operations, gas plant interests and oil and gas reserves, have each approved a proposal to merge. The proposal provides for the issuance of 11.7 million shares of Bellwether common stock in exchange for all of the outstanding stock of AGRI. Additional terms, including the issuance of warrants to Torch Energy Advisors Incorporated for its advisory services rendered in the structuring and negotiation of the proposal, will be included in a definitive merger agreement to be negotiated. The proposed transaction must be approved by the shareholders of AGRI; such approval and the closing of the transaction are expected to occur on or about Dec. 31, 1993.
 AGRI owns a 300-mile gas gathering system in Union Parish, La., interests in approximately 670 gas wells in Union Parish, La., interest in approximately 137 gas wells in the Anadarko Basin in the state of Oklahoma and is in the process of acquiring 4.12 percent and 12.52 percent interests, respectively, in the Snyder and Diamond M--Sharon Ridge Gas Plants in Scurry County, Texas. AGRI is managed by Torch Energy Advisors Incorporated. For its fiscal year ended June 30, 1993, AGRI would have reported revenues of $9.6 million, earnings of $1.0 million and cash flow of $3.1 million on a pro forma basis assuming AGRI had acquired the gas plant interests on July 1, 1992.
 Bellwether Exploration Company is engaged in oil and gas exploration and development and the acquisition of producing properties and related assets in the United States.
 -0- 11/22/93
 /CONTACT: J. Darby Sere, president, Bellwether Exploration Company, 713-753-1420/
 (BELW)


CO: Bellwether Exploration Company; Associated Gas Resources, Inc. ST: Texas IN: OIL SU: TNM

LD -- NY099 -- 7022 11/22/93 18:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1993
Words:320
Previous Article:HAMPTON RESOURCES CORPORATION ADDS NEW MEMBERS TO BOARD OF DIRECTORS
Next Article:UNITED FEDERAL BANCORP DECLARES QUARTERLY DIVIDEND
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters