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BETA WELL SERVICE ANNOUNCES RECENT DEVELOPMENTS

 CALGARY, Alberta Canada, Sept. 27 /PRNewswire/ -- Beta Well Service Inc. (AMEX: BWS) today wishes to confirm that it has no new information respecting the status of the previously announced suspension by the contractor, Calgary Overseas Development, of the contract for 268 wells utilizing four service rigs in the Chernogor region of Siberia. A total of US$4.1 million in receivables is owing from the contractor, Calgary Overseas Development with respect to this contract. The next payment of approximately US$1,260,000 is due mid-October. Beta is confident that the four rigs can be redeployed in the event that the contract difficulty is not resolved.
 Beta continues to negotiate additional projects in several republics in the former Soviet Union and is pleased to announce that on Sept. 23, it signed a letter of intent with one republic which will require at least two service rigs for approximately two years. Beta has 60 days to complete a formal contract and details will be released when the new contract is signed.
 Beta is very excited about its developing opportunities in Russia as well as other international activities. Because it wants to conserve its cash to be poised to provide equipment for new projects, Beta has decided not to proceed with the previously announced buy back of its own common stock at this time.
 Beta's directors are also responding to concerns that the company's growth on both the national and international fronts have outpaced the corporate structure. The board is engaging a management consulting firm to analyze Beta's structure and make recommendations to improve administration and communication functions.
 Beta further announces that it will be cooperating with the Securities and Exchange Commission, which is conducting an investigation into price fluctuations in the company's stock.
 Beta is aware that the status of the Chernogor contract is of great interest to its stockholders and the investment community and will report developments as they occur. In addition, to maximize Beta's communications with its investors, an investor conference call will be held Monday, Sept. 27 at 4:15 p.m. Eastern time. Any person wishing to participate in this call should call Coffin Communications Group at 818-578-0500. This call will be the first of a series of investor communication conference calls to be held every Thursday at 4:15 p.m. Eastern time, beginning Oct. 7.
 -0- 9/27/93
 /CONTACT: William J. Gordica of Beta Well Service, 403-290-0660; or William F. Coffin of Coffin Communications Group, 818-578-0500/
 (BWS)


CO: Beta Well Service Inc.; Calgary Overseas Development ST: IN: OIL SU:

MC -- NYON1 -- 5743 09/27/93 07:00 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
Words:434
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