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BLACK WARRIOR WIRELINE SUBSIDIARY CONCLUDES PARTNERSHIP AGREEMENT

    BLACK WARRIOR WIRELINE SUBSIDIARY CONCLUDES PARTNERSHIP AGREEMENT
    COLUMBUS, Miss., Nov. 13 /PRNewswire/ -- Black Warrior Wireline Corp. (NASDAQ: BWWC) announced today that on Nov. 8, 1991 it had concluded a partnership agreement between its newly formed wholly owned subsidiary, Black Warrior International, Inc. and J&J Drilling Services, Inc.  The partnership will engage in business activities of oil and gas well drilling, water well drilling, workover services, wireline services and various other related services, all of such activities to be conducted in the Middle East.  The business will be conducted under the name Black Warrior Mideast Company.
    The partnership will initially be capitalized with $3 million. Operations are expected to commence in Saudi Arabia and Kuwait by year end.  BWWC believes that the Middle East offers an opportunity for growth and diversification for the company's various oil and gas related services.
    The board of directors agreed to extend the company's "A" warrants, exercisable at $2.50, from Dec. 8, 1991 to Dec. 31, 1992.
    -0-        11/13/91
    /CONTACT:  Adolph Weissman of Black Warrior, 201-585-7979/
    (BWWC) CO:  Black Warrior Wireline Corp.; J&J Drilling Services, Inc. ST:  Mississippi IN:  OIL SU: JT-SM -- NY002 -- 3825 11/13/91 10:03 EST
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Publication:PR Newswire
Date:Nov 13, 1991
Words:199
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