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Black Warrior Wireline Corp. Announces the Expansion of Its Services Through an Acquisition and Continued Improvement in Its Balance Sheet

COLUMBUS, Miss., Nov. 25 /PRNewswire/ -- Black Warrior Wireline Corp. (OTC: BWWL) today announced the acquisition of Dyna Jet, Inc. for cash. Dyna Jet was incorporated in 1978, operates eight wireline units, and had sales of $578,464 for the fiscal year ended May 31, 1996. This acquisition brings the number of wireline trucks operated by the Company to 32 and immediately establishes BWWL in Wyoming, Colorado, North Dakota, South Dakota, Utah and Montana. Les Desavedo, former president of Dyna Jet, has joined BWWL under a three year work agreement. "This acquisition will benefit all divisions of BWWL since many customers and equipment were common to both companies," explained W. L. Jenkins, President of BWWL.
 Black Warrior Wireline Corp.
 Balance Sheet
 October 31, 996
 Current Assets $2,311,665 Current Liabilities $1,081,309
 Fixed Assets 1,785,896 Long-term Liabilities 987,607
 Other Assets 31,354 Total Liabilities $2,068,916
 Net Worth 2,059,999
 Total Assets $4,128,915 Total Liabilities & Net Worth $4,128,915

The unaudited balance sheet dated October 31st is further evidence of the Company's continued improvement since the restructuring.

Mr. Jenkins commented, "Proceeds from our private placement in October and completion of our restructuring has enabled the Company to move forward on the modernization of its fleet and the purchase of state-of-the-art downhole equipment. We have also expanded our area of operations with the acquisition of Dyna Jet. Our performance to date in 1996 is a reflection of what we perceive to be a long term improvement in the industry, and encouraging for the Company's future performance. The Company now enjoys a much stronger balance sheet which enhances its opportunities to expand revenue and earnings."

Black Warrior Wireline Corp. is a Columbus, MS based oil and gas service company providing services to the oil and gas industry nationwide.

SOURCE Black Warrior Wireline Corp.
 -0- 11/25/96

/CONTACT: William L. Jenkins, President of Black Warrior Wireline Corp., 601-329-1047/


CO: Black Warrior Wireline Corp.; Dyna Jet, Inc. ST: Mississippi IN: OIL SU: TNM

WM-MM -- NYM107 -- 3765 11/25/96 12:54 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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