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CASPEN OIL ANNOUNCES TWO ACQUISITIONS

 CASPEN OIL ANNOUNCES TWO ACQUISITIONS
 LAKEWOOD, Colo., Aug. 4 /PRNewswire/ -- As part of its strategic


plan of acquisi?on through use of equity, Caspen Oil Inc. (AMEX: CNO) announced today two acquisitions.
 On July 31, 1992, Caspen acquired from Speedline Enterprises Ltd. ("SEL"), a private United Kingdom corporation, certain assets and property which have been independently appraised at a value in excess of $3.7 million. The assets include a master tape video library and television studio recording and editing equipment. The consideration for the purchase by Caspen is the issuance of 300,000 shares at $10 value of a new Series C $1 par Preferred Stock and 700,000 shares of Caspen Common Stock, 50 cents par.
 In a joint enterprise with SEL of London, Caspen incorporated World Alliance Wrestling Inc., a Florida corporation, ("WAW").
 WAW is a major entry ticket for Caspen into the lucrative world of sports entertainment promotions and TV programming, not only in the United States, but also Western Europe and the young and expanding TV markets of Eastern Europe. The growing worldwide demand for cost effective TV programs and sports entertainment with the opportunities for major spin-off revenues from product merchandising has convinced Caspen of the opportunity to diversify into this sector with its new acquisition.
 Innovative TV formats of WAW's events mean a new look for wrestling TV programs, to be shown here in the United States in early 1993 and in the United Kingdom and Spain.
 WAW management estimates 1993/1994 revenues in excess of $25 million and taking a lead position within three years in specialist sports entertainment and TV programming in Europe.
 WAW has management offices in London and Florida and a training facility and gymnasium also in Florida. A new training facility is expected to open early in 1993 in the United Kingdom. Second Acquisition
 In a separate transaction, Caspen acquired for 250,000 shares of Caspen Common Stock, 50 cents par, a 40 percent interest in patented technology to detect leaks and monitor product movement in underground storage tanks for petroleum and other fuels. A newly formed company will manufacture and market the patented "EDIE" gauge and provide related monitoring services. The Resources Conservation Recovery Act of November 1984, requires all underground storage tanks containing more than 1,100 gallons of petroleum product to maintain accurate daily inventory figures on premise for a period of five years. The "EDIE" gauge when used as intended will provide the operator with the amount of fuel remaining in his tanks to the 100th of an inch of accuracy as well as the temperature of the fuel for proper inventory control. This type of comprehensive monitoring should facilitate insurability for underground storage tank liability.
 -0- 8/4/92
 /CONTACT: Anthony J. Carroll of Caspen Oil, 303-987-0925; or Christopher Rayne, 011-44-71-734-2341 or Vaneca Reed, 813-593-1191, both of World Alliance Wrestling/
 (CNO) CO: Caspen Oil Inc.; Speedline Enterprises Ltd.; World Alliance
 Wrestling Inc. ST: Colorado, Florida IN: OIL SU: TNM


BB -- DV005 -- 6585 08/04/92 10:54 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
Words:505
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