Printer Friendly

COMET ENTERTAINMENT INC. COMPLETES MERGER WITH TEXOIL CO.; CHANGES NAME TO TEXOIL INC.; COMPLETES REVERSE STOCK SPLIT

 HOUSTON, March 19 /PRNewswire/ -- T.W. Hoehn Jr., chairman of the board of Houston-based Texoil Co. ("Texoil"), and Wes Baumgardner, president of Comet Entertainment Inc. (OTC) ("Comet"), announced today the completion of the merger of Comet and Texoil. Texoil Co. is an independent oil and gas exploration and production company with operations primarily in Louisiana.
 In connection with the merger, Comet effected a 28-for-1 reverse stock split for shareholders of record March 16, 1993. The completion of the merger has resulted in the shareholders of Texoil (and two unaffiliated groups) owning approximately 94 percent of the total number of shares outstanding for the combined company, or 6,659,442 shares, and the shareholders of Comet owning approximately 6 percent of the shares outstanding, or 432,994 shares. In conjunction with the merger, the company also changed its name from Comet Entertainment Inc. to Texoil Inc.
 The following individuals were appointed to serve as members of the board of directors:
 T.W. Hoehn Jr. Wm. F. Seagle
 T.W. Hoehn III Joe C. Richardson Jr.
 Walter L. Williams Wm. F. Coffin
 John L. Graves
 Baumgardner commented on the transaction, saying, "We believe that this merger will allow the Comet shareholders to participate in the exciting future of Texoil." In addition to the company's operations in Louisiana, Texoil is actively pursuing a variety of oil and gas exploration and production projects in Argentina. It is anticipated that upon the completion of the merger, the company may seek additional equity financing to facilitate further development of its domestic and international operations.
 Texoil, in business for 29 years, has an excellent background in domestic exploration and production. At Dec. 31, 1992, the company had proved oil and gas reserves with an SEC value of $3.5 million and only $375,000 of bank debt.
 Comet Entertainment Inc. was previously in the business of owning and operating home video stores. The company entered into Chapter 11 proceedings on Dec. 20, 1990, and was discharged from Chapter 11 on March 14, 1991. The company has approximately 1,250 shareholders.
 -0- 3/19/93
 /CONTACT: Bill Coffin of Coffin Communications Group, 818-789-0300, for Comet Entertainment; or Walter Williams of Texoil, 713-652-5741/


CO: Comet Entertainment Inc.; Texoil Co. ST: Texas IN: ENT OIL SU: TNM

BP-LS -- LA004 -- 7774 03/19/93 09:02 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:Mar 19, 1993
Words:386
Previous Article:THE WET SEAL ANNOUNCES EARNINGS AND SALES FOR YEAR END AND FOURTH QUARTER
Next Article:WINTHROP RESOURCES FILES REGISTRATION STATEMENT FOR SECONDARY OFFERING OF 1,500,000 SHARES
Topics:


Related Articles
COMET ENTERTAINMENT INC. AGREES TO MERGE WITH TEXOIL CO.
COMET ENTERTAINMENT INC. COMPLETES MERGER WITH TEXOIL CO.; CHANGES NAME TO TEXOIL INC. COMPLETES REVERSE STOCK SPLIT
TEXOIL ANNOUNCES STRATEGIC ALLIANCE
TEXOIL, INC. ANNOUNCES INTENT TO MERGE WITH FORTUNE PETROLEUM CORPORATION
Texoil, Inc. Announces Business Combination With Cliffwood Oil & Gas Corp.
Texoil Drills and Abandons an Initial Prospect and Commences Operations on a Second Prospect on its Raceland Project in South Louisiana
Texoil, Inc. Announces Business Combination with Cliffwood Oil & Gas Corp.
Corporate Update - Merger and Recapitalization
Texoil Announces 1-For-6 Reverse Stock Split.
Ocean Energy Completes Tender Offer for Texoil.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters