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

 PASADENA, Calif., March 5 /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 5, 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.
 T.W. Hoehn III
 Walter L. Williams
 John L. Graves
 Wm. F. Seagle
 Joe C. Richardson Jr.
 Wm. F. Coffin
 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 Securities and Exhange Commission 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- 3/5/93
 /CONTACT: Bill Coffin, Comet Entertainment, 818-789-0300; or Walter Williams, Texoil Co., 713-652-5741/


CO: Comet Entertainment; Texoil Co.; Texoil Inc. ST: California IN: OIL REA SU: TNM

EH-MS -- LA012 -- 3507 03/05/93 14:20 EST
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Publication:PR Newswire
Date:Mar 5, 1993
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