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COMPUTALOG LTD. -- PRIVATE PLACEMENT AND RIGHTS ISSUE

 COMPUTALOG LTD. -- PRIVATE PLACEMENT AND RIGHTS ISSUE
 CALGARY, Sept. 22 /PRNewswire/ -- Computalog Ltd. announces that it


has been advised by SCF Partners L.P. (SCF) that SCF does not intend to proceed with the previously announced private placement of 16,363,636 common shares and 16,363,636 warrants to a partnership of investor clients of SCF. As a result, the special meeting of shareholders scheduled for Oct. 14, 1992 to consider such private placement has been canceled and Computalog does not currently intend to proceed with its previously announced offering to shareholders of rights to purchase up to 5,454,545 common shares.
 SCF and a Canadian company have presented an alternate financing proposal to Computalog whereby each of SCF and such Canadian company would subscribe for convertible debentures of Computalog. Computalog is currently considering this proposal and other alternatives, however no decision has been made in this regard.
 Computalog provides wireline logging services and designs and manufactures wireline products for the North American and International oil and gas markets.
 -0- 9/22/92
 /CONTACT: Glynn G. Davies, chief operating officer of Computalog Ltd., 403-265-6060/
 (CGH.) CO: Computalog Ltd. ST: Alberta IN: OIL SU: FNC


SM -- NY025 -- 2048 09/22/92 09:47 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
Words:205
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