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CONSOLIDATED HOLDINGS CORP. ACQUIRES ST. LOUIS COMPANY WITH A 9,000,000 GALLON DISTRIBUTION TERMINAL ON THE MISSISSIPPI RIVER

 NEW YORK, Nov. 4 /PRNewswire/ -- Consolidated Holdings Corp. (CONH) announced today that it has acquired Midcontinent Petroleum Corporation (Midcon), a St. Louis, Missouri-based holding company which owns Midco Oil Company, Inc. (Midco) and Missouri Terminal Oil Company. Shareholders of CONH approved the acquisition of Midcon at a special meeting held on Oct. 11, 1993.
 Midcon, through Midco Oil Company, Inc., is engaged in the wholesale marketing of refined petroleum products, including gasoline, diesel fuel, and kerosene. Midco also operates a 9,000,000 gallon refined petroleum products terminal located on the Mississippi River in the Port of St. Louis. The terminal facility, which was acquired in 1974 from Gulf Oil Corporation, is connected to the Explorer Pipeline which originates in Lake Charles, Louisiana and terminates in Chicago, Illinois. The terminal also serves as the staging area for Midco's mid- stream fueling operations in the Port of St. Louis. These operations involve refueling towboats in transit through the Port of St. Louis headed to and from New Orleans.
 Midco has also entered into an agreement to acquire Marmann Oil Company. Warmann Oil is a fifty year old enterprise engaged in the retail sale and distribution of gasoline, diesel fuel and kerosene to residential, commercial and industrial accounts. A loss of working capital credit lines by Warmann Oil resulted in Warmann having to seek protection of the Bankruptcy Court in May 1992, and it is expected to emerge from bankruptcy in November of this year.
 "The acquisition of Midcon by CONH should enhance the ability for the new enterprise to raise capital and rejuvenate the existing oil operations," said Timothy N. Vujnich, the newly elected president of CONH. "We believe the financial strength provided by this acquisition coupled with the larger shareholder base of CONH will position Consolidated Holdings for significant growth into the future," added Mr. Vujnich.
 -0- 11/4/93
 /CONTACT: Kevin H. Kading, 212-493-6738 (New York), or Timothy N. Vujnich, 314-961-3667 (St. Louis), both of Consolidated Holdings Corp./


CO: Consolidated Holdings Corp.; Midcontinent Petroleum Corp. ST: New York IN: OIL SU: TNM

TM -- NY007 -- 0592 11/04/93 10:01 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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