CONVEST ENERGY CORPORATION ANNOUNCES THE ACQUISITION OF VANTAGE POINT ENERGY, INC.
CONVEST ENERGY CORPORATION ANNOUNCES THE ACQUISITION OF VANTAGE POINT ENERGY, INC. HOUSTON, Aug. 19 /PRNewswire/ -- Convest (AMEX: COV) announced today the closing of the merger with Vantage Point Energy, Inc., (NASDAQ: VPEI) a Tulsa, Okla.-based independent oil and gas company, whereby Convest has acquired all of Vantage Point's outstanding common stock and preferred stock approximately $9.7 million in cash. The transaction is structured as a merger of a Convest wholly-owned subsidiary into Vantage Point with Vantage Point Energy Inc. being the surviving entity. Vantage Point's estimated proved reserves as of Dec. 31, 1991 of approximately 3.0 million barrels of oil and 14,100 million cubic feet of gas increased Convest's proved oil and gas reserves as of the same date by approximately 59 percent and 65 percent, respectively. In conjunction with the merger, $7.25 million of Vantage Point's existing $7.35 million bank indebtedness is being refinanced by Convest's lending banks with the balance being provided by Convest corporate funds. Convest modified its credit facility in connection with this transaction by adding Bank One Texas, NA who will serve as the agent and lead bank for its $17.6 million facility. Convest Energy Corporation is a publicly traded Texas corporation whose principal business activities include the development and operation of oil and gas properties and the acquisition and exploration for additional oil and gas reserves. -0- 8/19/92 /CONTACT: Deborah W. Eakin of Convest Energy, 713-780-1952/ (COV) CO: Convest Energy Corp.; Vantage Point Energy, Inc. ST: Texas, Oklahoma IN: OIL SU: TNM
AH-LR -- NY038 -- 1326 08/19/92 12:04 EDT
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|Date:||Aug 19, 1992|
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