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DUMAC CORP. ANNOUNCES JOINT VENTURE AND STOCK DIVIDEND

 CLEVELAND, Oct. 19 /PRNewswire/ -- Dumac Corp. Inc. (OTC Bulletin Board: DMUC) today announced the finalization of a joint venture with Oil-X Corp. of Ft. Stockton, Texas. Dumac purchased a 40 percent working interest in 9 producing oil and gas wells in Pecos County, Texas. Dumac will participate with Oil-X Corp., in the recompletion of an additional 22 wells on the Beverly Field lease, with a 40 percent working interest. Total expenditure on this project is estimated at $550,000 to $750,000. The reserve base for Dumac will rise geometrically. Dumac recently completed with BTI Energy of Cortland, Ohio, three gas wells in Trumbull County, Ohio, with three more to be drilled. Working interest in these wells is 8 percent.
 Donald Serwatka, president, commented that the opportunities in western Texas and southeastern New Mexico are such that Dumac's focus will be in an area that holds 25 percent of continental United States reserves. Serwatka states that after an intensive two-year study, Dumac is now prepared to accomplish the mission for which it first tasked itself. Dumac Corp. is an energy company which joint ventures with select operating companies. "Operating wells or fields is not in our strategic plan. It's all about people. Good people exist out there. If they know what they're doing we'll try to supply the capital," said Serwatka.
 On July 1, 1993, three new board members were elected. They are S.P. Nizen, chairman of the Nizen Companies, Jefferson, Ohio; Marshall Piper, president of Ashco Transportation, Inc., Jefferson, Ohio; and Charles M. Driggs, attorney, Concord, Ohio, recently retired partner with Squire, Sanders and Dempsey, Cleveland. Headquartered in Jefferson, Ohio, Dumac plans to open an office in Midland, Texas, in conjunction with Richard P. Reeve and Associates, petroleum engineers.
 The board at its October meeting approved a 10 percent stock dividend, record dates Jan. 15, 1994, payable Jan. 30, 1994. As of this date, there are 2,141,791 shares issued and outstanding, out of 15,000,000 authorized.
 -0- 10/19/93
 /CONTACT: Donald W. Serwatka, president, of Dumac, 216-576-0159/
 (DMUC)


CO: Dumac Corp.; Oil-X Corp. ST: Ohio, Texas IN: OIL SU: JVN

BM-DA -- CL005 -- 3737 10/19/93 08:16 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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