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EASTEX ANNOUNCES TERMINATION OF AGREEMENT IN PRINCIPLE TO ACQUIRE SERVCO

EASTEX ANNOUNCES TERMINATION OF AGREEMENT IN PRINCIPLE TO ACQUIRE SERVCO
 HOUSTON, Feb. 18 /PRNewswire/ -- Eastex Energy Inc. (NASDAQ-NMS: ETEX) announced today the termination of its agreement in principle to acquire Service Pipeline Company, Houston, and its subsidiaries (Servco), as previously reported on Nov. 26, 1991. After further due diligence and analysis Eastex has determined that the proposed transaction is not in its best interests at this time. In connection with the termination of the agreement in principle, Eastex and Servco have further agreed to terminate, effective on or before March 2, 1991, an interim agreement providing for the management and operations of Servco by Eastex. After that date Eastex will not have any further material relations with Servco.
 As previously reported, Eastex continues to evaluate acquisitions of gathering, processing and production assets as part of a planned asset acquisition strategy to expand the size and scope of the company's existing businesses. Eastex Energy Inc., through its various subsidiaries, is involved in the marketing, storage, gathering and transportation of natural gas.
 -0- 2/18/92
 /CONTACT: Robert G. Phillips, president and CEO of Eastex Energy, 713-650-6255/
 (ETEX) CO: Eastex Energy Inc.; Service Pipeline Company ST: Texas IN: OIL SU: TNM SM -- NY073 -- 9960 02/18/92 12:54 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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