EFFORTS TERMINATED TO SELL APCO ARGENTINA INC.
EFFORTS TERMINATED TO SELL APCO ARGENTINA INC. TULSA, Okla., April 13 /PRNewswire/ -- The board of directors of
Apco Argentina Inc. today instructed management to terminate previously announced efforts to explore the possible sale of the company.
The sale effort was impacted by a general downturn in the world- wide oil and gas industry and the sale of producing oil and gas properties in Argentina by Yacimientos Petroliferos Fiscales (YPF), the national oil company of Argentina. "The board has determined that in light of these developments that it cannot at this time obtain for its shareholders a price which it believes to be reflective of the company's long-term value," said Vernon T. Jones, chairman of Apco Argentina. Apco Argentina holds a 47.6 percent interest in a joint venture to explore, develop and produce oil and gas reserves in the Entre Lomas concession in southwest Argentina. -0- 4/13/92 /CONTACT: Tom Bueno of Apco Argentina, 918-588-2164/ CO: Apco Argentina Inc. ST: Oklahoma IN: OIL SU:
DG -- SF017 -- 8001 04/13/92 18:27 EDT
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|Date:||Apr 13, 1992|
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