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ENEX RESOURCES REPURCHASES 16 PERCENT OF ITS OUTSTANDING COMMON STOCK

ENEX RESOURCES REPURCHASES 16 PERCENT OF ITS OUTSTANDING COMMON STOCK
 KINGWOOD, Texas, June 8 /PRNewswire/ -- Enex Resources Corporation (NASDAQ: ENEX) announced that is has today entered into an agreement with Hammer Investments, Limited and a director of Hammer for the repurchase of 233,428 shares of the corporation's outstanding common stock for $4.25 per share.
 The shares to be repurchased represent 16.2 percent of the 1,443,280 shares currently outstanding. Payment of 80 percent of the repurchase price will be financed by the sellers over a two-year period. The repurchase which is subject to customary conditions to closing is expected to be completed by the middle of June.
 Gerald B. Eckley, president of Enex stated, "The company's book value per share is $8.78 and its net asset value is in excess of $10.33 per share. As Enex stock is trading at only seven times earnings, we feel the stock is significantly undervalued. This transaction continues our strategy of maximizing Enex's value for our shareholders and our limited partners."
 -0- 6/8/92
 /CONTACT: Robert E. Densford, vice president, secretary and treasurer of Enex Resources, 713-358-8401/
 (ENEX) CO: Enex Resources Corporation ST: Texas IN: OIL SU:


CK -- NY037 -- 7843 06/08/92 10:59 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
Words:209
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