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GALVEST ANNOUNCES STOCK ACQUISITION

 GALVEST ANNOUNCES STOCK ACQUISITION
 HOUSTON, March 25 /PRNewswire/ -- GalVest Inc. (NASDAQ: GALV)


announced today that the partnerships managed by PrimeEnergy Management Company have acquired approximately 55 percent of the outstanding shares of common stock of GalVest. The PrimeEnergy entities have filed a report on Schedule 13D with the Securities and Exchange Commission indicating that the shares were acquired in direct transactions with GalVest shareholders and through open market purchases.
 GalVest also announced that at a board of directors meeting held on March 19, 1992, the size of its board of directors was increased from three to five and Charles E. Drimal and Beverly A. Cummings were elected to fill the vacancies created by the expansion. Drimal is president of Prime and Cummings is vice president of Prime.
 Drimal was also elected to the newly created position of chairman of the board of directors and John Loring, continuing director, was elected to the newly created position of vice chairman of the board of directors.
 GalVest Inc. is a Houston-based energy company which was organized in March 1988 in connection with the Galaxy Oil Company bankruptcy proceeding.
 -0- 3/25/92
 /CONTACT: David L. Pratt of GalVest, 713-759-9052/
 (GALV) CO: GalVest Inc. ST: Texas IN: OIL SU: TNM


TS -- NY045 -- 1529 03/25/92 12:55 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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