Printer Friendly

GERRITY OIL & GAS IN DISCUSSIONS CONCERNING SALE OF COMPANY

 DENVER, Oct. 20 /PRNewswire/ -- Gerrity Oil & Gas Corp. (NYSE: GOG) announced today that it is pursuing discussions with several interested parties in connection with a sale of the company. The board of directors announced that the consideration of other forms of maximizing shareholder value, including a royalty trust and master limited partnership, will be suspended while discussions are pursued with potential acquirers. There can be no assurances made by the company that a transaction will be consummated.
 The board also announced it has developed a severance plan for employees which would provide compensation in the event of a change of control.
 The company announced that its oil and gas reserves have increased substantially since year-end 1992. The increase in reserves is a result of the company's aggressive 1993 drilling program. To date, capital expenditures for that program are in excess of $70 million. The 1993 drilling program includes the conversion of probable reserves to proved reserves and producing wells; the acquisition of proved developed, undeveloped and probable reserves; and the extension of fields through uphole recompletions in existing wells.
 Denver-based Gerrity Oil and Gas drills low-risk oil and gas development wells in the Denver-Julesburg Basin of Colorado and Wyoming.
 -0- 10/20/93
 /CONTACT: Robert W. Gerrity, chairman, or Gregory B. Barnett, manager-investor relations, of Gerrity Oil & Gas, 303-757-1110/
 (GOG)


CO: Gerrity Oil & Gas Corp. ST: Colorado IN: OIL SU:

LS-JL -- DV009 -- 4875 10/20/93 21:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:239
Previous Article:FILENET REPORTS INCREASED REVENUE AND NET INCOME FOR THE THIRD QUARTER AND NINE MONTHS ENDED OCTOBER 3, 1993
Next Article:TEXOIL INC. ANNOUNCES SEISMIC SURVEY
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters