GLOBAL NATURAL RESOURCES ANNOUNCES POSTPONEMENT OF SALE
GLOBAL NATURAL RESOURCES ANNOUNCES POSTPONEMENT OF SALE HOUSTON, July 6 /PRNewswire/ -- Global Natural Resources Inc.
(NYSE: GNR) said today that the previously announced sale of up to 4.5 million of its common shares by the Prudential Insurance Company of America would occur later in 1992, subject to market conditions and the company's business outlook. Prudential acquired its shares through the conversion of notes held by it into convertible preferred shares. These non-voting, non-redeemable preferred shares are, in turn, convertible into approximately 6.3 million common shares. Global intends to make a public announcement at such time as Prudential elects to go forward with this public offering.
Global Natural Resources Inc. is a Houston-based energy company engaged in the exploration, development and production of oil and gas in North America. The company also owns an interest in long-term oil and gas production sharing contracts in Indonesia and has joint venture projects in Tatarstan-Russia and Argentina. -0- 7/6/92 /CONTACT: Robert F. Vagt or Eric Lynn Hill of Global Natural Resources, 713-880-5464/ (GNR) CO: Global Natural Resources Inc. ST: Texas IN: OIL SU:
SM -- NY071 -- 6787 07/06/92 17:38 EDT
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|Date:||Jul 6, 1992|
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