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GOLD KING CONSOLIDATED COMPLETES ACQUISITION OF SABA MINING

      GOLD KING CONSOLIDATED COMPLETES ACQUISITION OF SABA MINING
    DENVER, Nov. 6 /PRNewswire/ -- Gold King Consolidated Inc. (GKCI) (NASDAQ: GKCI) has completed the acquisition of Saba Mining Inc., a company incorporated under the laws of Alberta Canada, in exchange for 27,000,000 shares of GKCI common stock.  The principal assets of Saba Mining are four Canadian oil and gas properties.
    Gold King has also signed a management contract with Saba Energy Inc. to provide management services to Saba and its affiliate for their oil, gas and other properties.
    Saba Energy Inc. was also granted an option for three years to exchange its Columbian oil and gas properties for GKCI Preferred Shares.  The Preferred Shares are to be authorized at a Special Shareholders' Meeting to be held in the near future.
    As a result of these transactions, four new directors have been nominated to the Gold King Consolidated Board of Directors.  They are Ilyas Chaudhary, Waseem Sayed, David Taylor and Akram Chaudhary.  Upon their acceptance, they become members of the Board of Directors.
    Gold King will relocate its offices to the Dallas area in November.  The new president of the company is Dr. Waseem Sayed.
    GKCI also announced that its wholly owned subsidiary, Gold King Nevada Inc. had filed for protection under Chapter 11 of the Bankruptcy Code.  This filing does not effect Gold King Consolidated Inc. or any of its other subsidiaries.
    -0-                         11/6/91
    /CONTACT:  Dr. Waseem Sayed of Gold King Consolidated, 214-550-9000/
    (GKCI) CO:  Gold King Consolidated Inc.; Saba Mining Inc.; Saba Energy Inc. ST:  Colorado, Texas IN:  MNG OIL SU:  TNM SG -- DV006 -- 1684 11/06/91 12:04 EST
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Publication:PR Newswire
Date:Nov 6, 1991
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