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GOLDEN TRIANGLE ROYALTY & OIL SETS MEETING FOR JULY 10

 GOLDEN TRIANGLE ROYALTY & OIL SETS MEETING FOR JULY 10
 CISCO, Texas, July 9 /PRNewswire/ -- The annual meeting of Golden


Triangle Royalty & Oil, Inc. (NASDAQ: GRTO) is set for 10:30 a.m. on the 10th of July, 1992 in Cisco, Texas, for the stockholders to vote on acquiring all the assets and all the shares of Houston Oil & Energy, Inc. for stock. Proxies representing 2/3rds of the outstanding shares voting in favor of the acquisition have been received.
 The annual meeting of Houston Oil & Energy, Inc. (HOE) is set for 3:00 p.m. on the 9th of July in Cisco, Texas, and proxies received indicate a majority vote for being acquired by GTRO on the basis of 3.125 shares of HOE for one share of GTRO stock.
 NASDAQ has placed GTRO on a conditional status which is denoted by the symbol "C" after GTRO until the acquisition is approved by the GTRO stockholders at the meeting and the necessary form 8-K filed with the SEC and NASD. It is expected that the acquisition of Houston Oil & Energy, Inc. will enable Golden Triangle to maintain it's NASDAQ listing.
 Robert Kamon, president of GTRO, returned from Australia yesterday and reports drilling in progress on the Gimboola No. 1 between the Cranston Oil Field and the Talgeberry Oil Field on ATP 299P in Australia. GTRO presently holds 180,940 net royalty acres of overriding royalty under the 1,803,200 acre ATP 299P. The Talgeberry No. 1 came in with an initial potential of 3,904 bbls of oil per day in 1985.
 The acquisition of HOE will include a 7-1/2 percent working interest in ATP 460P in Australia, which includes a structure with 2,400 feet of seismic closure on seismic mapping just completed, and a 15 percent working interest in a structure with 3,000 feet of closure in the overthrust belt in the United States -- both major structures. Royalty interests under more than 50 producing leases in the United States are also included in the acquisition. Plans are to sell HOE's stock holdings in Hailey Energy Corporation for $275,000,000 cash.
 Four planned wells have been announced in "Who's Drilling" from Australia on the 26,146,400 surface acres under which GTRO has overriding royalty holdings in addition to the Gimboola No. 1 currently drilling.
 -0- 7/9/92
 /CONTACT: Lloyd L. London of Golden Triangle, 817-442-2665/
 (GTRO) CO: Golden Triangle Royalty & Oil, Inc. ST: Texas IN: OIL SU:


LD-LR -- NY005 -- 7746 07/09/92 09:30 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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