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HADSON ENERGY RESOURCES ANNOUNCES BOARD RESTRUCTURING AND INDONESIAN ACTIVITY

 OKLAHOMA CITY, March 23 /PRNewswire/ -- Hadson Energy Resources Corporation (AMEX: HDX) today announced the restructuring of its board of directors. T.K. Hendrick, Donald T. Duke, and David N. Hayes have resigned from the company's board as part of a plan to increase the representation of independent directors. Hendrick had previously retired in September 1992 as the company's chairman, president and chief executive officer. Duke and Hayes will continue in their management capacities as the company's senior vice president, domestic division and senior vice president, international division, respectively.
 In connection with the restructuring, J.L. Jackson was elected to the board as an independent director. Jackson was formerly president of Diamond Shamrock Corporation. The restructured board is composed of three independent directors, two members of management and three representatives of Hadson Corporation, which owns 49 percent of the company's outstanding common stock.
 The company also released information regarding its ongoing operations in Indonesia.
 As a result of exercising a seismic option late in 1992, the company has entered into a farmin agreement whereby it will earn a 35 percent interest and operate the Bentu Production Sharing Contract, onshore central Sumatra. The farmin program includes a commitment to drill three exploration wells, commencing in July 1993. A branch office has been opened in Jakarta to coordinate future activity.
 The other participants in the Bentu Production Sharing Contract are MIM Bentu, Pty. Ltd., 30 percent; Bridge Oil Indonesia Bentu, Inc., 25 percent; and Sceptre Resources Bentu, 10 percent.
 In further developments, the company has assumed a 100 percent working interest and operatorship of the Bunyu Production Sharing Contract, offshore northeast Kalimantan. The company has been a participant in the Bunyu Production Sharing Contract since 1985 and has recently concluded discussions with Pertamina, the Indonesian state oil company, regarding a revised work program for the remaining contract term. The company will seek joint venture partners prior to committing to future drilling.
 Hadson Energy Resources Corporation is an energy company engaged in domestic and international crude oil and natural gas acquisition, exploration, development and production.
 -0- 3/23/93
 /CONTACT: William C. Rankin, senior vice president and chief financial officer of Hadson Energy Resources Corporation, 405-235-9531; or Warren C. Shimmerlik of Shimmerlik Corporate Communications, Inc., 212-247-5200, for Hadson Energy Resources/
 (HDX)


CO: Hadson Energy Resources Corporation ST: Oklahoma IN: OIL SU: RCN

SH -- NY018 -- 9250 03/23/93 09:21 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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