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HADSON ENERGY RESOURCES CORPORATION ANNOUNCES TERMINATION OF MERGER TALKS WITH WISER OIL

 HADSON ENERGY RESOURCES CORPORATION ANNOUNCES TERMINATION OF
 MERGER TALKS WITH WISER OIL
 OKLAHOMA CITY, Aug. 24 /PRNewswire/ -- Hadson Energy Resources Corporation (NASDAQ: HERC) announced today that it has received notification from The Wiser Oil Company (NASDAQ: WISE) that Wiser is terminating all discussions with Hadson Energy to merge the two companies. Wiser had made a proposal in July 1992 to merge Hadson Energy into a subsidiary of Wiser, at a merger consideration of, alternatively, $14 cash or $14 worth of Wiser common stock for each share of Hadson Energy common stock. In response to the proposal, Hadson Energy's board of directors had formed an evaluation committee to determine whether Wiser's proposal, as well as other possible business transactions, would be in the best interests of Hadson Energy's stockholders. According to William C. Rankin, senior vice president of Hadson Energy, "The evaluation committee and Wiser were unable to reach a definitive agreement on mutually satisfactory terms. The evaluation committee will continue to explore other possible business opportunities and transactions that could maximize value for our stockholders."
 Hadson Energy is an independent energy company engaged internationally in crude oil and natural gas exploration, development and production.
 -0- 8/24/92
 /CONTACT: William C. Rankin, senior vice president and chief financial officer of Hadson Energy Resources Corporation, 405-235-9531, or Warren M. Shimmerlik of Shimmerlik Corporate Communications, Inc. 212-247-5200/
 (HERC WISE) CO: Hadson Energy Resources Corporation; The Wiser Oil Company ST: Oklahoma, West Virginia IN: OIL SU:


LD -- NY092 -- 2780 08/24/92 18:09 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
Words:252
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