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HAMPTON RESOURCES CORPORATION ANNOUNCES ACQUISITION OF OIL AND GAS WELLS

HAMPTON RESOURCES CORPORATION ANNOUNCES ACQUISITION OF OIL AND GAS WELLS
 HOUSTON, Sept. 22 /PRNewswire/ -- Frank A. Lodzinski, president and chief operating officer of Hampton Resources Corporation (NASDAQ: HPTR) today announced the acquisition of 63 oil and gas wells, related equipment and acreage in the Giddings Field of Burleson, Fayette and Lee Counties, Texas. The properties were acquired from Total Minatome, Inc. for approximately $2,300,000 on Aug. 11, 1992. The effective date of the acquisition was April 1, 1992. The company will operate 41 of the wells.
 Lodzinski said, "The acquisition is a strategic success because it complements the company's existing mineral interests in the Giddings Field which are being developed using horizontal drilling technology."
 Lodzinski also announced that financing for the acquisition was provided by a recently completed credit facility ("Facility") with Resource Investors Management Company ("RIMCO") which provides acquisition funding of up to $21.6 million over the next 12 months. The Facility is structured to provide up to $20.0 million of senior secured notes ("Senior Notes") and $1.6 million of convertible subordinated notes ("Sub-Notes"). Under certain conditions, RIMCO may convert the Sub-Notes into either a 20 percent common equity interest in the company or a 25 percent net profits interest in oil and gas properties acquired by the company. The company is currently evaluating and negotiating several additional acquisition opportunities.
 Hampton Resources Corporation is a recently organized (effective Dec. 31, 1991) independent oil and gas company primarily engaged in the acquisition and development of oil and gas properties. Through wholly- owned subsidiaries, the company also conducts an active exploration program and is engaged in the management of producing oil and gas limited partnerships.
 The company's stock has recently commenced trading and is currently listed on the "NASD Electronic Bulletin Board."
 -0- 9/22/92
 /CONTACT: Jeffrey S. Rawson, chairman, or Frank A. Lodzinski, president and chief operating officer, both of Hampton Resources Corporation, 713-752-2950.
 (HPTR) CO: Hampton Resources Corporation ST: Texas IN: OIL SU: TNM


LR -- NY083 -- 2304 09/22/92 15:21 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
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