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MAGIC CIRCLE ENERGY ACQUIRES 39 PERCENT OF PARTNERS COMMON STOCK

 MAGIC CIRCLE ENERGY ACQUIRES 39 PERCENT OF PARTNERS COMMON STOCK
 HOUSTON, May 4 /PRNewswire/ -- Partners Oil Company (NASDAQ: PAROA) announced today that Magic Circle Energy Corporation of Oklahoma City has acquired approximately 39 percent of Partners' outstanding common stock from Realty Alliance of Texas Ltd.
 In recognition of the new, significant ownership by Magic Circle, L. Ray Dunwoody, Benjamin Hinds, Walter C. Sullivan and Paul E. Cameron Jr. have resigned as directors of the company and Gregory W. Olson, Michael J. McGrath, and Wm. Joseph O'Connor II have been appointed to serve on the board of directors until the next annual meeting of shareholders.
 Partners Oil Company is a publicly owned Houston based exploration and production company with primary operations offshore Texas. Magic Circle Energy Corporation is a privately owned Oklahoma based exploration and production company with operations primarily in Oklahoma and Texas.
 -0- 5/4/92
 /CONTACT: David W. Martin, senior vice president of Partners Oil, 713-658-8374/
 (PAROA) CO: Partners Oil Company; Magic Circle Energy Corporation ST: Texas, Oklahoma IN: OIL SU: TNM


GK -- NY093 -- 6178 05/04/92 15:58 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:183
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