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NAHAMA & WEAGANT AND ALEXANDER ENERGY ENTER LETTER OF INTENT

 BAKERSFIELD, Calif., Dec. 10 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ-NMS: NAWE) and Alexander Energy Corporation (NASDAQ-NMS: AEOK) jointly announced they have entered into an agreement in principle for Nahama and Alexander to become wholly owned subsidiaries of a newly formed holding company. Based on the reserve studies of Nahama and Alexander at Dec. 31, 1992, the resulting holding company will have proved reserves of approximately 107 billion cubic feet of natural gas equivalents, which consist of 74% natural gas and 26% oil at a conversion ration of 6:1.
 Bob G. Alexander, president of Alexander, will serve as chairman of the board and CEO and Rodney Nahama, president of Nahama, will be president of the holding company. The operations of the two companies will continue substantially unchanged with existing personnel.
 The stockholders of both firms will receive one share of holding company common stock for each one share of Alexander and Nahama common stock. Alexander, based in Oklahoma City, and Nahama, based in Bakersfield, are independent oil and gas companies. Alexander and Nahama have approximately 6.6 million and 5.6 million shares, respectively, of fully diluted outstanding common shares.
 The transaction is subject to the negotiation and execution of a mutually satisfactory definitive agreement and approvals by the boards of directors and stockholders of each company.
 -0- 12/10/93
 /CONTACT: Rodney Nahama, president and CEO of Nahama & Weagant Energy Company, 805-323-9075, or Bob G. Alexander, president and CEO of Alexander Energy Corporation, 405-478-8686/
 (NAWE AEOK)


CO: Nahama & Weagant Energy Company; Alexander Energy Corporation ST: California IN: OIL SU:

PS-MP -- NY082 -- 2799 12/10/93 17:11 EST
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Publication:PR Newswire
Date:Dec 10, 1993
Words:269
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