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PAN AMERICAN ENERGY CORP. ACQUIRES BURGE INSTRUMENT CO., AN ENVIRONMENTAL INSTRUMENT MANUFACTURING COMPANY

 BAKERSFIELD, Calif., Nov. 17 /PRNewswire/ -- Pan American Energy Corp. (OTC: PAEC), a 28-year-old oil and gas production company, headquartered in Bakersfield, today announced that it has entered into a letter of intent with Burge Instrument Co., a closely held corporation, headquartered in Tempe, Ariz., to purchase all of the outstanding shares of Burge Instrument Co. and its two wholly owned subsidiaries, Lee Burge & Associates Inc. and Advanced Analytical Laboratory Inc. The total purchase price is $5,750,000. Pan American Energy Corp. will pay in cash, a promissory note, and 3,000,000 shares of restricted common stock in Pan American Energy Corp. Additionally, Pan American Energy Corp. will advance product development capital to the company. The present management will continue, and the Burge Instrument Co. and subsidiaries will be operated as a wholly owned subsidiary of Pan American Energy Corp.
 Burge Instrument Co. is an environmental technology company engaged in providing the researching, licensing, product development, manufacturing, and marketing of patented equipment for use in the monitoring and analysis of volatile organic compounds in the environment. The company also is completing a licensing agreement with Lawrence Livermore National Laboratory to manufacture and use the sensor technology developed by Lawrence Livermore National Laboratory. The sensor technology will allow the analysis of volatile organic compounds in the field and laboratory. The sensors are compound specific at low parts per billion concentrations. The company's patented technology tests air, water, and soils. The company has also patented and developed a ground water monitoring system which is capable of remotely monitoring volatile organic compounds in various types of wells. The company's technologies will be shown as part of the Lawrence Livermore National Laboratory exhibit at the NASA 2003 Tech Trade show in Anaheim Coliseum, Anaheim, CA on Dec. 7-9, 1993.
 Lee Burge & Associates Inc. is an environmental consulting firm in Arizona which performs underground storage tank investigations and soil remediations. Advanced Analytical Laboratory Inc. operates laboratory testing facilities also in Arizona. These companies have served over 300 clients in the Arizona market.
 Burge Instrument Co. and its subsidiaries had consolidated revenues in excess of $500,000 and a pretax profit of over $50,000 for the four months ended Oct. 31, 1993.
 Pan American Energy Corp. owns and operates several oil and gas properties in Kern County, Calif., and its assets include a diverse equity securities portfolio and various real estate properties. Wayne E. Crumpley, Pan American Energy Corp.'s president and chief executive officer, stated, "This acquisition of Burge Instrument Co. is a major step in enhancing shareholder value through the acquisition of a major growth-oriented environmental business. The management team in place consists of highly educated scientists and business people who are outstanding leaders in their industry. We are looking forward in assisting in the development of this business."
 -0- 11/17/93
 /CONTACT: Wayne E. Crumpley, president & CEO of Pan American Energy Corp., 800-827-2343, 805-872-2300, or (fax) 805-872-2389; or Paul E. Gesicki, executive vice president & CEO of Burge Instrument Co., 602-829-1141 or (fax) 602-894-1675/
 (PAEC)


CO: Pan American Energy Corp.; Burge Instrument Co. ST: California, Arizona IN: ENV OIL SU: TNM

JB-LS -- LA027 -- 5661 11/17/93 16:19 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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