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PARTNERS OIL ANNOUNCES TERMINATION OF AGREEMENT WITH PROBE RESOURCES

    PARTNERS OIL ANNOUNCES TERMINATION OF AGREEMENT WITH PROBE RESOURCES
    HOUSTON, Nov. 13 /PRNewswire/ -- Partners Oil Company (NASDAQ: PAROA) announced today that Probe Resources, Inc. and Dr. B.R. Eubanks, sole stockholder of Probe, have terminated the agreement entered into on Sept. 23, 1991, between Partners and Probe pursuant to which Partners had agreed to acquire all of Probe's producing oil and gas properties in exchange for the issuance of additional common stock which would have resulted in Probe and its sole stockholder collectively owning approximately 51 percent of the company's outstanding common stock on a fully diluted basis. Probe and Eubanks canceled the agreement pursuant to a provision that allowed Probe to terminate its obligations under the agreement at its sole discretion within 45 days of the execution of the agreement. As previously announced, the company executed the agreement on Sept. 23, 1991.
    At the request of a group of dissident stockholders of the company, the company was ordered by the U.S. District Court in Houston to call a shareholders' meeting for Dec. 16, 1991, to consider the Probe agreement and to elect directors.  It is anticipated that the shareholders' meeting will be held as scheduled in order to consider the appointment of new directors of the company.  In light of Probe's decision to terminate the agreement, however, that item will not be considered at the meeting.
    Partners Oil Company is a Houston, Texas based exploration and production company.
    -0-         11/13/91
    /CONTACT:  E. Ralph Daniel of Partners Oil Company, 713-658-8374/
    (PAROA) CO:  Partners Oil Company; Probe Resources, Inc. ST:  Texas IN:  OIL SU:  TNM JT -- NY027 -- 3843 11/13/91 10:21 EST
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Publication:PR Newswire
Date:Nov 13, 1991
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