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PATRICK PETROLEUM ANNOUNCES MERGER AGREEMENT WITH ANPC

 JACKSON, Mich., Jan. 26 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) and American National Petroleum Company (NASDAQ: ANPC) jointly announced today that they have signed a letter of intent providing for the merger of ANPC into Patrick, with Patrick being the surviving corporation. The aggregate consideration for the merger is $36.2 million.
 Under the terms of the letter of intent, each share of the common stock of ANPC will receive $4 in cash and $2.20 of Patrick common stock. The exact number of shares of Patrick common stock issuable to ANPC's shareholders will be determined based upon the average closing price of Patrick's common stock on the New York Stock Exchange for a period of 10 trading days prior to three trading days prior to closing of the merger. However, in no event will the exchange price of Patrick stock be less than $2 or more than $3.50 a share. ANPC has outstanding 5,840,281 shares of common stock.
 "We are very excited about the merger of our two companies which will more than double our current revenues and reserves," said U.E. Patrick, president of Patrick Petroleum Company. "ANPC is an exceptionally strong company financially and will integrate well with our existing areas of exploration and production," Mr. Patrick said.
 The consummation of the merger is subject to the execution of a mutually acceptable definitive merger agreement and the fulfillment of other conditions customary in transactions of this nature. The merger is also subject to the approval of the shareholders of both companies and the receipt of appropriate fairness opinions. It is expected that the merger will close by the end of June 1993.
 "The previously announced sale of our Penske investment is proceeding as planned. We are encouraged with the level of interest and pleased with the progress to date," Mr. Patrick stated.
 American National Petroleum Company, a Houston-based company, is engaged in oil and natural gas exploration and production and energy- related businesses.
 Patrick Petroleum Company is an independent exploration and production company listed on the New York Stock Exchange since 1976. The company has interests in producing properties and undeveloped acreage in 13 states, including various interests in approximately 528 oil and gas wells located primarily in Michigan, North Dakota, Texas, Oklahoma and Louisiana.
 -0- 1/26/93
 /CONTACT: Phillip J. McAndrews of Patrick Petroleum Company, 517-787-6633; or Woody Wallace of The Investor Relations Company, 708-564-5610, for Patrick Petroleum Company/
 (PPC ANPC)


CO: Patrick Petroleum Company; American National Petroleum Company ST: Michigan, Texas IN: OIL SU: TNM

DH -- DE008 -- 8927 01/26/93 09:02 EST
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Publication:PR Newswire
Date:Jan 26, 1993
Words:433
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