PATRICK PETROLEUM COMPANY INCREASES OWNERSHIP IN MARCUM NATURAL GAS SERVICES, INC.
PATRICK PETROLEUM COMPANY INCREASES OWNERSHIP IN MARCUM NATURAL GAS SERVICES, INC. JACKSON, Mich., May 22 /PRNewswire/ - Patrick Petroleum Company (NYSE: PPC) today announced it has increased its ownership in Marcum Natural Gas Services, Inc. (NASDAQ: MGAS) to 35.4 percent from 27.3 percent of Marcum's 3,686,381 common equivalent shares outstanding. In a private transaction, Patrick acquired 300,000 shares of Marcum common stock and warrants to purchase an additional 300,000 shares of Marcum common from Engineering Measurements Company and General Metrology Corporation in exchange for 300,000 shares of newly issued Patrick common stock. The transaction increases Patrick's stock issued and outstanding to 12,501,187 shares. Patrick stock closed at $2.75 per share on May 21, 1992. "We expect Marcum to profit from the emerging market utilizing compressed natural gas (CNG) as transportation fuel," President U.E. (Pat) Patrick stated. "As the U.S. looks for ways to reduce its dependence upon imported oil, an immediate and significant reduction is provided by the development of a practical and economic alternative to gasoline. We believe CNG will become the alternative transportation fuel of choice," Patrick said. Marcum, headquartered in Denver, is a diversified provider of products and services in the natural gas industry. Through two subsidiaries, Marcum manufactures and markets a CNG dispenser and provides natural gas measurement services to natural gas producing, pipeline and petro-chemical companies. In addition, a wholly owned subsidiary of Patrick Petroleum Company has entered into a joint venture with another Marcum subsidiary to acquire small networks of natural gas gathering systems, pipelines and processing facilities. The joint venture will target the assets of natural gas producers as well as pipeline companies. 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 444 oil and gas wells located primarily in Michigan, North Dakota, Texas, Oklahoma and Louisiana. -0- 5/22/92 /CONTACT: Phillip J. McAndrews of Patrick Petroleum, 517-787-6633; or Woody Wallace of The Investor Relations Company, 708-564-5610, for Patrick Petroleum/ (PPC MGAS) CO: Patrick Petroleum Company; Marcum Natural Gas Services, Inc. ST: Michigan, Colorado IN: OIL SU:
SB -- DE014 -- 3244 05/22/92 11:01 EDT
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|Date:||May 22, 1992|
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