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PATRICK PETROLEUM SIGNS MERGER AGREEMENT WITH ANPC

 JACKSON, Mich., March 29 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) announced today that it has executed a Merger Agreement with American National Petroleum Company (NASDAQ: ANPC) providing for the merger of ANPC with a subsidiary of Patrick. Patrick will be the surviving corporation. The aggregate consideration for the merger is $35 million.
 Under the Merger Agreement, each share of the common stock of ANPC will be converted into the right to receive $3.40 in cash and $2.60 of Patrick common stock, for an aggregate $6 purchase price. ANPC has outstanding 5,840,281 shares of 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 time, 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.
 "Our focus for 1993 is on energy," President U.E. Patrick said. "One of our primary goals this year is to double the company's revenues and reserves through a combination of acquisitions and exploration. We have been searching for a quality acquisition such as ANPC for quite some time. If approved by shareholders, it will position Patrick as a much larger and stronger competitor in the domestic energy industry."
 The company entered into a letter of intent with ANPC on Jan. 25, 1993, that provided for an aggregate purchase price of $6.20 composed of $4 in cash and $2.20 of Patrick common stock. The purchase price was revised downward to account for certain adjustments that occurred after the letter of intent was negotiated.
 The consummation of the merger is subject to the fulfillment of normal and customary conditions including the approval of the shareholders of both companies. It is expected that the merger will close by the end of June 1993.
 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- 3/29/93
 /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

JG -- DE008 -- 0405 03/29/93 10:14 EST
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Date:Mar 29, 1993
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