PETROMINERALS CORP. SETTLES LITIGATION
PETROMINERALS CORP. SETTLES LITIGATION TUSTIN, Calif., April 10 /PRNewswire/ -- Petrominerals Corp.
(NASDAQ: PTRO) today announced that the litigation arising out of the termination of the 1987 merger agreement between Petrominerals Corp. and McFarland Energy Inc. (NASDAQ-NMS: MCFE) and its subsidiaries has been settled. Petrominerals filed suit against McFarland in 1989, alleging various causes of action arising out of the failed merger and seeking compensatory damages in excess of $8 million, as well as punitive damages. Subsequently, McFarland filed a cross-complaint against Petrominerals alleging misrepresentation and various other claims.
The parties have dismissed their respective lawsuits, and there is no admission of wrongdoing by either party. McFarland Energy agreed to pay the sum of $50,000, which constitutes partial reimbursement of Petrominerals' litigation costs, upon the execution of a settlement agreement by both parties. Petrominerals Corp. engages in the production and marketing of crude oil and natural gas in California and Louisiana. Lunn Production Service, a division of Petrominerals Corp., services and maintains oil and gas wells for a number of major oil companies. -0- 4/10/92 /CONTACT: Virginia M. Lazar of Petrominerals, 714-730-5400/ (PTRO MCFE) CO: Petrominerals Corp., McFarland Energy Inc. ST: California IN: OIL SU:
AL-CH -- LA020 -- 7370 04/10/92 16:30 EDT
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|Date:||Apr 10, 1992|
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