Printer Friendly

PHOENIX RESOURCES ANNOUNCES AGREEMENT WITH SAMSUNG COMPANY LIMITED

PHOENIX RESOURCES ANNOUNCES AGREEMENT WITH SAMSUNG COMPANY LIMITED
 OKLAHOMA CITY, June 25 /PRNewswire/ -- The Phoenix Resource Companies, Inc. announced today that it has reached an agreement with Samsung Company Limited whereby Samsung has agreed to pay Phoenix $4,000,000 as a supplemental purchase price payment in respect of a 1989 property sales contract. Under the 1989 sales contract, Phoenix sold a portion of its interest in the Khalda Concession in Egypt for an initial purchase price of $12 million, plus certain potential supplemental payments contingent upon five annual, independent year-end reserve evaluations. This agreement with Samsung resolves the year-end 1991 evaluation process, which is the third of such evaluations and the first to ultimately require a supplemental payment.
 The company stated that receipt of the payment is scheduled for mid-August and that the company plans to use the cash to retire indebtedness.
 The Phoenix Resource Companies, Inc. is an independent oil and gas company headquartered in Oklahoma City whose principal assets are located in the Western Desert of Egypt.
 -0- 6/26/92
 /CONTACT: Debora Bingham of Phoenix Resource Companies, 405-728-5100/ CO: Phoenix Resource Companies, Inc.; Samsung Company Limited ST: Oklahoma IN: OIL SU:


SM -- NY081 -- 4003 06/25/92 17:51 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 25, 1992
Words:204
Previous Article:NEW AGRICULTURAL USES COULD BENEFIT U.S. ECONOMY
Next Article:LABOR LEADERS CONVERGE ON PORTLAND AS ATU HOSTS WESTERN CONFERENCE
Topics:


Related Articles
THE PHOENIX RESOURCE COMPANIES MAKES ANNOUNCEMENT
THE PHOENIX RESOURCE COMPANIES, INC. ANNOUNCES DRILLING RESULTS
PHOENIX RESOURCE TO BE AWARDED NEW EGYPTIAN ACREAGE
Samsung Extends Agreement With Phoenix to Incorporate Core System Software in Its Desktops and Notebooks; Phoenix cME FirstBIOS Will Ship in 100...
Phoenix Technologies Signs Top Notebook Manufacturer for Mobile & Desktop Solutions.
SAMSUNG LICENSES PHOENIX SECURECORE.
Phoenix Technologies Announces Agreements With Both Lenovo and Samsung to Provide Advanced Phoenix FailSafe(TM) Theft Deterrence and Data Loss...
Phoenix Technologies Partners With Samsung Offering Instant-On Notebooks and Netbooks.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters