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PRIMEENERGY MANAGEMENT EXTENDS OFFER TO GALVEST

 PRIMEENERGY MANAGEMENT EXTENDS OFFER TO GALVEST
 STAMFORD, Conn., Feb. 12 /PRNewswire/ -- PrimeEnergy Management


Corporation, its subsidiaries and affiliates, announced today that on Feb. 7, 1992, it made an offer to purchase all the outstanding stock of GalVest, Inc. (NASDAQ: GALV) for $0.50 per share, subject to further due diligence and acquiring at least 60 percent of the outstanding shares. This offer expired on Feb. 11, 1992, but has been extended until Feb. 13, 1992, at 6 p.m., EST. GalVest, Inc. has approximately 6,840,000 shares outstanding.
 GalVest, Inc. is a Nevada corporation whose principal asset is a 30 percent limited partnership interest in Global Nevada Galaxy I, Ltd., a Texas limited partnership, which holds interests in certain producing oil and gas properties located in Texas, New Mexico and Oklahoma.
 Shareholders of GalVest, holding more than 40 percent of the shares, have separately indicated their interest to sell their stock to PrimeEnergy for $0.50 per share.
 PrimeEnergy Management Corporation is the managing general partner in 57 public and privately held drilling and exploration and income fund limited partnerships, with over 8,600 limited partners. Its parent company, PrimeEnergy Corporation, owns interests in over 3,000 producing oil and gas wells, located primarily in Oklahoma, Texas, West Virginia, New Mexico, Montana and Wyoming and acts as the operator of over 1,200 of these wells.
 PrimeEnergy Corporation is publicly traded under the symbol PNRG.
 -0- 2/12/92
 /CONTACT: Yvonne Hayford of PrimeEnergy Management, 203-358-5700/
 (GALV) (PNRG) CO: PrimeEnergy Management Corporation; GalVest, Inc. ST: Connecticut, Nevada IN: OIL SU:


PS -- NY100 -- 9501 02/12/92 19:31 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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