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RED EAGLE RESOURCES CORPORATION ANNOUNCES DWIGHT E. GADDIS AS MANAGER OF CORPORATE DEVELOPMENT

 OKLAHOMA CITY, March 22 /PRNewswire/ -- Red Eagle Resources Corporation (NASDAQ: REDX) announced today that Dwight E. Gaddis has joined the company as manager of corporate development. For the past two years, Gaddis has been director, Institute of Petroleum Accounting at the University of North Texas where he has been a consultant to the Financial Accounting Standards Board, the Securities and Exchange Commission, and the Department of Energy on oil and gas financing issues. He has also assisted foreign governments in setting up oil and gas accounting systems for state owned oil companies. From 1982 until 1991, Gaddis was manager of accounting, tax and cash management for Pacific Enterprises Oil Company of Los Angeles, Calif. Following graduation in 1970 from the University of Wisconsin with an MBA in Finance, he spent six years with Columbia Gas, Inc. and six years with American Natural Resources. During his career as a professional financial manager, he has been associated with major oil and gas reserve acquisitions and financing in the $250 million to $500 million range.
 According to Red Eagle president, Harry C. Johnson, Gaddis will identify and arrange financing for corporate acquisitions of domestic oil and gas reserves. Although Red Eagle has made acquisitions in the past, including French Petroleum in 1990, the company has tended to drill for reserves in conjunction with its contract drilling operations. With the decision to liquidate its contract drilling subsidiary last fall, the company began to reorient toward the acquisition of oil and gas producing properties. "With the addition of Mr. Gaddis, the company expects to become very active in the reserve acquisition arena," Johnson said.
 -0- 3/22/93
 /CONTACT: Harry C. Johnson of Red Eagle Resources Corporation, 405-843-8066/
 (REDX)


CO: Red Eagle Resources Corporation ST: Oklahoma IN: OIL SU: PER

LD -- NY095 -- 8397 03/22/93 17:20 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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