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SANTA FE ENERGY AND ADOBE RESOURCES SHAREHOLDERS OVERWHELMINGLY APPROVE MERGER

 SANTA FE ENERGY AND ADOBE RESOURCES SHAREHOLDERS
 OVERWHELMINGLY APPROVE MERGER
 NEW YORK, March 31 /PRNewswire/ -- At a special meeting today in Houston, shareholders of Santa Fe Energy Resources (NYSE: SFR) and Adobe Resources Corporation (NYSE: ADB) overwhelmingly voted to approve the proposed merger of the two companies. With quorum present in all classes, 96 percent of the Santa Fe vote supported the merger, while 96 percent of the vote from Adobe preferred shareholders and 98 percent of the vote from Adobe common shareholders were in favor of the merger. The companies have previously announced that consummation of the merger would be delayed to no later than Monday, April 6, 1992, pending a decision from Delaware Chancery Court in a lawsuit relating to the merger.
 James L. Payne, chairman and CEO of Santa Fe Energy Resources said, "We are extremely pleased with the show of support we received from shareholders of both Santa Fe Energy and Adobe. Shareholders were advised all along that we strongly believed the merger was in the best interests of all concerned and the vast majority have obviously agreed."
 Santa Fe, headquartered in Houston, is an independent (non- integrated) oil and gas exploration and production company, and Adobe, headquartered in New York City, is primarily engaged in domestic and international oil and gas exploration and production as well as the gathering, processing, and transmission and marketing of natural gas.
 -0- 3/31/92
 /CONTACT: C. Ed. Hall of Santa Fe Energy Resources, 713-783-2401, or Robert F. Vagt of Adobe Resources Corporation, 212-758-8110/
 (SFR ADB) CO: Santa Fe Energy Resources; Adobe Resources Corp. ST: Texas IN: OIL SU:


TQ -- NY083 -- 3531 03/31/92 15:37 EST
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Publication:PR Newswire
Date:Mar 31, 1992
Words:279
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