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SPHINX FINALIZES SERVICE AGREEMENT

 SPHINX FINALIZES SERVICE AGREEMENT
 FORT SMITH, Ark., April 7 /PRNewswire/ -- Sphinx Natural


Resources, Inc. (NASDAQ: SPNX) Executive Vice President Tony Viele announced the finalization of a service agreement with MegaOil U.S.A./Vista Joint Venture, Inc., a private company (MegaOil).
 The master service agreement provides Sphinx to designate a wholly owned subsidiary, Natural Resources Operating, Inc. (NRO), to coordinate and supervise the overseas production operation for a consortium of 10 different service companies being contracted by MegaOil.
 The operation will be in the Commonwealth of Independent States (CIS) for oil and gas production in existing fields. Scheduling procedures are being prepared for shipping the necessary equipment and technical personnel for the project later in April. Sphinx will then announce the CIS locations at such time as MegaOil and the CIS government sources clear the information for release. NRO will marshall the first team of experts to gather additional information to identify the wells with rework potential on these existing fields.
 NRO will receive invoices in international-service prices to be paid in hard currency as oil sales provide. In addition to the coordinating and supervision of revenues, NRO will participate in a net revenue interest sharing of oil and gas production with MegaOil. The net revenue interest sharing is optional and requires an investment of $300,000 per service agreement paid mostly by issuing a Promissory Note to be paid from future oil revenues.
 The negotiations with MegaOil were arranged by Gordon Allison, an independent financial consultant in Oklahoma City, Okla.
 -0- 4/7/92
 /CONTACT: Gordon Allison for Sphinx Natural Resources, 405-843-0666, or Tony Viele of Sphinx Natural Resources, 405-848-1212/
 (SPNX) CO: Sphinx Natural Resources, Inc.; MegaOil U.S.A./Vista Joint
 Venture, Inc.; Natural Resources Operating, Inc. ST: Arkansas IN: OIL SU:


BN-EA -- AT006 -- 5903 04/07/92 15:00 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 7, 1992
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