SPINDLE OIL & GAS SIGNS LETTER OF INTENT
SPINDLE OIL & GAS SIGNS LETTER OF INTENT LONGMONT, Colo., March 5 /PRNewswire/ -- Spindle Oil and Gas Inc.
announced today, March 5, 1992, that it signed a letter of intent with a newly formed company, Trident Oil Co. Inc. of Beverly Hills, Calif. Under the proposal, Trident may acquire a controlling interest in Spindle from the major shareholder. Duane Bacon, president of Spindle, will sell 617,694 shares to Trident and other shares may be purchased by Trident from another shareholder. Trident plans to raise $2,500,000 in a private placement for the acquisition of oil and gas properties and Spindle will participate in the selection and perhaps operation of these properties. Bacon, who will remain president of Spindle, said, "We hope we can reach an agreement that will allow us to regain our NASDAQ listing and allow us to take advantage of current market opportunities."
Spindle Oil and Gas is a publicly held company engaged in the business of oil and gas exploration, production and development. -0- 3/5/92 /CONTACT: John R. Lefebvre of Shareholder Relations, 303-457-2852, for Spindle Oil and Gas/ CO: Spindle Oil and Gas Inc.; Trident Oil Co. Inc. ST: Colorado, California IN: OIL SU:
MC -- DV006 -- 5508 03/05/92 13:59 EST
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|Date:||Mar 5, 1992|
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