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SPINDLE OIL AND GAS ENTERS EXCLUSIVE NEGOTIATIONS WITH HABERSHAM ENERGY

SPINDLE OIL AND GAS ENTERS EXCLUSIVE NEGOTIATIONS WITH HABERSHAM ENERGY
 LONGMONT, Colo., Nov. 4 /PRNewswire/ -- Spindle Oil and Gas Inc. has entered into exclusive negotiations with Habersham Energy Co., as general partner of approximately 23 limited partnerships, for the purchase of certain producing oil and gas properties in Weld County, Colo. R A Resources Inc. is a wholly-owned subsidiary of Spindle Oil and Gas, and as part of the same proposed transaction, Habersham is also negotiating for the purchase of Spindle stock from five shareholders who collectively own approximately 61 percent of Spindle's outstanding shares. Control of Spindle would also give Habersham control of additional acreage owned by R A Resources located near or adjacent to the partnership properties.
 Habersham, with offices in Atlanta and Englewood, Colo., is an independent oil and gas producer with operations primarily in Colorado and Louisiana. Spindle Oil and Gas is based in Longmont with its primary operations in the DJ Basin.
 -0- 11/4/92
 /CONTACT: John Lefebvre of Shareholder Relations, 303-457-2852, for Spindle Oil and Gas/ CO: Spindle Oil and Gas Inc.; Habersham Energy Co.; R A Resources Inc. ST: Colorado IN: OIL SU:


BB -- DV002 -- 2343 11/04/92 09:30 EST
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Publication:PR Newswire
Date:Nov 4, 1992
Words:200
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