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TGX CORPORATION ENTERS INTO LETTER OF INTENT

 HOUSTON, Oct. 27 /PRNewswire/ -- TGX Corporation announced today that it has entered into a Letter of Intent for the sale, effective as of Dec. 1, of all of TGX's New York and Ohio assets for the price of $15.5 million.
 Pursuant to the Letter of Intent, the sale would include all of TGX's producing gas and oil wells and undeveloped acreage located in New York and Ohio. TGX would retain all of its other assets for its ongoing business and also may elect to sell or retain an interest any further development of the New York and Ohio properties.
 The sale is subject to a number of conditions including negotiation and execution of a definitive agreement, approval by the company's board of directors of the terms of the transaction, and the extinguishment of TGX's currently outstanding indebtedness to the Bank of Montreal on terms satisfactory to TGX.
 The Letter of Intent contemplates that the transaction will close on or before Dec. 31.
 -0- 10/27/93
 /CONTACT: Joe W. Cluck, vice president, TGX Corporation, 713-872-0500/


CO: TGX Corporation ST: Texas IN: OIL SU:

BR-BN -- AT019 -- 7541 10/27/93 17:13 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
Words:193
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