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THE PHOENIX RESOURCE COMPANIES, INC. ANNOUNCES JOINT VENTURE WILL BE AWARDED RIGHT TO CONDUCT PETROLEUM EXPLORATION ACTIVITIES IN EGYPT

THE PHOENIX RESOURCE COMPANIES, INC. ANNOUNCES JOINT VENTURE WILL BE
 AWARDED RIGHT TO CONDUCT PETROLEUM EXPLORATION ACTIVITIES IN EGYPT
 OKLAHOMA CITY, Oct. 14 /PRNewswire/ -- The Phoenix Resource Companies, Inc. (NASDAQ: PHNI, Pacific Stock Exchange: PHN) announced that it has been notified by EGPC, the Egyptian national oil company, that a joint venture led by Phoenix will be awarde the right to conduct petroleum exploration activities in a portion of Egypt called the Qarun Concession area. The Qarun area, which contains almost two million acres, is located in the Western Desert of Egypt along the western bank of the Nile River southwest of Cairo. A wholly owned subsidiary of Phoenix, as operator, will hold 50 percent of the contractor interest in the concession and a wholly owned subsidiary of Apache Corporation will hold the remaining 50 percent interest. Under the terms of the proposed concession agreement, which is subject to approval of the Egyptian Parliament, Phoenix and Apache will drill at least one exploratory well and spend a minimum of $2 million in the initial three year exploration phase.
 The Phoenix Resource Companies, Inc. is an oil and gas exploration and production company headquartered in Oklahoma City, with its principal assets located in the Arab Republic of Egypt. The company noted that recent earthquake activity in Egypt did not affect its operations.
 -0- 10/14/92
 /CONTACT: Cherie Rich of The Phoenix Resource Companies, Inc., 405-728-5100/
 (PHNI) CO: Phoenix Resource Companies, Inc. ST: Oklahoma IN: OIL SU: JVN


SH -- NY030 -- 9784 10/14/92 10:55 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
Words:256
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