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THE PHOENIX RESOURCE COMPANIES MAKES ANNOUNCEMENT

 THE PHOENIX RESOURCE COMPANIES MAKES ANNOUNCEMENT
 OKLAHOMA CITY, Dec. 5 /PRNewswire/ -- The Phoenix Resource


Companies, Inc. (NASDAQ: PHNI) today announced that 5.7 million Series C warrants to purchase its common stock for $1.75 per share were exercised during the fourth quarter prior to their expiration on Dec. 3, 1991.
 The company received exercise price payments for such warrants of $9.9 million cash. The number of Phoenix common shares outstanding increased from 35.9 million as of Sept. 30, 1991, to 41.5 million shares as of Dec. 5, 1991. Approximately 0.1 million Series C warrants expired unexercised.
 The Phoenix Resource Companies, Inc. is an oil and gas exploration and production company headquartered in Oklahoma City with its primary producing properties in the Western Desert of the Arab Republic of Egypt.
 -0- 12/5/91
 /CONTACT: Debora Bingham of The Phoenix Resource Companies, 405-728-5100/
 (PHNI) CO: Phoenix Resource Companies Inc. ST: Oklahoma IN: OIL SU:


CK -- NY055 -- 9681 12/05/91 12:38 EST
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Publication:PR Newswire
Date:Dec 5, 1991
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