TIDE WEST OIL COMPANY ANNOUNCES CONSUMMATION OF ACQUISITION OF DRACO GAS PARTNERS, L.P.
TULSA, Okla., Nov. 23 ~PRNewswire~ -- Tide West Oil Company (NASDAQ: TIDE) today announced it has consummated the previously announced acquisition of Tulsa-based Draco Gas Partners, L.P., through the issuance of approximately 51.9 million new shares. Tide West also has reincorporated in Delaware. Tide West now has a total of 64,524,355 shares outstanding, with former owners of the partnership interests in Draco now owning 80 percent of Tide West's outstanding stock. The equity of Draco had been owned approximately 12 percent by management and 88 percent by Natural Gas Partners, L.P. (NGP), a $200 million partnership organized by financier Richard Rainwater of Texas and managed by R. Gamble Baldwin. Six representatives of Draco and NGP have become directors of Tide West: Philip B. Smith, former president and director of Draco Petroleum and Draco Production; Robert H. Mase, former vice president and a director of Draco Petroleum and Draco Production; R. Gamble Baldwin, general partner of G.F.W. Energy, L.P., the general partner of NGP; David R. Albin and Kenneth A. Hersh, employees of NGP; and Robert A. Curry, a shareholder and director of the Tulsa law firm of Conner & Winters. Douglas J. Flint, former president of Tide West, also is a director. Smith has been elected president of Tide West; Mase, vice president; Flint, vice president and secretary; and Peggy E. Gwartney, treasurer. Tide West's corporate headquarters have been relocated from Holdenville, Okla., to Tulsa. -0- 11~23~92 ~CONTACT: Douglas J. Flint of Tide West, or Philip B. Smith of Draco Gas Partners, L.P., 918-488-8962; or Larry Howell of Howell Communications, 214-340-9994, for Tide West~ (TIDE)
CO: Tide West Oil Company ST: Oklahoma IN: OIL SU: TNM
GK -- NY025 -- 0359 11~23~92 10:03 EST
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|Date:||Nov 23, 1992|
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