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TIDE WEST OIL COMPANY AUTHORIZES SHARES FOR ACQUISITION

 TIDE WEST OIL COMPANY AUTHORIZES SHARES FOR ACQUISITION
 TULSA, Okla., Nov. 13 /PRNewswire/ -- Shareholders of Tide West Oil Company (TIDE) in a special meeting today voted to increase the number of the company's authorized shares to accommodate the acquisition by Tide West of Tulsa-based Draco Gas Partners, L.P. through the issuance of approximately 51.9 million new shares. Shareholders also voted to authorize reincorporation of the company in Delaware. The transactions are expected to be consummated before month-end. Approximately 87 percent of Tide West's 12.9 million shares outstanding were represented at the meeting and 95.5 percent of those shares were voted in favor of increasing the number of authorized shares to 12 million, enabling Tide West to effect the Draco acquisition.
 The combined companies will have a total of 64,524,355 shares outstanding, with owners of the partnership interests in Draco owning 80 percent of the outstanding stock. In turn, the equity of Draco has 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 been designated to become directors of Tide West upon closing of the transactions. They are: 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, present President of Tide West, also is a designated director of the new company.
 Following consummation of the transactions, it is anticipated that Smith will become president of Tide West, Mase will become vice president; Flint will become vice president and secretary; and Peggy E. Gwartney will become treasurer. Tide West's corporate headquarters also will be moved from Holdenville, Okla. to Tulsa.
 -0- 11/13/92
 /CONTACT: Douglas J. Flint, president of Tide West Oil Company, 918-488-8962; Philip B. Smith of Draco Gas Partners, L.P., 918-488-8962; or Larry Howell of Howell Communications, Inc., 214-340-9994, for Tide West Oil Company/
 (TIDE) CO: Tide West Oil Company ST: Oklahoma IN: OIL SU:


SH -- NY046 -- 0731 11/13/92 13:27 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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