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VANTAGE POINT ENERGY SIGNS LETTER OF INTENT WITH CONVEST ENERGY

    VANTAGE POINT ENERGY SIGNS LETTER OF INTENT WITH CONVEST ENERGY
    TULSA, Okla., Nov. 5 /PRNewswire/ -- Vantage Point Energy, Inc. of Tulsa announced that it has signed a letter of intent with Convest Energy Corporation of Houston providing for the merger of Vantage Point with a subsidiary of Convest.  As a result of the transaction, Sceptre Resources Limited of Calgary, Alberta, Canada, the owner of approximately 80 percent of the outstanding common stock of Vantage Point and also a party to the letter of intent, will receive cash of $5.7 MM and undeveloped Niobrara leasehold acreage for a total consideration of $6.48 MM, or $4.93 per share, and the other holders of Vantage Point common stock will receive cash of $8.00 per share.
    As a result of the merger, Convest will become the owner of 100 percent of the outstanding shares of Vantage Point common stock. The Vantage Point series A preferred stock will remain outstanding.
    Consummation of the merger is subject to a number of conditions including the execution of a definitive agreement, approval of the agreement by the respective boards of directors of Convest and Vantage Point, the results of an engineering evaluation of the oil and gas reserves to be performed by Netherland, Sewell & Associates, Inc. of Dallas, and approval by the share-holders of Vantage Point.  It is anticipated that the transaction will be closed in late 1991 or early 1992.
    Vantage Point Energy, Inc. (NASDAQ: VPEI), is a financially oriented, independent oil and gas company headquartered in Tulsa, Okla. It acquires, manages and develops oil and gas assets using financial, engineering and operations expertise to produce efficiencies and effectiveness to increase its shareholders' value.
    Convest Energy Corporation (AMEX: COV) is a publicly traded Texas corporation whose principal business activities include the development and operations of oil and gas properties and the acquisition and exploration for additional oil and gas reserves.
    -0-          11/5/91
    /CONTACT:  S. Lee Crawley, president of Vantage Point Energy, 918-664-2100/
    (VPEI COV) CO:  Vantage Point Energy, Inc.; Convest Energy Corporation ST:  Oklahoma, Texas IN:  OIL SU:  TNM JT -- NY072 -- 1392 11/05/91 16:19 EST
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Publication:PR Newswire
Date:Nov 5, 1991
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