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WOLVERINE EXPLORATION HAS BEEN INFORMED THAT UNION PACIFIC WILL NOT APPROVE AGREEMENT IN PRINCIPLE

WOLVERINE EXPLORATION HAS BEEN INFORMED THAT UNION PACIFIC WILL NOT
 APPROVE AGREEMENT IN PRINCIPLE
 FORT WORTH, Texas, June 1 /PRNewswire/ -- Wolverine Exploration Company (NASDAQ: WEXC) has been informed that Union Pacific Corp. (NYSE: UNP) ("UP"), will not approve the agreement in principle between the company and Union Pacific Resources Company ("UPRC"), a wholly owned subsidiary of UP, regarding the exchange of property for a release of the company's offshore financing obligation. This agreement in principle, which was subject to final approval of definitive agreements and the management of UP, provided for an exchange with UPRC of the company's interest in the High Island 178 and High Island A-71/72 offshore properties, including its interest in High Island Texas Equipment Company, Ltd. ("HITECO"), for the lease financing obligation and the settlement of any other matters relating to these leases, HITECO, the equipment and the lease financing obligation.
 The agreement with UPRC was a key factor in the agreement between the company and its bank group and may jeopardize that agreement which, among other things, would have (i) waived the company's current defaults under its credit agreement and (ii) restructured its amortization schedule. As a result of UP not approving the agreement in principle, the company, if it cannot structure a new agreement with its bank group and reach a new agreement with UPRC, will be unable to proceed forward with its plans to restructure its equity in such a manner as to allow it to attempt to access new capital and pursue new opportunities.
 Additionally, the company may be forced to seek protection under the federal bankruptcy laws.
 -0- 6/1/92
 /CONTACT: Jeffrey L. Stevens, Wolverine Exploration Company, 817-335-4701/
 (WEXC UNP) CO: Wolverine Exploration Company; Union Pacific Corp. ST: Texas, New York IN: OIL SU:


TQ -- NY056 -- 5744 06/01/92 13:30 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 1, 1992
Words:304
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