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Gold/Mining/Energy : Freeport-McMoran Oil Trust (FMOLS, formerly FMR)
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To: Paul Lee who wrote ()8/24/1999 6:37:00 PM
From: Paul Lee  Read Replies (1) of 69
 
Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement

HOUSTON--(BUSINESS WIRE)--Aug. 24, 1999--Freeport-McMoRan Oil and Gas Royalty Trust (NYSE:FMR) received notification from the New York Stock Exchange (the "NYSE") that trading in units of beneficial interest in the Trust (the "Units") will be suspended prior to the opening of the NYSE on Thursday, Sept. 23, 1999, or on such earlier date as (i) the Trust commences trading in another securities marketplace; (ii) the NYSE receives information that the Trust does not meet the listing requirements of the other securities marketplace; or (iii) the Trust makes a material adverse news announcement. The suspension results from the fact that the Trust no longer meets the NYSE's continued listing criteria.

The Trust sent an inquiry letter to the NYSE to request, in light of the unique circumstances surrounding the Trust, an extension with respect to the continued listing criteria, but such request was denied. Following suspension of trading in the Units, the NYSE intends to file an application with the Securities Exchange Commission to delist the Units.

The Trustee believes that it has taken all reasonable actions to maintain the registration of the Units on the NYSE, but because the Trust has fallen below the NYSE continued listing criteria, the Trustee is unable to maintain such registration.

CONTACT:

Freeport-McMoRan Oil and Gas Royalty Trust, Houston

Chase Bank of Texas, National Association, Trustee

Debbie Miller, 713/216-5712
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