Huge news just out on POW, PANA- ICAHN INCREASES STAKE
PRESS RELEASE
>
> High River Increases Position in PANACO
> HOUSTON, TX
>
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> PANACO, Inc. announced that effective Monday, August 21, 2000, High
> River Limited Partnership, a company owned by Carl Icahn, purchased the
> 1,960,479 PANACO shares previously owned by New Valley Corporation (New
> Valley). This purchase increased High River Limited Partnership and Icahn
> affiliates ownership of PANACO to 6,545,400 shares or 26.91%.
>
> In conjunction with this purchase, Richard Lampen resigned from
> PANACO's Board of Directors. George Hebard, an executive of Icahn
> Associates Corp., was elected by the PANACO Board of Directors to replace
> Mr. Lampen.
>
> Larry M. Wright, President and CEO of PANACO, Inc., stated, "I am
> pleased that Mr. Icahn has demonstrated his confidence in PANACO's
> management and increased his ownership in the Company".
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> PANACO, Inc. is an independent oil and gas exploration and production
> Company focused primarily on the Gulf of Mexico and the Gulf Coast Region.
> The Company acquires producing properties with a view toward further
> exploitation and development, capitalizing on state-of-the-art 3-D seismic
> and horizontal drilling technology to recover reserves that were bypassed
> or previously overlooked. Emphasis is also placed on pipeline and other
> infrastructure to provide transportation, processing and tieback services
> to neighboring operators.
>
> Forward-looking statements in this press release are intended to be
> subject to the safe harbor provisions of the Private Securities Litigation
> Reform Act of 1995. Investors are cautioned that all forward-looking
> statements involve risks and uncertainties, including drilling risks,
> uncertainties in estimating reserves, risks inherent in oil and gas
> operations and others set forth in greater detail in the PANACO Form 10-K.
> No assurances can be given that actual results will not differ materially
> from those contained in such forward-looking statements.
>
> Michele Hines
> Investor Relations
> PANACO, Inc.
> (713) 970-3101
> |
