Look at MVPH @.50 When they sold the oil and the pipeline they valued the shares at3.50. What happened seems the value just dropped, don't the value of prti go down also
+Joe Cervini (104 )
From: +Joe Cervini
Mar 14 1997 2:32PM EST
Reply #105 of 158
LA JOLLA, Calif.--(BUSINESS WIRE)--March 14, 1997--MVP Holdings Inc. (OTC/BB:MVPH) Friday
announced
that it has completed an agreement accepting its unsolicited offer to acquire the oil and gas operations and
certain
miscellaneous assets of Phoenix Resources Technologies Inc. (OTC/BB:PRTI) for 4 million shares of MVP
Holdings.
The shares contain a restricted transfer legend under Rule 144 and certain registration rights after a holding
period of one
year. MVP shares are currently trading at $3.50 a share. Phoenix reported that the historical cost for the oil
and gas
operations is $12.7 million.
The operations purchased consist principally of 125 miles of pipelines and oil and gas properties with 65
wells, and the
operating rights to an additional 12 wells in West Virginia. In addition, there are six gas wells in Louisiana.
Pursuant to the purchase agreement, MVP and Phoenix have certain normal post-closing events and matters to
wind up
prior to full closure of this transaction. For further information, call 800/844-5549.
CONTACT: MVP Holdings Inc., Fountain Hills, Ariz.
800/844-5549 or 602/816-6140 |
