Company Press Release Wednesday October 15 1:12 PM EDT
Coconino S.M.A. Sells Uinta Oil & Gas Subsidiary
SALT LAKE CITY, Oct. 15 /PRNewswire/ -- Coconino S.M.A. Inc. (OTC Bulletin Board: CSMA) has sold its Uinta Oil & Gas subsidiary to Environmental Remediation Holding Company (OTC Bulletin Board: ERHC) of Brussard, LA.
Coconino will receive an undisclosed amount of ERHC common stock over an eight month period, restricted under Rule 144, at a guaranteed minimum value of $2.00 per share. The sale will also retire approximately $677,000 in debt. Coconino purchased Uinta in September 1996 for 185,000 shares of restricted common stock, which were returned to the company.
Coconino recently founded a separate oil & gas subsidiary, Coconino Oil & Gas (CO&G) in Roswell, New Mexico to engage in the acquisition, rework and operation of oil and gas properties with proven produceable reserves and immediate revenue potential. Two weeks ago, CO&G announced the acquisition of a 60% interest in a producing well located near Coconino's Enviro-Tec disposal well.
Environmental Remediation Holding Corp. is engaged in oil and gas production activities and environmental remediation, both domestically and internationally. Through a series of acquisitions, the company has formed a unique, full service organization dedicated to providing oil and gas related services to major oil companies and governmental institutions. This includes the development and rework of oil and gas properties, plug and abandonment services (P&A), environmental engineering and consultation, hazardous waste management (including NORM waste), non-hazardous waste clean-up, transportation and disposal, and the manufacture and distribution of waste clean-up materials.
Coconino S.M.A. is a diversified company involved in consumer product and services, and natural resource industries. Coconino's subsidiary, Ad-HaTTeRs, Inc., manufactures and markets unique air fresheners in the form of western- style ''cowboy hats,'' boots, ski caps, baseball caps and angels. Coconino's Enviro-Tec subsidiary owns and operates a class D Type II disposal well located in northeastern Utah. Its LPS Ltd. subsidiary is a financial marketing organization involved in
personal financial education and the refinancing of mortgages.
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