ARXA news out:
(COMTEX) ARXA INTERNATIONAL ENERGY, INC. ANNOUNCES ACQUISITION AND DE
ARXA INTERNATIONAL ENERGY, INC. ANNOUNCES ACQUISITION AND DEVELOPMENT LOI
HOUSTON, June 5 /PRNewswire/ -- ARXA International Energy, Inc. (OTC
Bulletin Board: ARXA) announced today that it has entered into a
binding letter of intent to acquire certain producing assets of Omega
Fuels Distributors, Inc., Humble, TX., as well as provide project
funding for specific reduced risk exploitation projects on an ongoing
basis. All of the assets being acquired are on-shore in Harris and
Chambers Counties, Texas.
Craig Ford, President and CEO of ARXA commented that "just like the
OPMI and Harwell deals, the assets to be purchased are very favorably
priced and consideration is also in the form of cash and stock." Mr.
Ford went on to explain that "we are particularly pleased with the
Omega deal because of the potential for high margins, low risk and
reduced capital commitment due to the operational characteristic of the
projects. We are looking to these projects to provide substantial cash
flow to ARXA in the near future".
Mr. Ford also announced that ARXA has entered into discussions with
R.L. Graham Oil Company of Salem, Illinois, to acquire their producing
assets on terms and conditions similar to OPMI and Omega.
ARXA International Energy, Inc. is a fully reporting public company
engaged in oil and gas reserve acquisition and development in the U.S.
The private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward looking statements. Certain information included
in this press release (as well as information included in oral
statements or other written statements made or to be made by ARXA)
contains statements that are forward-looking, such as statements
relating to the future anticipated direction of the energy industry,
plans for future expansion, various business development activities,
planned capital expenditures, future funding sources, anticipated sales
growth and potential contracts. Such forward-looking information
involves important risks and uncertainties that could significantly
affect anticipated results in the future, and, accordingly, such result
may differ from those expressed in any forward-looking statements made
by or on behalf of ARXA. These risks and uncertainties include, but
are not limited to, those relating to development and expansion
activities, dependence on existing management, financing activities,
domestic and global economic conditions, changes in federal or state
tax laws, and market competition factors.
SOURCE ARXA International Energy, Inc.
-0- 06/05/98 /CONTACT: Bruce Pollock,
Investor Relations of ARXA International Energy, Inc., 281-216-8726/
(ARXA)
CO: ARXA International Energy, Inc.; Omega Fuels Distributors, Inc.
ST: Texas IN: OIL SU: TNM
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