PRTI Message Board - Msg: 990396

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Gold/Mining/Energy : PRTI

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To: Joe Cervini who wrote (104)	3/14/1997 2:32:00 PM
From: Joe Cervini	of 424

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 REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or 800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com

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