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Microcap & Penny Stocks : Arcon Energy .... Another Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Due Diligence who wrote (105)	1/29/1998 7:21:00 PM
From: jeffrey rainey	Respond to of 626

Subj: Midland Inc. Makes Announcement Date: 98-01-29 17:48:32 EST From: AOL News BCC: Hebinc OT Midland Inc. Makes Announcement DALLAS--(BUSINESS WIRE)--Jan. 29, 1998--Daniel W. Fisher (Chairman/CEO) announced today that Midland's (Nasdaq/BB:MIDL) wholly owned subsidiary, Acronenergy, entered into an agreement to acquire 2290 acres of leasehold interest in the vicinity of the Bob West Field in South Texas. Midland's interest lies between the Coastal production to the North and Petroleus Mexicanos production to the South. The property contains three well bores which contain 38 production zones. Typical production in the area ranges from 15,000 mcf to 29,000 mcf per day and the company expects to bring all the wells currently on the property and any new wells drilled to this level of production. The Bob West Field has produced over 300 billion cubic feet of gas to date through 70 wells from five major oil and gas producers. The company estimates that the property has 36 to 50 billion cubic feet of reserves. With averages annual gas prices the acquisition will add an estimated 3.6 billion dollars in reserves to the company's balance sheet, based on $1.00 per mcf in the ground reserve valuation. Fisher also announced that the company would change its name to Arconenergy International Corporation, subject to shareholder approval, at the scheduled shareholder meeting. Midland is a fully reporting company trading on the OTC market. All reports for Midland have been filed in a timely manner and the company intends to remain current on its filings. -0- Statements made herein are forward-looking in nature, within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the oil and gas industry. CONTACT: Midland, Inc., Dallas Investor Relations, 888/247-3555