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Gold/Mining/Energy : Arconenergy, Inc. (Long Term Investors and Fundamentals) -- Ignore unavailable to you. Want to Upgrade?

To: Ga Bard who wrote (10)	2/7/1998 9:36:00 PM
From: Binder	Respond to of 1757

A recent Press Release... Thursday January 22, 2:50 pm Eastern Time Company Press Release Midland, Inc. Announces Acquisition of Arcoenergy, Inc. DALLAS--(BUSINESS WIRE)--Jan. 22, 1998--Midland, Inc. (Nasdaq/BB:MIDL - news) announced today that it has acquired Arcoenergy, Inc., in a transaction valued at $50,000,000. The Board of Directors approved the acquisition at a regularly scheduled meeting this morning. Arcoenergy manufactures an octane and oxygen enhancer for blending with other hydrocarbons to produce motor gasoline. Its products are patented in countries around the world. Arcoenergy is a Wyoming corporation with offices in Dallas and Houston. The company has production facilities in Victoria, Texas, Houston, and in Albany, Ky. Additional locations are currently under construction in Indiana, Illinois and Kentucky. The company also produces oil and gas in South Texas. The acquisition was paid for with Midland Preferred Stock, and, in connection with the purchase, the company appointed new directors to fill vacancies created by the resignation of previous directors. Daniel W. Fisher, John H. Spriggs, James R. Clark and Edward R. Fisher were appointed to the Board. Fisher was appointed as the new chairman/CEO of the company; Spriggs was appointed as president/COO; and Willard McAndrew III was appointed as senior vice president of Midland. R. Wayne Duke remained as a director of the company. In addition, the Board approved the sale of New Departure and set the date for shareholders meeting at Feb. 27, 1998, to be held in Dallas at a location to be announced. At the meeting, the shareholders will be asked to ratify the actions of the Board. The company will be operating out of its new offices at 15303 Dallas Parkway, Suite 210, Dallas, TX 75248. ------------------------------------------------------------------------ Contact: Midland, Inc., Dallas Will McAndrew, 888/247-3555

To: Ga Bard who wrote (10)	2/7/1998 9:41:00 PM
From: Binder	Respond to of 1757

And another one... Monday February 2, 9:11 am Eastern Time Company Press Release Midland Inc. Acquires Leasehold Interest in Bob West Field in South Texas DALLAS--(BUSINESS WIRE)--Feb. 2, 1998--Daniel W. Fisher (Chairman/CEO) announced today that Midland's (Nasdaq/BB:MIDL - news) 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 28 production zones. Typical production in the area ranges from 10,000 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 360 to 500 billion cubic feet of reserves. With annual gas prices averaging $2.50 per M.C.F. the acquisition will add $630 million in revenues after 30% cost expenses over the six to 10 year life of the field and the acquisition will add an estimated $360 million 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 Arcon 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. 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 uncertain1995 and are subject to the risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainty ------------------------------------------------------------------------ Contact: Midland, Inc., Dallas Investor Relations, 888/247-3555

To: Ga Bard who wrote (10)	2/7/1998 9:42:00 PM
From: Ga Bard	Read Replies (1) \| Respond to of 1757

Here is what I know so far on the share count, floats and restrictions that to my knowledge is current to date. . Here are the totals for calculating fully diluted shares from the 8-K plus the last transaction for Arcon minus the returned shares of New Departure: : 2,575,217 Common ( 1.6M insiders / 975,217 Free trading. ) 4,108,860 Dilution from Series A ( 117,396 ) 54K in MILDP Float 22,350,000 Dilution from Series B ( 149,000 issued to date ) ---------- 29,034,077 fully diluted common shares as of today MIDLP = preferred 'A' the other 63,396 are held by the company which are restricted for another year and 6 months before be able to convert. These stock maybe what the company uses to get additional funding for what they need for the expansion of the sights and what not. Heck they are doing no one any good sitting on the company shelf. The 'B' are all insiders and have a 2 yr restriction before they can be converted (self imposed) THEN another 2 yr restriction before they can be traded after that. Again insiders and SEC rules and regulations apply. MIDLW are warrants that allows the holders to exercise I guess at anytime to purchase 1 share of common stock for 1 dollar, expiration 2001; Target - $2.50 or higher for ten trading days; After target is met company can recall all warrants for .05 cents I believe. Note: for every warrant exercised the company will get $1.00 for each share exercised and the warrant market is done away with. ME I am playing the warrants for momentum only. I have NO intention of exercising them. Can not guess on the dilution factor at all till the warrants are exercised. So in Oct of 1998 this year the MIDL float will dilute to the 2,575,217 plus 1,890,000 (54x35 MIDLP) = 4,465,217 minus the insiders 1,600,000 = 2,865,217 free trading float. No other dilution I know of till Oct 1999 which is where the other 63,396 preferred A converts which will dilute another 2,218860 making the float 6,684,077minus insiders 1.6M = 5,084,077 Free Trading in OCT 1999. Hope this clears up what you were asking. Happy Trading GB

To: Ga Bard who wrote (10)	2/8/1998 1:24:00 PM
From: Jeff Harrington	Read Replies (2) \| Respond to of 1757

From the article of AAPG Explorer dated November 1994 that GaBard made reference to: "30 Pay zones from 8,700 feet to 13,500 feet have been identified in the Upper Wilcox." said John Bissel, manager of exploration and production with TESORO. No dry holes have been drilled in the 400 acre Bob West Field. The average well in the Bob West filed is producing about 10 million CF of gas a day with the best wells making more than 20 million CF daily.