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Gold/Mining/Energy : TRINITY GAS CORP. [TRGC] -- Ignore unavailable to you. Want to Upgrade?

To: flash who wrote (856)	7/1/1998 4:07:00 PM
From: flash	Read Replies (1) \| Respond to of 1081

FEDERAL OFFICIALS CHARGED SERES KNOWINGLY SOLD PUBLIC STOCK TO RAISE MONEY FOR A COMPAYN (TRINITY GAS COLOMBIA) WHICH HE AND HIS WIPFE PRIVATELY OWNED. After months of a stalemate indevelopin the 385k acre concession, TRGC shareholders are anxious tomove on with business and reinvest their time and resources in other venures. Hedke said such desire led to the formation of the equity committee and the eventual design of a reorgainization plan. If the the plan is appreoved by the fderal bankruptcy judge, shareholders will then have the opportunity to vote on a new corps of company officers and board directors. the plan calls for the replacement of former TRGC directors Bill Ruth and Scriven Taylor, a former Louisiana businessman. Sers fore tje aidotopm for,. wjocj was ;ater rejored omApril by U.S. Trustee Seals. Ruth had said in previous reports that suspicions of illegal or unscrupulous activity began when Sers becam uncooperative ovre financial information and records after company avuditors Samson Robbins ofDallas requested information. According to partial disclosure and reoranization plan filed in June, new TRGC managemnt willinclude seral heavy hitters in the oi8l and gas industry. Thomas C. O'dell, a former corporate vice president of Conoco Inc., is to take helm as chairman of the board amd CEO of Trinity.O'dell formed Carlton Energh Groupin 1993 after his retirement from Conoco, and is currently working with operations worth more that 500 million, a joint venture field project in dazakhstan, a former Soviet Bloc country , and is advising two major state-owned petroleum companies. Micheal L. Wallace will serve as president and COO should the reorganization plan be approved. Wall, anattorne, hasserved with American Electric Power in Columbus, Ohio, andas gereral counsel for NorAM Energy Services Inc. in Houston. Three more additioal Board members including Art Theichgraeber, present and chief operating officer of the drilling equipment division of IRI Int.; Dr. Bruce A> Reichert, a mechanical engineering professor at Dansas State university and formar research engineer with NASA Lewis Research Center; and Dennis Hedke, a geological and geophysical consultant and explorationist for several oil andfas firs. Henke said Trinity USA may hae as manyas 18,00 shareholdrs worlwide, with nearl94 million shares outstanding, most of which are currently restricted from trading (144) on the open market. Appx. 17 million shares of stock is trading on the open market. The four wells must be completed by 7-7 or Eco may terminate the lease. (scary) The paper said that Sers was actively workeing to finish the four wells before a summer deadline sit by Ecopetro. Spencer also said that though the profect has been delayed by labor strikes and supply shortages to the rural Caucua Valley region, Sers "still believes wholeheartedly inthe project." excuse the poor typing/have to run