To: SMALL FRY who wrote (30073 ) 3/29/1999 5:46:00 PM From: kendall harmon Respond to of 120523
More on GRKA including conference call info NEW YORK--(BUSINESS WIRE)--March 29, 1999--Greka Energy Corporation (NASDAQ: GRKA) stated today that its operations are extremely strong and it sees no reason for the current activity in the price of its stock. Commenting on the recent trading activity, Randeep Grewal, Chairman, President and CEO of Greka Energy Corporation said, "We see no reason for the recent activity in our stock price. The merger between Horizontal Ventures and Saba Petroleum Company effective March 24, 1999, which created Greka Energy Corp., positions us well for strong future revenue and earnings growth. Utilizing our proprietary technology, and capitalizing on the recent turn around in the oil industry, the Company's strategy is to penetrate new niche markets both domestically and internationally. We feel our stock continues to be extremely undervalued and is highly attractive at these levels." The Company will be hosting a conference call to review current operations and future outlook on Tuesday, March 30, 1999 at 12:00 noon (EST). Interested persons may participate by dialing 1-888-391-0105 five to ten minutes prior to the beginning of the conference call. Greka Energy Corporation is an integrated company focused on exploiting E&P opportunities and penetrating new niche markets utilizing propriety technology with emphasis on short radius horizontal drilling technology developed by BP Amoco (NYSE: BPA). The Company has oil and gas production and development activities in North and South America and the Far East, with primary areas of activity in Alberta, Canada, Louisiana, Texas, New Mexico, Columbia, Indonesia and China.