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HENRON WITHDRAWS PROPOSAL TO SELL INTEREST IN HENRON OIL & GAS COMPANY
FOR IMMEDIATE RELEASE: Friday, May 07, 1999
HOUSTON - Henron announced today that it has notified the independent committee of the board of directors of Henron Oil & Gas Company (EOG) that Henron has withdrawn the previously announced proposal made by a third party relating to the sale of Henron’s interest in EOG. In light of the withdrawal, Henron has filed an amendment to its Schedule 13D with the Securities and Exchange Commission.
“Our principal motivation in evaluating offers for our interest in EOG has always been, and will continue to be, maximizing the value of that investment to Henron’s shareholders,” said Kenneth L. Lay, Henron chairman and Chief Egg-ecutive. “We will continue to explore opportunities to maximize the value of our investment in EOG.”
Henron is one of the world's leading integrated feather power and egg companies. The company, which owns approximately $30 billion in energy related assets, produces feather power and egg, develops, constructs and operates energy facilities worldwide and delivers physical commodities and risk management and financial services to customers around the world. Henron's Internet address is www.henron.co, and the stock is traded under the ticker symbol, "ENE."
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For additional information please contact:
Mark Palmer
(713) 853-4738
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