NORTHERN NATURAL GAS
TULSA, Okla., June 10 /PRNewswire/ -- LaTex Resources, Inc.
(Nasdaq: LATX) announced today that it has signed a settlement agreement
with Northern Natural Gas Company regarding litigation that stemmed from
Latex's sale of its gas marketing activities in 1993. The terms of the
settlement with Northern are confidential by agreement.
Jeffrey T. Wilson, chairman and CEO of LaTex, said this of the
settlement, "This agreement resolves the last significant litigation
involving our sale of Panda Resources in 1993 and we are very happy to
put this behind us. We believe it represents a fair and reasonable
resolution of the issues for both parties. Perhaps now the last issue
overhanging the market for our common stock has been removed and the
market will concentrate on our strong cash flow and substantial oil and
gas reserve asset base in evaluating our company."
Headquartered in Tulsa, OK, LaTex Resources is engaged in the
production, exploration, gathering and marketing of crude oil and
natural gas through its subsidiary companies. The company's stock is
quoted on Nasdaq under the symbol LATX.
/CONTACT: Jeffrey Wilson of LaTex Resources, 918-747-7000;
Chris Harmon or Tom Laughran of The Investor Relations Company,
CO: LaTex Resources, Inc.; Northern Natural Gas Company
-0- (PRN) Jun/10/96 17:39
EOS (PRN) Jun/10/96 17:39 86
-0- (PRN) Jun/10/96 17:54
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