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petitioner and the other working interest owners revealed that
the incumbent South Atlanta operator, Strago, had an undisclosed
interest in the "sweetening" plant that removed the sulfur from
the gas. Petitioner looked for alternative sweetening plants and
unsuccessfully tried to take over as the operator. Petitioner
ultimately sold its interests in the South Atlanta field during
1992.
Through the years petitioner divested other properties as
well. By the end of 1995, petitioner sold or abandoned many of
the wells acquired in the Tri-Power acquisition.
C. Continued Acquisition Efforts
During the years subsequent to the Tri-Power acquisition,
petitioner continued its acquisition program. During the period
from 1988 to 1994, petitioner added and replaced reserves through
the acquisition of over 17 oil and gas companies.28
28 Petitioner's acquisitions included the following:
Year Reserves Acquisition
Acquired Name Location Acquired Price
1988 Alpar Oil Texas Panhandle Oil & Gas $6,000,000
Midlands Resources West Texas Oil & Gas 15,700,000
Miscellaneous Meeteetse/Wyoming Gas 694,118
Wedge Oil & Gas West Texas Oil & Gas 2,500,000
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