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ENTERRA AND ZAPATA JOINT PRESS RELEASE
SIGN DEFINITIVE AGREEMENT FOR IMMEDIATE DISTRIBUTION
SEPTEMBER 21, 1995
NEWS [LOGO OF ZAPATA APPEARS HERE]
CORPORATE AFFAIRS
P.O. BOX 4240 . HOUSTON, TEXAS 77210
HOUSTON, TX--Enterra Corporation (EN/NYSE) and Zapata Corporation (ZOS/NYSE)
today announced that they have executed a definitive agreement whereby Enterra
will purchase from Zapata the assets of its Energy Industries compression
division for $130 million in cash and the assumption of certain current
liabilities of an operating nature. The parties also resolved a previously
reported dispute over the terms of the acquisition. The transaction is subject
to federal anti-trust review, the approval of Zapata's shareholders and other
customary closing conditions. Both parties anticipate closing within sixty days.
Enterra Corporation is a worldwide provider of specialized services and products
to the oil and gas exploration, production and transmission industries. Zapata
is currently transforming itself from the energy business into food related
businesses.
CONTACTS:
Steve Grant, Enterra Corporation Lamar C. McIntyre, Zapata Corporation
(713) 462-7300 (713) 940-6178 FAX (713) 940-6133
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