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Fountain Oil Announces Rejection of Bargo Proposal
PR Newswire
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July 7, 1998
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COPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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HOUSTON and OSLO, Norway, July 7 /PRNewswire/ -- Fountain Oil Incorporated (Nasdaq/NMS: GUSH), announced today that its Board of Directors rejected a conditional proposal the Company had received last week from Bargo Acquisition Corporation of Houston, Texas regarding a possible transaction involving the transfer by Bargo of certain oil and gas properties in exchange for Fountain Oil stock and the assumption of Bargo debt. Fountain Oil's stockholders are scheduled to meet tomorrow to vote on a proposed business combination involving Fountain and CanArgo Energy Inc.
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