Powerhouse Resources Inc. announces merger of oil and gas assets to Monument Resources Inc

Business Wire, April 25, 1996

DENVER--(BUSINESS WIRE)--April 25, 1996--Powerhouse Resources Inc. of Denver today announced that the company has merged Crescent Oil & Gas Corp., its 100% wholly owned subsidiary with Monument Resources Inc. of Castle Rock, Colo.

The transaction provides for the issuance of Monument convertible preferred shares. The preferred shares will be convertible into Monument common shares upon a registration statement becoming effective with the Securities and Exchange Commission. There are various factors which will determine the exact number of shares which Powerhouse will ultimately convert.

Powerhouse now becomes the largest shareholder of Monument and will have two representatives on the Monument board of directors.

The management of both companies believes the acquisition of Crescent by Monument will enable the resulting entity to develop and expand both the oil and gas along with other natural resources assets held by the companies. It is the intention of Monument with the expanded assets to seek listing on appropriate securities exchanges.

CONTACT: Powerhouse Resources Inc., Denver

Dennis C. Dowd, 303/595-8555

Mark Chapman, 011-44-171-495-3224