Mitchell Energy Files Registration Statement for Secondary Offering

Apr 03, 2001, 01:00 ET from Mitchell Energy & Development Corp.

    THE WOODLANDS, Texas, April 3 /PRNewswire/ -- Mitchell Energy &
 Development Corp. (NYSE:   MND) today announced that it has filed a registration
 statement with the Securities and Exchange Commission for a secondary offering
 of 4,500,000 shares of Class A common stock by George P. Mitchell, the
 company's chairman and majority shareholder.  Assuming the underwriters of the
 offering exercise their option to purchase an additional 675,000 shares,
 Mr. Mitchell would beneficially own 22.9 million shares, or 45.5 percent of
 the total outstanding shares, upon conclusion of the offering.
     Mr. Mitchell has owned a majority of the company's stock since it became
 publicly traded in the early 1970s.  He recently decided to sell the offered
 shares to meet personal estate planning, financial and philanthropic goals and
 has agreed not to sell additional shares for a period of 90 days after the
 offering is completed.  Mr. Mitchell plans to remain active as chairman and
 chief executive officer of the company and will continue working to maximize
 the value of the company for all shareholders.
     The company will not receive any of the proceeds from the sale since the
 offered shares are owned by Mr. Mitchell.  However, the offering should
 improve market liquidity for the company's stock by increasing the number of
 shares available to the general public by 20 percent or more.
     Mitchell Energy & Development Corp. is one of the nation's largest
 independent producers of natural gas and natural gas liquids.  For additional
 information on the company and its operations, visit our Internet website at
 www.mitchellenergy.com.
     Information contained in this news release is subject to change.  A
 registration statement relating to the class A shares has been filed with the
 Securities and Exchange Commission.  This news release does not constitute an
 offer to sell or the solicitation of an offer to buy these securities.  Such
 offer will be made solely by the prospectus contained in the registration
 statement.
 
 

SOURCE Mitchell Energy & Development Corp.
    THE WOODLANDS, Texas, April 3 /PRNewswire/ -- Mitchell Energy &
 Development Corp. (NYSE:   MND) today announced that it has filed a registration
 statement with the Securities and Exchange Commission for a secondary offering
 of 4,500,000 shares of Class A common stock by George P. Mitchell, the
 company's chairman and majority shareholder.  Assuming the underwriters of the
 offering exercise their option to purchase an additional 675,000 shares,
 Mr. Mitchell would beneficially own 22.9 million shares, or 45.5 percent of
 the total outstanding shares, upon conclusion of the offering.
     Mr. Mitchell has owned a majority of the company's stock since it became
 publicly traded in the early 1970s.  He recently decided to sell the offered
 shares to meet personal estate planning, financial and philanthropic goals and
 has agreed not to sell additional shares for a period of 90 days after the
 offering is completed.  Mr. Mitchell plans to remain active as chairman and
 chief executive officer of the company and will continue working to maximize
 the value of the company for all shareholders.
     The company will not receive any of the proceeds from the sale since the
 offered shares are owned by Mr. Mitchell.  However, the offering should
 improve market liquidity for the company's stock by increasing the number of
 shares available to the general public by 20 percent or more.
     Mitchell Energy & Development Corp. is one of the nation's largest
 independent producers of natural gas and natural gas liquids.  For additional
 information on the company and its operations, visit our Internet website at
 www.mitchellenergy.com.
     Information contained in this news release is subject to change.  A
 registration statement relating to the class A shares has been filed with the
 Securities and Exchange Commission.  This news release does not constitute an
 offer to sell or the solicitation of an offer to buy these securities.  Such
 offer will be made solely by the prospectus contained in the registration
 statement.
 
 SOURCE  Mitchell Energy & Development Corp.