Seahawk Becomes Partner in Deal to Buy Reserves

Seahawk Oil International Inc. of Newport Beach said it has formed a partnership with several privately held companies--none now in the oil business--to acquire new oil and gas reserves. Seahawk, an independent oil and gas exploration company, will be a co-general partner in the deal.

The partnership will have the ability to buy up to $25 million worth of producing oil and gas assets located in the United States. Seahawk will contribute 10% of the acquisition partnership capital. The company said the partnership has not yet approved any oil and gas assets for purchase.