OTHER NEWS - April 25, 1996

Marvin Davis Cuts Stake in Mesa: The billionaire investor reduced his stake in the Irving, Texas, oil and gas company to 2.4% and disbanded a shareholder group that previously sought to oust Chairman Boone Pickens. Davis sold 518,000 common shares at $3.87 to $4 each from April 11-23, according to a Schedule 13D filed with the Securities and Exchange Commission. He now holds 1.56 million common shares. The SEC filing included an April 22 letter from Davis Cos. to Montana millionaire Dennis Washington, another Mesa Inc. investor, stating that Davis “has decided to terminate” their investment group. Davis and Washington joined forces in June to seek control of Mesa’s board. Mesa shares were down 12.5 cents at $3.875 on Nasdaq.