MAGNUM HUNTER RESOURCES, INC.Offer to Purchase • January 28th, 1998 • Magnum Hunter Resources Inc • Crude petroleum & natural gas
Magnum Hunter Resources, Inc., a Nevada corporation ("Magnum Hunter" or the "Purchaser") headquartered in Irving, Texas, hereby offers to purchase 2,261,770 Units of beneficial interest (the "Units") of TEL Offshore Trust, a trust created under the laws of the State of Texas (the "Trust"), or such other number of Units that, together with the Units already owned by Purchaser, represents 51% of the Trust's outstanding Units on the date of purchase. The price per Unit that Magnum Hunter is offering in cash is $5.80 (such amount, or any greater amount per Unit paid pursuant to the Offer as defined below), being hereinafter referred to as the ("Offer Price"), net to the seller without interest, upon the terms and subject to the conditions set forth in this Offer to Purchase and in the related Letter of Transmittal (which, together with any amendments of supplements hereto or thereto, collectively constitute the "Offer").
