Pride Companies, L.P. Plans to Acquire Minority Limited Partners' Interests Through a 'Cash-Out' Merger ABILENE, Tex., Nov. 19 /PRNewswire-FirstCall/ -- The Board of Directors of Pride Refining, Inc., the managing general partner of Pride Companies, L.P. (Pink Sheets: PRCU) ("Pride"), announced today that it is soliciting the consent of Pride's limited partners to a merger of Pride with an entity to be created prior to the merger. In the merger, limited partners, other than the executive officers of Pride Refining, will be entitled to receive $90.00 in cash, without interest, for each unit of limited partnership interest they own. The limited partners will also receive a proportionate interest in a liquidating trust to be established by Pride prior to the merger to serve as a vehicle through which 50% of any net recovery upon certain potential claims of Pride against the U.S. Defense Energy Supply Center will be distributed. Upon the effectiveness of the merger, the executive officers of Pride Refining will be the only remaining limited partners of Pride. Approval of the merger requires the consent of limited partners holding at least a majority of Pride's limited partnership units. As of November 13, 2003, the record date for the consent solicitation, there were 49,531 limited partnership units outstanding of which approximately 52% were held by Pride Refining's executive officers. The executive officers of Pride Refining intend to vote in favor of the merger thereby assuring satisfaction of the majority vote requirement. The deadline for the receipt of signed consents from the Pride limited partners is 5:00 p.m., Central Standard Time, on December 12, 2003. Georgeson Shareholder Communications Inc. has been engaged by Pride to assist in the solicitation of consents. The merger is expected to become effective on December 15, 2003. The proposed merger received the unanimous approval of Pride Refining's Board of Directors, as well as the unanimous approval by the members of a committee of its independent directors. Pride owns and operates three products terminals located in Abilene, Texas, San Angelo, Texas and Aledo, Texas and one common carrier products pipeline system that transports refined products from its Abilene Terminal to its San Angelo Terminal that are used to market conventional gasoline, low sulfur diesel fuel and military aviation fuel. Pride's operations are conducted primarily in Texas. Safe Harbor Statement: Certain information included in this release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995 ("Reform Act"). Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results and performance of Pride to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statements. In connection with the safe harbor provisions of the Reform Act, Pride has identified important factors that could cause actual results to differ materially from such expectations, including operating uncertainty, acquisition uncertainty, uncertainties relating to geothermal resources, uncertainties relating to domestic and international economic and political conditions and uncertainties regarding the impact of regulations, changes in government policy and competition. Reference is made to all of Pride's SEC filings, including Pride's December 31, 2002 10-K, incorporated herein by reference, for a description of such factors. Pride assumes no responsibility to update forward-looking information contained herein. DATASOURCE: Pride Companies, L.P. CONTACT: Georgeson Shareholder Communications Inc., Solicitation Agent for Pride Companies, L.P., 800-843-9674 Web site: http://www.georgeson.com/

Copyright