CARTERSVILLE, GA – October 16, 2003 – Halliburton Energy Services (HES) has entered into exclusive negotiations by signing a Letter of Intent with United Minerals & Properties (UMP) to sell Cimbar Performance Minerals (CPM), its world-class barium sulfate operation, for an undisclosed sum. The sale is expected to close before year-end, 2003. CPM will retain its name and each of the product lines it currently offers, natural barium sulfate, precipitated barium sulfate, nano-barium sulfate and bentonite.

UMP has 27 years of extensive experience in the industrial minerals business. Global Stone, a major producer of ground calcium carbonate, was founded by UMP management and sold in 2000 to Oglebay-Norton. Furthermore, UMP is one of only three domestic producers of Brucite (Magnesium Hydroxide), a key mineral used in water treatment, fire retardant/smoke suppressant and other performance mineral applications. Al Wilson, General Manager of CPM says “This is a substantial and positive development for Cimbar because it will allow us to intensify the focus on our core markets through additional production capabilities and marketing efforts”.

This will be a seamless transition for all customers and suppliers. Jim Gledhill, Cimbar’s Director of Sales & Marketing, will address related questions.


This press release may contain "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward statements include statements regarding the intent, belief or current expectation of the Corporation and members of its senior management team, including, without limitation, expectations regarding completion of the acquisition. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by the Corporation.