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ALTA ENERGY COMMENTS ON DEVON ENERGY PROPOSAL

 AVON, Conn., Jan. 5 /PRNewswire/ -- John R. Fitzgerald, chairman of Alta Energy Corporation (AMEX: ALE), in response to a question about the cash portion of the purchase price under Devon Energy Corporation's (AMEX: DVN) proposal to acquire Alta, which was announced yesterday, said at the time of the merger closing expected in the first half of 1994, Alta shareholders would receive for each Alta share .3189 share of Devon common stock plus an amount of cash presently estimated at $1.20.
 Later in 1994 when Alta's Camille Adams No. 1 well in Vermilion Parish, La., is evaluated, an additional payment will be calculated and thereafter paid to Alta stockholders. No estimate has been made of the latter payment, but it would be in addition to the $1.20 expected to be paid at the time of the merger closing.
 -0- 1/5/94
 /CONTACT: Charles Lard of Alta Energy, 203-677-8707/
 (ALE DVN)


CO: Alta Energy Corporation; Devon Energy Corporation ST: Connecticut IN: OIL SU: TNM

CK -- NY005 -- 9147 01/05/94 07:30 EST
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Publication:PR Newswire
Date:Jan 5, 1994
Words:174
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