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BASIN EXPLORATION ANNOUNCES INITIAL PUBLIC OFFERING 2,800,000 SHARES OFFERED

 BASIN EXPLORATION ANNOUNCES INITIAL PUBLIC OFFERING
 2,800,000 SHARES OFFERED
 DENVER, May 13 /PRNewswire/ -- Basin Exploration, Inc. (NASDAQ-NMS: BSNX) today announced completion of the company's initial public offering of 2.8 million primary shares of common stock. The shares were offered at $9.50 per share and began trading on a when- issued basis on the NASDAQ national market system today under the symbol BSNX.
 Approximately $24.8 million in proceeds from the offering will be used primarily to repay debt permitting utilization of bank borrowings to finance the company's 1992 development drilling and recompletion program and to pay special dividends and distributions to the company's principal stockholder for payment of income taxes.
 Donaldson, Lufkin & Jenrette Securities Corporation, Petrie Parkman & Co. and Hanifen, Imhoff Inc. are the managers of the underwriting group.
 Basin Exploration, Inc. is primarily engaged in the development, exploitation and acquisition of oil and gas properties in the Rocky Mountain region with a particular focus in the Denver-Julesburg Basin of Colorado.
 -0- 5/13/92
 /CONTACT: Karen Mueller for Basin Exploration, 303-292-2322/ CO: Basin Exploration ST: Colorado IN: OIL SU: OFR


TM -- DV008 -- 9577 05/13/92 10:28 EDT
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Publication:PR Newswire
Date:May 13, 1992
Words:194
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