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ENERGEN INVESTS IN PRODUCING CONVENTIONAL PROPERTIES

 ENERGEN INVESTS IN PRODUCING CONVENTIONAL PROPERTIES
 BIRMINGHAM, Ala., Oct. 21 /PRNewswire/ -- Energen Corporation


(NYSE: EGN) announced that it has purchased working interest in producing conventional oil and gas properties from General Atlantic Resources Inc. for $4.5 million.
 The properties are part of General Atlantic's $95 million 1991 acquisition program and are located primarily in West Texas and the Rocky Mountains. Additional producing property acquisitions from General Atlantic are planned.
 This investment adds 525,000 barrels of oil and 2 billion cubic feet (Bcf) of natural gas reserves to the proved reserves of Taurus Exploration Inc., Energen's oil and gas exploration and production subsidiary; minimal additional development investment could generate potential reserve additions of 140,000 barrels of oil and 0.2 Bcf of gas. The acquisition is being financed with a portion of the cash proceeds from the August sale of a part of Taurus's coalbed methane interests.
 "After focusing for the last several years on our nonconventional gas activities, we are excited about strengthening Taurus's conventional oil and gas operations," said Energen Chairman and Chief Executive Officer Rex J. Lysinger. "Our conventional strategy is to build a low- risk foundation of income-producing properties with development potential in association with an experienced, successful partner and supplement investment returns with limited exploration activities."
 Denver-based General Atlantic Resources acquires and develops existing oil and gas properties and explores for new reserves on behalf of itself and several institutional and utility partners. Taurus has partnered with a subsidiary of General Atlantic in recent, successful Gulf Coast exploratory efforts.
 "This investment not only enhances our conventional oil and gas activities but, through our association with General Atlantic, facilitates future exploratory efforts in the shallow, offshore waters of the Gulf of Mexico," said Wm. Michael Warren Jr., president of Energen and Taurus.
 Energen is a diversified energy company with headquarters in Birmingham, Ala. Its major lines of business are natural gas distribution and oil and gas exploration and production.
 -0- 10/21/92
 /CONTACT: Analysts: Julie S. Ryland, 205-326-8421; or Media: Susan C. Love, 205-326-9212, both of Energen/
 (EGN) CO: Energen Corporation; General Atlantic Resources Inc. ST: Alabama, Colorado IN: OIL SU:


EA-BR -- AT009 -- 3048 10/21/92 15:47 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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