ENRON GAS & OIL TRINIDAD LIMITED ANNOUNCES SUCCESSFUL PRODUCTION START-UP OF IBIS FIELD OFFSHORE TRINIDAD.

PORT OF SPAIN, Trinidad--(BUSINESS WIRE)-- July 11, 1995--Enron Gas & Oil Trinidad Limited (EGOT), a wholly owned subsidiary of Houston-based Enron Oil & Gas Company (EOG), today announced the successful production start- up of the Ibis Field with the initiation of production from Well IB-2 in the Southeast Coast Consortium (SECC) block offshore Trinidad. The well, completed in June, yielded initial production test rates in excess of 3,000 barrels per day (BPD) of 36 degree gravity crude oil and 8 million cubic feet per day (MMcf/d) of natural gas on a 24/64-inch choke with a flowing tubing pressure of 4,500 pounds per square inch.

Production from Well IB-2 is commingled at the Pelican Field platform with natural gas and condensate production from the Kiskadee Field, also operated by EGOT, and the resulting natural gas, crude oil and condensate mixture is piped to the mainland for sale. The natural gas is sold to The National Gas Company of Trinidad & Tobago Limited (NGC) under a long term contract covering natural gas production from the SECC block. The crude oil and condensate is sold to The Petroleum Company of Trinidad and Tobago Limited (Petrotin). Additional wells will be drilled from the Ibis "B" platform utilizing the Adriatic IV jack-up drilling unit, which has been in continuous operation for EGOT in the SECC block since June 1993.

Well IB-2 was directionally drilled to a measured depth of 17,296 feet in 22 days. Production tests are being conducted to determine the optimum well rate and to obtain reservoir information to facilitate further development of the Ibis Field. A second oil development well is currently being drilled.

Well IB-1, the original well on the structure, was completed in September 1994. It tested three separate zones in a different fault block at a combined rate in excess of 30 MMcf/d of natural gas.

EGOT is the operator of and holds a 95 percent working interest in the SECC block, with the remaining 5 percent shared by Petrotrin and NGC. Previous work on this block, which was assigned to EGOT as operator in November 1992, includes the drilling and development of the Kiskadee Field, currently producing at rates of 150 MMcf/d of natural gas and 6,000 BPD of condensate.

EGOT also bid on an offshore block offered in the latest government bid round, and expects to enter negotiations on a production sharing agreement in the near future.

EOG, owned 80 percent by Enron Corp., is one of the largest independent (non-integrated) oil and gas companies in the United States in terms of domestic proved reserves. EOG's year-end 1994 reserve base was 86 percent North American and 90 percent natural gas. EOG is listed on the New York Stock Exchange and is traded under the ticker symbol, "EOG."

CONTACT: Enron Corp.

Carol Hensley, 713/853-6498