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EQUITABLE RESOURCES ACQUIRES CANADIAN GAS AND OIL PROPERTIES

 PITTSBURGH, July 9 /PRNewswire/ -- Equitable Resources, Inc. (NYSE: EQT) announced today that it has expanded its natural gas production activities into Canada by acquiring certain Canadian assets of American Exploration Company (AMEX: AX).
 The approximately $18 million (U.S.) purchase adds 68 billion cubic feet -- or about 10 percent -- to Equitable's proved natural gas reserves, and some 8 million cubic feet a day of current production from non-operated interests in four major southwestern Alberta properties.
 Equitable said it expected substantial increases in production over the next several years from low-cost development programs coupled with anticipated expansion of independently owned gas processing facilities.
 Additionally, Equitable will own approximately 17,000 net undeveloped acres, a portion of which extends into British Columbia.
 The new Canadian operations will be administered by Equitable's Montana-based Balcron Oil Division, which oversees company operations in the Rocky Mountain region.
 H.E. Gardner Jr., Equitable's vice president of Energy Resources, described the acquisition as "a logical extension of our resource development in the Rockies, and one that furthers our objective to increase production, reserves and profits."
 Equitable Resources, Inc. is a diversified energy production and utility services company. Through its Energy Resource segment, Equitable explores for, produces and markets natural gas and oil in the Appalachian Basin, Rocky Mountain, Southwest and offshore Gulf of Mexico regions of the United States and has oil interests in Colombia, South America.
 -0- 7/9/93
 /CONTACT: Brian Plante of Equitable Resources, 412-553-5911/
 (EQT AX)


CO: Equitable Resources, Inc.; American Exploration Company ST: Pennsylvania IN: OIL SU: TNM

KC -- PG006 -- 9842 07/09/93 10:33 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
Words:265
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