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EQUITY OIL COMPANY ANNOUNCES SIGNING OF LICENSE FOR OIL AND GAS EXPLORATION IN EASTERN SIBERIA

 SALT LAKE CITY, June 22 /PRNewswire/ -- Equity Oil Company (NASDAQ: EQTY) announced today the signing and granting to Symskaya Exploration, Inc., its 80 percent owned subsidiary, of a combined license to explore for, develop and produce hydrocarbons on a 1,100,000 acre tract in the Symskaya area of the Krasnoyarsk Krai, Russian Federation. The license, granted jointly by the Russian Federation Committee on Geology and Use of Subsurface Resources and the Krasnoyarsk Krai Soviet, has a primary term of 25 years. Work required by the license will be conducted in accordance with the terms and conditions of a Production Sharing Contract previously signed between Symskaya and Russian State Geological Enterprises, Yeniseyneftegasgeolgia and Yeniseygeophysica.
 The granting of the license is the second of two major contractual items required for Symskaya to initiate exploration drilling in the Symskaya area. The final steps required prior to the commencement of drilling are the completion of Symskaya's branch registration Russia and the execution of a drilling contract with Yeniseyneftegasgeolgia who will provide the drilling rig for the first well. Symskaya anticipates that these matters will be concluded within the next two months,
 -0- 6/22/93
 /CONTACT: Fred H. Evans or Paul M. Dougan of Equity Oil Company, 801-521-3515, or Marisa A. Heine or Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Equity Oil Company/
 (EQTY)


CO: Equity Oil Company ST: Utah IN: OIL SU:

LR-TS -- NY048 -- 4570 06/22/93 12:27 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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