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GRACE ANNOUNCES AGREEMENT TO SELL GRACE PETROLEUM'S EAST TEXAS FIELDS

 BOCA RATON, Fla., Dec. 21 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced that its subsidiary, Grace Petroleum Corporation, has agreed in principle to sell the assets of its East Texas region to Sonat Exploration Company for $38 million in cash. Grace expects to close the transaction in January 1993.
 J. P. Bolduc, Grace's president and chief operating officer, said: "This transaction for a portion of Grace Petroleum's business is an important step in our process to exit the energy business."
 Sonat Exploration, based in Houston, is a subsidiary of Sonat Inc. (NYSE: SNT). Headquartered in Birmingham, Ala., Sonat Inc. is a worldwide energy company involved in natural gas transmission and marketing, oil and gas exploration and production, and offshore drilling.
 Grace Petroleum's East Texas region includes the Longwood, Carthage, Beargrass, Stockman and other fields. Merrill Lynch is acting as the financial advisor to Grace in this transaction.
 Grace is the world's largest specialty chemicals company with a leadership position in health care.
 -0- 12/21/92
 /CONTACT: Chuck Suits of W. R. Grace & Co., 407-362-2600 or 800-GRACE99/
 (GRA)


CO: W. R. Grace & Co.; Grace Petroleum Corporation; Sonat Exploration
 Company ST: Florida, Texas IN: CHM OIL SU: TNM


AW-JB -- FL003 -- 8690 12/21/92 10:09 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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