Global Natural Resources announces award of new offshore Cote d'Ivoire Production Sharing Contract.

HOUSTON--(BUSINESS WIRE)--Sept. 5, 1996--Global Natural Resources Inc. (NYSE:GNR) today announced the execution of a new Production Sharing Contract with the Republic of Cote d'Ivoire covering Block Cl-104.

Block Cl-104 covers 250,300 acres (1,013 square kilometers) lying offshore Cote d'Ivoire from the coastline seaward to water depths up to 500 meters. The majority of the acreage is in less than 200 meters of water and lies immediately west of Block Cl-12 and Cl-11. Block Cl-11 is currently producing about 16,000 barrels of oil per day and 55,000 MCF of gas per day. Exploratory tests are scheduled to be drilled on both Block Cl-11 and Cl-12 prior to year end.

The contract allows three exploratory periods of two years each, with a 25 year development period for any discovery. During the initial period, Global will reprocess 2000 kilometers of 2-D seismic, shoot 350 square kilometers of 3-D seismic and drill at least one exploratory well. The prospective horizons are the same as those on Cl-11. The company will act as operator and has not yet made a decision about farming out any portion of the Block.

Global Natural Resources is engaged in worldwide oil and gas exploration and production and in natural gas gathering, processing and marketing. The company has operations and interests in North America, Tatarstan -- Russia, Indonesia, Malaysia, the Ivory Coast and Egypt.

CONTACT: Global Natural Resources Inc., Houston

Robert F. Vagt or Gerald R. Colley, 713/880-5464