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NOBLE AFFILIATES ANNOUNCES DETAILS OF INTENT TO PURCHASE FREEPORT-MCMORAN PROPERTIES

 ARDMORE, Okla., Aug. 27 /PRNewswire/ -- Noble Affiliates, Inc. (NYSE: NBL) has provided more detail to its earlier announcement today that its wholly owned subsidiary, Samedan Oil Corporation, had agreed to purchase substantially all of FM Properties Inc. (NASDAQ: FMPO) oil and gas properties for $305 million cash, effective Oct. 1, 1993.
 Noble estimates net proved reserves attributable to the properties to be acquired to be 21.6 million barrels of oil and 253 billion cubic feet of gas. The oil reserves are principally located in the South Belridge field, Kern County, Calif. The gas reserves are principally located in the Bowdoin field, Phillips and Valley counties, Montana; the Niobrara gas area, Eastern Colorado, and Mississippi Canyon 365, South Pass 82/83 and Vermilion 161/162, offshore Louisiana.
 The company further disclosed that it estimates the properties are currently producing approximately 5,000 barrels of oil and 114 million cubic feet of gas per day net.
 "These properties will increase our fourth quarter oil and gas production," said Robert Kelley, Noble's chairman, president and CEO. "In addition to providing a significant increase to the company's reserve base, the properties will also extend the reserve to production ratio."
 Samedan will assume operations of the principal offshore properties as well as the Bowdoin field.
 Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico, as well as international operations primarily in Canada, Tunisia, Indonesia and Equatorial Guinea. Its common stock is listed on the NYSE under the symbol "NBL."
 -0- 8/27/93
 /CONTACT: William D. Dickson of Noble Affiliates, Inc., 405-223-4110/
 (NBL FMPO)


CO: Noble Affiliates, Inc.; FM Properties, Inc. ST: Oklahoma IN: OIL SU: TNM

TM -- NY065 -- 6782 08/27/93 17:18 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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