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NOBLE AFFILIATES CLOSES ACQUISITION OF CERTAIN FREEPORT-MCMORAN GULF PROPERTIES

 ARDMORE, Okla., July 15 /PRNewswire/ -- Noble Affiliates, Inc. (NYSE: NBL) today announced its wholly owned subsidiary, Samedan Oil Corporation, has closed the acquisition of Freeport-McMoRan Inc.'s (NYSE: FTX) approximate 70 percent interest in East Cameron 320, 331 and 332 for $100 million in cash. Noble also announced it has acquired an additional 13.33 percent working interest in East Cameron 320 for $883,694.
 The federal lease blocks are located 100 miles offshore Louisiana in 250 feet of water. Oil and gas/condensate were discovered in multiple pay zones by exploratory drilling during 1992 and delineated by drilling six additional wells. The East Cameron 332 No. 2 well tested 14.2 million cubic feet of gas and 1,181 barrels of condensate per day. The East Cameron 332 No. 5 well was tested at the combined rate of approximately 25 million cubic feet of gas and 5,000 barrels of oil and condensate per day from three intervals.
 The company is presently evaluating design plans for an eight-pile drilling and production platform capable of handling daily production of 8,000 barrels of oil and 100 million cubic feet of gas. Installation of the production facilities is expected to occur late 1994.
 "We are pleased with the addition of the East Cameron 320, 331 and 332 complex to our inventory of development projects in the Gulf of Mexico," said Robert Kelley, Noble's chairman, president and CEO. "We added proved reserves of 76.6 billion cubic feet of gas and 4.3 million barrels of oil and condensate, net to the interests acquired. Accordingly, when coupled with our drilling activities, we have added new reserves in excess of our estimated production of oil and gas for the full year."
 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- 7/15/93
 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/
 (NBL FTX)


CO: Noble Affiliates, Inc.; Freeport-McMoRan Inc. ST: Oklahoma IN: OIL SU: TNM

CK -- NY060 -- 1998 07/15/93 13:08 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
Words:373
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