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PETROL INDUSTRIES INC. ANNOUNCES RESOLUTION WITH ORYX ENERGY OVER HORNE UNIT DISPUTE

 SHREVEPORT, La., Jan. 7 /PRNewswire/ -- Petrol Industries, Inc. (OTC: PTRL) announced that under an agreement with Oryx Energy Company, Oryx has released all of its claims to production from the 40-acre Horne Unit in Caddo Parish, and had assigned to Petrol all of its interests in the area.
 Under the agreement, which was released on Dec. 23, Oryx received $260,000 from funds which had been held in suspense by Enron Oil Trading & Transportation Company, Inc., since January 1985.
 There remain approximately 100 other owners of small interests in the acreage who will be entitled to a portion of the suspended funds. Efforts to calculate those interests are now underway and are expected to be concluded in a few weeks.
 In 1990, the company resolved a similar dispute with the city of Shreveport over the Horne Unit. There are no monies owed to the city from the suspended funds.
 -0- 1/7/93
 /CONTACT: Howard E. Chase, corporate secretary, or David Lerner, counsel, of Petrol Industries, 212-735-8600/
 (PTRL)


CO: Petrol Industries, Inc.; Oryx Energy Company ST: Louisiana IN: OIL SU:

RA-BN -- AT010 -- 2787 01/07/93 16:18 EST
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Publication:PR Newswire
Date:Jan 7, 1993
Words:189
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