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PLAINS REACHES GAS PRICING AGREEMENT FOR 1993

 PLAINS REACHES GAS PRICING AGREEMENT FOR 1993
 LAKEWOOD, Colo., Sept. 4 /PRNewswire/ -- Plains Petroleum Company


(NYSE: PLP) announced today that its wholly owned subsidiary, Plains Petroleum Operating Company, has reached an agreement with its major natural gas purchaser, K N Energy, Inc. (K N) on pricing terms for 1993 under the parties' long-term contract. For the first six months of 1993, Plains will receive from K N $1.80 per million Btu (MMBtu) at the wellhead. The price for the second half of the year will be subject to price redetermination to be commenced in the first quarter of 1993; however, the parties agreed that it will not be less than $1.80 per MMBtu at the wellhead. In addition, the parties agreed to address before June 30, 1993 the release of a portion of the gas from the contract.
 For 1992 Plains receives from K N $1.65 per MMBtu at the wellhead during the months of April through October and $1.95 per MMBtu in the other five months, for an annual average price of approximately $1.80 per MMBtu. Additionally, in 1992 Plains and K N have a best efforts arrangement for the sale of up to 1.7 billion cubic feet of gas from April through October at the price of $1.40. The best efforts arrangement was not renewed for 1993.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas, Lakin, Kan. and Gillette, Wyo.
 -0- 9/4/92
 /CONTACT: Darrel Reed of Plains Petroleum Company, 303-969-9325, or Jim Fingeroth or Tracy Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum Company/
 (PLP) CO: Plains Petroleum Company ST: Colorado IN: OIL SU:


TS-OS -- NY012 -- 6838 09/04/92 10:00 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
Words:311
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