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PLAINS RESOURCES ANNOUNCES PRODUCING PROPERTY ACQUISITION

 HOUSTON, Oct. 13 /PRNewswire/ -- Plains Resources (AMEX: PLX) announced today that Stocker Resources, a wholly owned subsidiary, had purchased all of Texaco Exploration and Production Inc.'s interest in the Vickers Lease in Los Angeles County, Calif., for approximately $5 million. The acquired properties are located adjacent to the company's existing interests in the Inglewood Field.
 According to the company, the properties are currently producing a daily average of approximately 900 barrels of oil and 250,000 cubic feet of natural gas per day from 35 active producing wells. The company assumed operations on the property effective with the closing.
 Phillip D. Kramer, the company's chief financial officer, stated that the company intends to implement an aggressive plan of exploitation designed to maximize the production and cash flow from this property. The company's immediate activities will focus on areas where it believes production enhancements can be made and operational efficiencies improved.
 Plains said that, as a result of this acquisition and the implementation of its plan of exploitation, it believes the acquisition will ultimately add an estimated seven to 10 million barrels of crude oil to the company's proved reserve base. The company also noted that a substantial portion of the assets acquired are subject to a 50 percent net profits interest held by the original lessors of the property.
 Kramer stated that this represents the second acquisition made by the company this year. In March the company announced the acquisition of a 50 percent interest in eight fields located in the Sunniland Trend of South Florida, having estimated net reserves of approximately five million barrels of oil. At year-end 1992, Plains reported proved reserves of 33 million barrels of oil and 40 billion cubic feet of natural gas.
 Plains Resources is an independent energy company engaged in the exploration, acquisition, development and exploitation of crude oil and natural gas and the downstream activities of marketing, transportation and storage of crude oil and natural gas products. The company is headquartered in Houston.
 -0- 10/13/93
 /CONTACT: Phillip D. Kramer, vice president and CFO of Plains Resources, 713-654-1414/
 (PLX)


CO: Plains Resources; Texaco Exploration and Production Inc. ST: Texas, California IN: OIL SU: TNM

SH -- NY017 -- 1518 10/13/93 09:17 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
Words:373
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