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ALTA ACQUIRES FULL OWNERSHIP OF SOCORRO PROPERTIES

 DENVER, Dec. 7 /PRNewswire/ -- Alta Energy Corporation (AMEX: ALE) announced that it has reached an agreement to acquire the remaining 5% net profits interest in Alta's 95%-owned Socorro Petroleum Company partnership in exchange for 185,868 newly issued shares of Alta's common stock. Socorro is engaged in the infill drilling and waterflood development of certain oil properties located within the Permian Basin in Eddy County, N.M. Prior to the transaction, Alta has 3,739,707 common shares outstanding. The interest being acquired is owned by TandL Corporation which will merge with an Alta subsidiary. TandL is wholly owned by an Alta director.
 Alta first acquired a 45% interest in the Socorro partnership in 1991 when Alta obtained certain first refusal rights to purchase the 5% net profits interest as well. In 1992 Alta increased its interest in the Socorro partnership to 95% by purchasing the 50% interest of an unrelated party.
 Alta Energy Corporation is engaged primarily in the acquisition and development of proven oil and gas properties. The company's common stock is traded on the American Stock Exchange under the symbol ALE.
 -0- 12/7/93
 /CONTACT: Charles Lard of Alta Energy, 203-677-8707/
 (ALE)


CO: Alta Energy Corporation; Socorro Petroleum Company; TandL
 Corporation ST: Colorado, New Mexico IN: OIL SU: TNM


LD-CK -- NY087 -- 1426 12/07/93 16:30 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:223
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