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AMERICAN EXPLORATION COMPANY RECEIVES $10 MILLION IN SETTLEMENT OF LITIGATION

 HOUSTON, June 24 /PRNewswire/ -- American Exploration Company (AMEX: AX) today announced that it has settled certain litigation with Louisiana Interstate Gas Corporation (LIG), receiving a cash payment of $13.2 million (approximately $10 million net after payment of royalties). The payment will be reported as operating income in the quarter ended June 30, 1993.
 The litigation related to the pricing of gas sold to LIG from the Northeast Montegut field, Terrebonne Parish, La. The settlement does not cover a second "statewide" pricing case pending against LIG involving sales from other fields.
 Commenting on the settlement, Mark Andrews, Chairman and CEO, said, "The receipt of these funds, combined with last week's sale of Canadian Conquest, has greatly strengthened our financial position, allowing us to significantly reduce debt this quarter as well as fund a number of high impact capital projects."
 American Exploration Company is an independent oil and gas company with production in the United States and Canada, and exploration activities focused in Texas, Louisiana, Tunisia and the Sultanate of Oman. American's common stock is traded on the American Stock Exchange under the symbol AX.
 -0- 6/24/93
 /CONTACT: Russell Pennoyer of American Exploration Company, 212-644-6900/
 (AX)


CO: American Exploration Company ST: Texas, Louisiana IN: OIL SU:

SH-OS -- NY030 -- 5318 06/24/93 12:26 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:216
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