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AMERICAN EXPLORATION JOINT VENTURE WITH TEXACO ANNOUNCES OIL DISCOVERY IN TUNISIA

 AMERICAN EXPLORATION JOINT VENTURE WITH TEXACO
 ANNOUNCES OIL DISCOVERY IN TUNISIA
 HOUSTON, Aug. 18 /PRNewswire/ -- American Exploration Company (AMEX: AX) announced today that its joint venture with Texaco (NYSE: TX) has discovered oil on the El Jem Permit, Tunisia.
 The El Jem No. 1 well tested at a rate of 3,600 barrels of oil and 3.7 million cubic feet of gas per day on a 7/16 inch choke. The 42 degree API gravity crude flowed from a zone between 3350 meters (10,990 ft.) and 3423 meters (11,230 ft.) from the Upper Cretaceous Bireno Formation carbonates. Extensive evaluation is planned to quantify the potential of this discovery.
 The well, drilled to a total depth of 4003 meters (13,134 ft.), is the first exploration well drilled by the joint venture on the 987,000 acre El Jem Permit and is located onshore approximately 170 kilometers south of Tunis.
 Commenting on the announcement of the successful test, Mark Andrews, chairman and CEO, stated, "We are very pleased about the outcome of our first well with Texaco in Tunisia. Based on this discovery, the company anticipates an increased level of activity on the El Jem Permit in conjunction with Texaco over the next few years."
 Exploration activities on the El Jem Permit are being conducted through a joint venture with Texaco Exploration El Jem Tunisia, Inc., a wholly-owned subsidiary of Texaco, Inc., as operator with a 60 percent interest and American Exploration Company with a 40 percent interest through a wholly-owned subsidiary.
 American Exploration Company is an independent oil and gas company with production in the United States and Canada and exploration activities focused in Texas, South Louisiana, Tunisia and the Sultanate of Oman.
 -0- 8/18/92
 /CONTACT: Frank Murphy, vice president-investor relations of American Exploration Company, 212-230-0344/
 (AX TX) CO: American Exploration Company; Texaco Inc. ST: Texas IN: OIL SU: DSC


AH-TM -- NY003 -- 0810 08/18/92 08:45 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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