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APACHE TO CURTAIL GAS

 APACHE TO CURTAIL GAS
 DENVER, Jan. 23 /PRNewswire/ -- In an abrupt departure from prior


policy, Oklahoma's largest independent natural gas producer, Apache Corp. (NYSE: APA), today announced that it will curtail substantially all of its spot market gas sales in the state due to the collapse of prices. Daily sales of over 100 million cubic feet of gas will be interrupted beginning Feb. 1.
 The decision comes in the face of a rapid deterioration in the selling price of gas which has declined about $.75 per thousand cubic feet (Mcf) to $1.05 per Mcf in 60 days.
 "The domestic exploration industry is in meltdown," said Apache chairman and chief executive officer, Raymond Plank. "During what should be a peak demand period, producers are being offered prices which rival the decade-long lows of last summer. We decline to contribute to the demise of the domestic oil and gas industry by heaping additional gas supplies into this market."
 Plank continued, "In the face of a national energy policy void, the only solution is action by several states to curtail gas equitably to meet demand and avoid an outright collapse of this industry, its infrastructure and associated jobs that are currently helping to prop up the ailing U.S. economy."
 Apache is an independent energy company engaged in the exploration for and development and production of natural gas and crude oil. The company's securities are traded on the New York and Midwest Stock Exchanges (symbol APA).
 -0- 1/23/92
 /CONTACT: Jeanne Buchanan of Apache, 303-837-5017/
 (APA) CO: Apache Corp. ST: Colorado IN: OIL SU:


BB -- DV008 -- 2853 01/23/92 13:36 EST
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Publication:PR Newswire
Date:Jan 23, 1992
Words:272
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