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ARCO ALASKA AND UNOCAL TRADE ALASKA PROPERTIES

 ARCO ALASKA AND UNOCAL TRADE ALASKA PROPERTIES
 ANCHORAGE, Alaska, Oct. 12 /PRNewswire/ -- ARCO Alaska Inc. and


Union Oil Co. of California (Unocal) (NYSE: UCL) today announced agreement in principle on an exchange of Alaska oil and gas properties which includes ARCO's interest in the state's oldest producing oil field, Swanson River.
 Under the agreement, ARCO Alaska will acquire Unocal's interest in the Birch Hill Unit and exploration properties held by Unocal on the North Slope near the Kuparuk River oil field and in the Cook Inlet Basin.
 In exchange, Unocal will receive ARCO Alaska's interest in the McArthur River (Trading Bay Unit), Ivan River and Swanson River fields, representing production of approximately 4,400 barrels of oil and 1.5 million cubic feet of natural gas per day. All are located in the Cook Inlet Basin.
 Wylie Barrow, Unocal's general manager for Alaska Oil & Gas said, "This trade fits Unocal's focus on the Cook Inlet and Southern Alaska and will result in increased efficiency and cash flow. This action also reflects our commitment to the future productivity of these properties."
 According to Presley Foster, ARCO Alaska's senior vice president for Kuparuk and Cook Inlet, ARCO and Unocal have unique strengths in Alaska. "This exchange puts each asset in the hands of the company in the best position to manage them most cost effectively. It fits well with our long-term plans for continued, aggressive exploration in Alaska. The change will impact approximately 100 ARCO Alaska employees," he said.
 -0- 10/12/92
 /CONTACT: Ronnie Chappell of ARCO Alaska, 907-263-4102; or Janet McClintock of Unocal, 213-977-5047/
 (UCL ARC) CO: ARCO Alaska Inc.; Unocal Corp. ST: Alaska IN: OIL SU:


JB-EH -- LA022 -- 9017 10/12/92 18:30 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
Words:286
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