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BELLWETHER ACQUIRES PRODUCING PROPERTY

 BELLWETHER ACQUIRES PRODUCING PROPERTY
 HOUSTON, July 15 /PRNewswire/ -- Bellwether Exploration Company


(NASDAQ: BELW) reported that on June 30, 1992 the company closed the acquisition of certain working interests in the Alabama Ferry Field, Leon County, Texas, for a purchase price of $2.5 million effective Feb. 15, 1992. Payment of the purchase price was by a promissory note due and payable on Aug. 1, 1992. Bellwether will use working capital and $1 million of borrowings under its line of credit to fund the payment of the promissory note.
 Bellwether acquired an average working interest of 1.15 percent in 109 wells located in two waterflood units. Bellwether's average working interest is projected to increase to 3 percent upon the occurrence of certain payouts. The acquisition was arranged by Torch Energy Advisors, Incorporated, an affiliate of the company. Current production from the field is approximately 165 BOPD and 300 MCFGPD net to Bellwether's acquired interest which should significantly increase Bellwether's net production levels (176 BOPD and 2,562 MCFGPD during the quarter ended March 31, 1992). Net reserves acquired by Bellwether, as estimated by an independent engineering firm, are approximately 300,000 barrels of oil and 2 BCF of natural gas, effective Feb. 15, 1992.
 Bellwether Exploration Company is engaged in oil and gas exploration and development and the acquisition of producing properties in the United States.
 -0- 7/15/92
 /CONTACT: J. Darby Sere' of Bellwether Exploration Company, 713-753-1420/
 (BELW) CO: Bellwether Exploration Company ST: Texas IN: OIL SU: TNM


SB -- NY078 -- 9618 07/15/92 14:06 EDT
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Date:Jul 15, 1992
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