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BELLWETHER ANNOUNCES ACQUISITIONS OF INTERESTS IN GAS PLANTS

 HOUSTON, Aug. 3 /PRNewswire/ -- Bellwether Exploration Company (NASDAQ: BELW) reported today that on July 30, 1993 a joint venture in which it owns a 90 percent interest participated in the acquisitions of an 11.759 percent interest in the Snyder Gas Plant and a 35.779 percent interest in the Diamond M-Sharon Ridge Gas Plant, both located in Scurry County, Texas, from Oryx Energy Company ("Seller"), for a purchase price of $13.0 million.
 As previously reported, on July 2, 1993, Bellwether had agreed to acquire, through the same joint venture, an 11.759 percent interest in the Snyder Gas Plant. Since that time Bellwether elected to acquire an interest in the Diamond M-Sharon Ridge Gas Plant. In order to finance the acquisition of interests in both plants, Bellwether amended its joint venture to acquire 65 percent of the Seller's interest in both plants (7.643 percent in Snyder and 23.256 percent in Diamond M). The remaining 35 percent of the Seller's interest was acquired by a separate joint venture which is 90 percent-owned by a company affiliated with Bellwether.
 Bellwether funded its $8.45 million share of the acquisitions by its joint venture using borrowings pursuant to an amended credit agreement with its commercial bank.
 The Diamond M-Sharon Ridge Gas Plant is located approximately 12 miles southwest of the Snyder Gas Plant and processes natural gas from both the SACROC Unit and the Sharon Ridge Unit, a waterflood operation.
 Bellwether considers the acquisitions described above to be more favorable than the acquisition originally contemplated because of its expectations of slightly better revenues, earnings and cash flows attributable to the interests it acquired in the two plants.
 Bellwether Exploration Company is engaged in oil and gas exploration and development and the acquisition of producing properties in the United States.
 -0- 8/3/93
 /CONTACT: J. Darby Sere of Bellwether Exploration Company, 713-753-1420/
 (BELW)


CO: Bellwether Exploration Company; Oryx Energy Company ST: Texas IN: OIL SU: TNM

MP -- NY056 -- 8900 08/03/93 12:28 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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