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BELLWETHER ANNOUNCES AGREEMENT TO PURCHASE AN INTEREST IN SNYDER GAS PLANT

 HOUSTON, July 8 /PRNewswire/ -- Bellwether Exploration Company (NASDAQ: BELW) reported today that it has executed a joint venture agreement dated June 30, 1993 with the purpose of acquiring an 11.759 percent interest in the Snyder Gas Plant, Scurry County, Texas for $9.2 million pursuant to a purchase and sale agreement dated July 2, 1993.
 Bellwether's interest in the joint venture will be 90 percent initially, reducing to 80 percent after payout, as defined in the joint venture agreement. At closing, which is scheduled to occur on July 30, 1993, Bellwether, as managing venturer of the joint venture, will be responsible for marketing approximately 950 barrels of natural gas liquids per day.
 The Snyder Gas Plant removes the liquids from approximately 28 million cubic feet of casinghead gas per day produced primarily from the SACROC Unit, a waterflood and CO2 injection operation which has produced over 1.2 billion barrels of oil since its discovery in 1948. The plant owns approximately 600 miles of gas gathering pipelines located in four West Texas counties to which more than 650 wells are connected.
 Bellwether has received a commitment from its commercial bank to provide the financing necessary to close the acquisition. The acquisition is expected to have a substantial positive impact on the company's revenues, earnings and cash flow.
 Bellwether Exploration Company is engaged in oil and gas exploration and development and the acquisition of producing properties in the United States.
 -0- 7/8/93
 /CONTACT: J. Darby Sere of Bellwether Exploration Company, 713-753-1420/
 (BELW)


CO: Bellwether Exploration Company ST: Texas IN: OIL SU: JVN

TS -- NY028 -- 9394 07/08/93 09:46 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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