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COCKRELL AND GKH FORM OIL AND GAS PARTNERSHIP

 COCKRELL AND GKH FORM OIL AND GAS PARTNERSHIP
 /ADVANCE/ HOUSTON, Sept. 1 /PRNewswire/ -- Ernest H. Cockrell and


GKH Partners, L.P. announced today the formation of Cockrell Oil & Gas, L.P., a joint venture between certain interests of the Cockrell family of Houston and GKH Partners, L.P. of Chicago.
 The new venture, an equal partnership with initial equity capitalization in excess of $125 million, is being established to take advantage of what its partners believe is a favorable investment opportunity in the oil and gas exploration and production business. It will build upon a highly successful family energy business that has been in existence since 1901, the year that the famous Spindletop oil field went into production and made Texas synonymous with the oil industry.
 Cockrell Oil & Gas, L.P. plans to expand the existing Cockrell oil and gas operations primarily by purchasing domestic oil and gas reserves and by seeking other independent, family-owned or small energy companies to merge into the partnership.
 In addition, the partnership plans to advance several Cockrell projects already under way. These include international exploration projects, primarily in the Russian Autonomous Republics; coalbed methane properties in the western United States; domestic onshore exploration plays, and the continued development of Cockrell's offshore leases and exploration projects in the Gulf of Mexico.
 The partnership will be led by Earnest H. Cockrell, president of Cockrell Oil Corporation. Cockrell Oil will be the operator for Cockrell Oil and Gas, L.P.
 "Although the oil and gas industry has experienced difficulties for some time, we believe that selected situations offer potentially outstanding investments," Cockrell said. "This is an excellent time to be pursuing the various oil and gas opportunities we have identified. I am pleased to be doing this with GKH, whose partners I have known for a long time. Their financial capabilities and extensive business experience will add significantly to the strength and success of the venture."
 Cockrell is the third Ernest Cockrell in the energy business. His grandfather -- the first Ernest Cockrell -- founded the family enterprise as an independent oil operator in 1901, and was prominently involved in prospecting and leasing many of the major oil fields along the Gulf of Mexico. He found the Lake Grande Ecaille salt dome, located in Mississippi delta marshland 50 miles below New Orleans, and interested major oil companies in it. Oil was found there in 1929 in what is known as the Lake Washington field. The Grande Ecaille sulphur deposit, discovered about the same time, proved to be a vital national resource in World War II. In the next generation, the founder's son, Ernest Cockrell, Jr., drilled hundreds of wells, primarily in Texas, Louisiana and the Gulf of Mexico. His largest discoveries were the Patterson Gas Field in Louisiana, which contained more than one trillion cubic feet of gas, and the Eugene Island Block 330 Field in federal waters off the coast of Louisiana, which held some 200 million barrels of oil equivalents.
 GKH Partners, L.P., is an investment partnership whose general partners are entities controlled by Jay and Torn Pritzker, Dan Lufkin and Mel Klein. Jay and Tom Pritzker are private investors and are chairman and president, respectively, of the Hyatt Corporation. Lufkin, a founder of the investment banking firm of Donaldson, Lufkin & Jenrette and a former governor of the New York Stock Exchange, has been involved in the acquisition of many businesses. Klein, a Corpus Christi attorney and private investor, has been involved in the successful formation and development of numerous companies.
 Lufkin, an original investor in Pan Ocean Oil, an early and successful operator in the North Sea that was subsequently merged into Marathon Oil Company, noted the strong reputation and record of Ernest Cockrell and Cockrell Oil Corporation in the oil and gas industry.
 "With such an outstanding partner as Ernie Cockrell and his experienced team, we are confident that we shall continue to build value for our partners over the long term," he said.
 Cockrell, 46, joined the family business in 1970 after completing engineering and MBA degrees at the University of Texas at Austin. He held field and petroleum engineering positions with the Cockrell Oil Corporation before becoming a member of the company's executive committee in 1972. In 1973, he was named executive vice president and chief operating officer, responsible for all areas of the oil and gas operations. He became president and CEO in 1979. Under his direction, the company continued to be active in exploration onshore in the United States, in state and federal waters in the Gulf of Mexico, in Canada and in the North Sea.
 He is a director of Pennzoil Company and Southwest Bank of Texas, and also serves on the boards of the Independent Petroleum Association of America and the Texas Mid-Continent Oil and Gas Association. He is a member of the All-American Wildcatters' Association and the American Petroleum Institute, and is a member and past president of the Houston Chapter of the Young Presidents' Organization.
 Cockrell is also the president of the Cockrell Foundation, a private charitable corporation which supports many Texas charities. He serves on the board of directors of The Methodist Hospital in Houston and the board of visitors of the University of Texas Cancer Foundation. He is a member and former chairman of the board of trustees of the Houston Museum of Natural Science, the board of directors of the Sam Houston Area Council of the Boy Scouts of America, and the University of Texas College of Engineering Foundation Advisory Council.
 -0- 8/31/92/1930
 /CONTACT: Robert Marston or Daniel O'Connell of Robert Martson Corporate Communications, 212-371-2200, for Cockrell Oil & Gas, L.P./ CO: Cockrell Oil & Gas, L.P.; GKH Partners, L.P. ST: Texas IN: OIL SU: JVN


SM-LO -- NY039 -- 4941 08/31/92 12:02 EDT
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Date:Aug 31, 1992
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