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CROSS TIMBERS OIL COMPANY COMPLETES ACQUISITION OF PROPERTIES FROM ATLANTIC RICHFIELD COMPANY

 FORT WORTH, Texas, June 30 /PRNewswire/ -- Cross Timbers Oil Company (NYSE: XTO) today completed its previously announced acquisition of interests in certain producing oil and gas properties in West Texas and southeast New Mexico from Atlantic Richfield Company (NYSE: ARC).
 Bob R. Simpson, Cross Timbers' chief executive officer, stated, "The acquisition is the first step toward our goal of acquiring at least $250 million in quality oil and gas properties during the next five years."
 At closing, Cross Timbers paid approximately $33.2 million in cash for the properties. Adjustments to the preliminary purchase price of $37.1 million relate to estimated cash flow from the April 1, 1993, effective date to closing, preferential purchase rights exercised by third parties and other adjustments. Additional minor purchase price changes may result from customary post-closing adjustments. The purchase was funded through borrowings under the company's existing corporate credit facility with commercial banks.
 The acquired interests consist of working and royalty interests in the Russell Field of Gaines County, Texas; the Prentice Field of Terry and Yoakum counties, Texas; and several fields in Lea County, N.M. Cross Timbers' internal engineers estimate proved reserves at July 1 to be 5.5 million barrels of crude oil and condensate and 9.5 billion cubic feet of natural gas. Production from the properties averages approximately 1,600 barrels of oil and 2,500 Mcf of gas per day.
 Cross Timbers Oil Company is engaged in the acquisition, exploitation and development of producing oil and gas properties and the marketing and transportation of oil and natural gas.
 -0- 6/30/93
 /CONTACT: Louis Baldwin, senior vice president and chief financial officer of Cross Timbers, 817-870-2800/
 (XTO ARC)


CO: Cross Timbers Oil Company; Atlantic Richfield Company ST: Texas, New Mexico IN: OIL SU: TNM

GK -- NY059 -- 7233 06/30/93 14:11 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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