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CROSS TIMBERS OIL COMPANY SIGNS ACQUISITION AGREEMENT

 FORT WORTH, Texas, May 25 /PRNewswire/ -- Cross Timbers Oil Company (NYSE: XTO) today announced that it has executed a Purchase and Sale Agreement to acquire interests in certain producing oil and gas properties in West Texas and southeast New Mexico from Atlantic Richfield Company (NYSE: ARC).
 The agreement calls for Cross Timbers to pay $37.1 million in cash, subject to customary purchase price adjustments, effective April 1, 1993. The transaction will be subject to approval by various regulatory agencies and the possible effect of preferential purchase rights held by third parties on certain properties. Closing is anticipated around June 30, 1993.
 The interests to be acquired 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, New Mexico. Cross Timbers' internal engineers estimate proved reserves at April 1, to be 5.7 million barrels of crude oil and condensate and 11.0 billion cubic feet of natural gas.
 Bob R. Simpson, Cross Timbers' chief executive officer, noted that, "The acquired interests increase our presence in key fields and meet our acquisition criteria, being quality, long-lived reserves with upside potential."
 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- 5/25/93
 /CONTACT: Bob R. Simpson, vice chairman and chief executive officer of Cross Timbers Oil Company, 817-870-2800/
 (XTO ARC)


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

LD -- NY097 -- 2343 05/25/93 17:17 EDT
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Publication:PR Newswire
Date:May 25, 1993
Words:272
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