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DEKALB ENERGY SELLS CALIFORNIA PROPERTIES

    CALGARY, Alberta, Aug. 5 /PRNewswire/ -- DEKALB Energy Company (NASDAQ-NMS: ENRGB) announced today that it has sold its gas wells in California to Samedan Oil Corporation for $5.1 million, effective July 1, 1993.  This will result in the closure of the Bakersfield office effective immediately.
    The wells are located in the Sacramento and San Joaquin Basins.  At 1992 year end, DEKALB reported that in California it had 4,518 million cubic feet (MMCF) in proved natural gas reserves.  For the first six months of 1993, DEKALB produced 850 MMCF and reported no gas drilling successes.  DEKALB's only remaining asset in California is a non- operated working interest in a recent oil discovery.  Details of that discovery were announced in a press release on July 12, 1993.  "We believe that with this divestiture we are in a position to fully concentrate our efforts on exploration and development of our Canadian prospects," said Vince Tkachyk, president of DEKALB Energy.
    DEKALB Energy is engaged in oil and gas exploration and production in Canada. The company's Class B Stock is traded on the NASDAQ/NMS under the symbol ENRGB.
    -0-             08/05/93
    CONTACT:  Mark Merstorf, manager, investor relations for DEKALB Energy, 403-261-1286
    (ENRGB) CO:  DEKALB ENERGY; SAMEDAN OIL CORPORATION IN:  OIL ST:  MN,CA


-- MN016 -- X363 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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