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DESTEC ENERGY ACQUIRES NATURAL GAS RESERVES

 HOUSTON, Aug. 31 /PRNewswire/ -- Destec Energy, Inc. (NYSE: ENG), a leading independent power producer headquartered in Houston, announced today that it has acquired approximately 38 billion cubic feet of natural gas reserves in the San Juan Basin, Colo.
 Currently 19 producing wells, with a gross production rate of 22 million cubic feet of gas per day, are located on the properties acquired by Destec. The expected reserve life of the field is approximately 36 years.
 "The addition of these reserves, which are conveniently located for supplying gas to Destec's existing and planned cogeneration facilities, more than doubles Destec's reserve base in the San Juan Basin," said Charles F. Goff, Destec president and chief executive officer. "Gas from this region can be delivered to Destec's cogeneration facilities on the West Coast as well as to additional markets in the southwestern and eastern United States."
 The operator of the project, Palo Petroleum, Inc., a Dallas based independent which specializes in coalbed methane development, will retain a significant interest in the project and has been retained by Destec to manage the properties. "Palo is excited to have the opportunity to work with Destec on this project," said James P. Graham, Palo's president and chief executive officer, "because of the vision and integrity of their management."
 Destec is a major independent power company that develops, builds, owns and operates gas-fired power generation facilities that produce and sell electrical and thermal energy, as well as facilities that manufacture synthetic fuel gas for use in energy production. Destec has interests in 13 operating projects with a total rated equivalent capacity of more than 1,390 megawatts of electricity and over two million pounds per hour of steam. Destec presently has two facilities, representing 724 megawatts of capacity, under construction. In addition, Destec currently markets more than 425 megawatts of electricity cogenerated by The Dow Chemical Company.
 -0- 8/31/93
 /CONTACT: Keith D. Duke (investors), 713-735-4022, or Marvin L. Brown Jr., 713-735-4215, both of Destec Energy, Inc. or James P. Graham of Palo Petroleum, Inc., 214-691-3676/


CO: Destec Energy, Inc. ST: Texas IN: OIL SU: TNM

MP -- NY015 -- 7395 08/31/93 10:00 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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