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EDISTO SELLS PRODUCTION PAYMENT TO ENRON GAS SERVICES FOR $18 MILLION

   EDISTO SELLS PRODUCTION PAYMENT TO ENRON GAS SERVICES FOR $18 MILLION
    DALLAS, Feb. 5 /PRNewswire/ -- Edisto Resources Corporation (AMEX: EDS) and Enron Gas Services, a unit of Enron Corp. (NYSE: ENE), announced today that Edisto Resources Corporation has sold a production payment to Enron Gas Services for $18 million.  Under terms of the production payment, Edisto has conveyed an interest in reserves and producing properties equivalent to approximately 1.4 million barrels of crude oil, beginning Feb. 1, 1992. The reserves will be produced from fields located in East Texas.  Edisto will be responsible for production-related costs associated with operating the properties.
    In addition to the production payment, Enron Gas Services has signed a contract wherein it will purchase all of the remaining crude oil production from these fields during the term of the production payment. Enron Gas Services will market and arrange transportation through Enron Oil Trading & Transportation Company for the oil delivered under the production payment and the crude oil purchase contract.
    Funding for the transaction is off-balance sheet and non-recourse to Enron.
    Enron Corp., America's leading natural gas company with more than $13 billion in annual revenues and $10 billion in assets, operates the nation's largest natural gas transmission system; markets natural gas, gas liquids, crude oil and condensate and refined products nationally and worldwide; owns 84 percent of Enron Oil & Gas Company, one of the country's largest independent (non-integrated) exploration and production companies; is one of the largest independent developers and producers of electricity in the United States and the United Kingdom, with extensive experience in combined heat and power installations; and is a leading non-regulated purchaser and marketer of long-term natural gas supplies.
    Edisto Resources Corporation is an integrated energy company engaged in oil and gas exploration, development and production, and natural gas marketing and transmission.  The company's principal reserves and producing properties are located offshore Gulf of Mexico and in Texas and Oklahoma.
    -0-           2/5/92
    /CONTACT:  Gary L. Pittman, vice president-financial services of Edisto Resources, 214-880-0243, or Diane Bazelides of Enron, 713-853-6285/
    (EDS ENE) CO:  Edisto Resources Corporation; Enron Corp. ST:  Texas IN:  OIL SU: SH -- NY071 -- 7317 02/05/92 15:23 EST
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Publication:PR Newswire
Date:Feb 5, 1992
Words:362
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