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ENERGEN INVESTS IN PRODUCING PROPERTIES WITH DEVELOPMENT POTENTIAL

 BIRMINGHAM, Ala., April 29 /PRNewswire/ -- Energen Corporation (NYSE: EGN) announced today that its Taurus Exploration subsidiary has purchased working interests in producing natural gas properties with significant development potential from Marathon Oil Company.
 This investment of approximately $1.6 million adds 2.9 billion cubic feet of natural gas to Taurus's proved reserves; an additional investment of $450,000 for development drilling is required to recover these reserves.
 Located offshore Texas and Louisiana, the properties are Vermilion Block 329, High Island Block A-568, Mustang Island Block 754, East Cameron Block 316 and West Cameron Block 589. Marathon Oil owned working interests in these blocks ranging from 11.25 percent to 72.2 percent, and Taurus purchased 18.5 percent of each amount.
 "This investment fits well into our strategy of taking small working interest positions in properties with good development potential," said Mike Warren, president of Energen and Taurus.
 Energen has recently been expanding and redirecting its conventional oil and gas program along a lower risk path and, to-date, has focused on purchasing proven reserves with some development potential and supplementing returns with limited exploration in the shallow waters of the Gulf of Mexico.
 Energen is a diversified energy company with headquarters in Birmingham. Its two major lines of business are natural gas distribution and oil and gas exploration and production.
 -0- 4/29/93
 /CONTACT: Analysts: Julie S. Ryland, 205-326-8421, or Media: Susan C. Love, 205-326-9212, both of Energen/
 (EGN)


CO: Energen Corporation; Marathon Oil Company; Taurus Exploration ST: Alabama IN: OIL SU:

BR-RA -- AT010 -- 2621 04/29/93 11:35 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
Words:263
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