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ENERGEN INVESTS IN PRODUCING PROPERTIES

 BIRMINGHAM, Ala., Dec. 15 /PRNewswire/ -- Energen Corporation (NYSE: EGN) announced today that it has purchased working interests in producing conventional oil and gas properties from General Atlantic Resources Inc. for approximately $5.5 million.
 This investment adds approximately 450,000 barrels of oil and 4.4 billion cubic feet (Bcf) of natural gas to the proved reserves of Taurus Exploration, Inc., Energen's oil and gas exploration and production subsidiary.
 Together with a $4.5 million investment in October, this additional purchase brings Energen's total cash investment in General Atlantic's 1991 acquisition program to approximately $10 million and adds a total of approximately 975,000 barrels of oil and 6.4 Bcf of gas to Taurus' proved reserves. Minimal additional development investment could generate potential additional reserves of 140,000 barrels of oil and 0.2 Bcf of gas.
 The properties are located primarily in the Rocky Mountain and West Texas areas, and the acquisitions were financed with cash proceeds from the August sale of a portion of Taurus' coalbed methane interests. Energen also is considering a $5 million investment in the 1993 acquisition program of General Atlantic, which acquires and develops existing oil and gas properties and explores for new reserves on behalf of itself and several institutional, utility and corporate partners.
 "Our recent investment in producing properties gives us the opportunity to assess quality conventional acquisition and development opportunities without incurring extensive operating staff expense and overhead," said Mike Warren, president of Energen and Taurus. "Our continued association also facilitates future exploratory efforts in the Gulf of Mexico where we have recently participated in a successful discovery."
 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- 12/15/92
 /CONTACT: Analysts/Financial Contact: Julie Spafford Ryland, 205-326-8421; Media Contact: Susan C. Love, 205-326-9212, both of Energen/
 (EGN)


CO: Energen Corporation; General Atlantic Resources Inc.; Taurus
 Exploration, Inc. ST: Alabama IN: OIL SU:


BN-BR -- AT010 -- 7167 12/15/92 11:57 EST
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Publication:PR Newswire
Date:Dec 3, 1992
Words:341
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