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EQUITABLE RESOURCES PURCHASES APPALACHIAN PROPERTIES OF COASTAL CORPORATION

 EQUITABLE RESOURCES PURCHASES APPALACHIAN
 PROPERTIES OF COASTAL CORPORATION
 PITTSBURGH, Nov. 25 /PRNewswire/ -- Equitable Resources, Inc. (NYSE: EQT) announced today that it has purchased the Appalachian Basin gas and oil properties owned by Coastal's (NYSE: CGP) subsidiary, ANR Production Company, and some Coastal drilling programs for $75 million.
 The acquisition, Equitable's largest to date, strengthens its position as one of the foremost Appalachian gas producers, and follows by two months a $64 million purchase that added significantly to its oil interests in the Rocky Mountain region. Combined, they add approximately 20 percent to Equitable's proved reserves at very competitive prices.
 Located in western Virginia, the properties constitute the largest block of undrilled acreage adjacent to Equitable's Kentucky and Virginia holdings, which are the hub of its Appalachian production. The transaction includes both developed and undeveloped gas reserves; approximately 200 producing wells; 220,000 net acres, most of which have yet to be explored; and 200 miles of gathering lines connected to a major interstate pipeline. Equitable's President D.I. Moritz said the company ultimately expects net production from the new properties to reach or exceed 10 billion cubic feet annually based on a development program of several hundred new wells.
 H.E. Gardner, president of Equitable Resources Energy Company, the subsidiary that will oversee the properties, noted that the acquisition is a strategic extension of Equitable's existing operations and offers the potential for significant operational efficiencies.
 "We can apply the techniques we've developed over the last few years for conventional and coalbed methane drilling in Virginia. In addition, pipeline operations will be streamlined, and our marketing subsidiary will have new opportunities to provide gas to fast growing markets in the Middle Atlantic and Northeast regions."
 Equitable Resources, a diversified energy resource and utility services company, is a major producer of gas in the Appalachian Basin, has substantial oil interests in the Rocky Mountain region, and is active in the Gulf of Mexico and Colombia, South America.
 -0- 11/25/91
 /CONTACT: Brian Plante of Equitable Resources, 412-553-5911/
 (EQT CGP) CO: Equitable Resources, Inc.; Coastal Corporation; ANR Production
 Company ST: Pennsylvania, Virginia IN: OIL SU: TNM


DM -- PG008 -- 6822 11/25/91 11:55 EST
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Publication:PR Newswire
Date:Nov 25, 1991
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