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Energen Resources Completes Sale of Offshore Properties to Bellwether.

BIRMINGHAM, Ala., July 1 /PRNewswire/ -- Energen Resources Corporation, the oil and gas subsidiary of Energen Corporation (NYSE: EGN), announced today that it has completed the sale of its interest in 33 federal Gulf of Mexico blocks to Bellwether Exploration Company (Nasdaq: BELW) of Houston for $17 million. Owners in one field exercised their preferential right to purchase Energen Resources' interest in that field for $5.3 million. That transaction is expected to close by mid-July. The sale of its interest in these properties is expected to result in an after-tax gain for Energen Resources.

These Gulf of Mexico interests are among the non-strategic properties Energen Resources previously announced plans to sell this summer. Interests remaining to be sold include oil and gas properties in South Louisiana. Proceeds from the sale of properties will be used to pay down short-term debt incurred in Energen Resources' property acquisition program.

Birmingham-based Energen Corporation is a diversified energy company involved in natural gas distribution and the acquisition, development, exploration and production of domestic oil and natural gas reserves.

This release contains "forward-looking statements" which express expectations of future events and/or results. All statements based on future expectations rather than on historical facts are forward-looking statements that involve a number of risks and uncertainties, and the company cannot give assurance that such statements will prove to be correct. A discussion of risks and uncertainties, which could affect future results of Energen and its subsidiaries, is included in the company's periodic reports filed with the Securities and Exchange Commission.
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Publication:PR Newswire
Geographic Code:1USA
Date:Jul 1, 1999
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