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GENERAL ATLANTIC RESOURCES ANNOUNCES SECOND-HALF EXPLORATORY RESULTS

 DENVER, Jan. 12 /PRNewswire/ -- General Atlantic Resources Inc. (NASDAQ: GARI) today announced the results of several exploratory projects undertaken during the second half of 1993. During this period, the company successfully drilled one discovery well and one confirmation well in the Gulf of Mexico and made four discoveries on 3-D seismic prospects in Texas and Alabama.
 In the Gulf of Mexico, the company completed a new field discovery well on its High Island 93 prospect in 45 feet of water 30 miles off the Texas coast. The High Island Block 93 No. 1 well flow tested over 12 million cubic feet of gas and 200 barrels of condensate per day. Proved reserves are estimated at approximately 15 BCFE. General Atlantic, which operates the prospect with a 19 percent working interest, will install a production platform during the first quarter of 1994 and expects to have the well on production before mid-year.
 The company also drilled a confirmation well on its South Timbalier 277 prospect, located in 225 feet of water 70 miles offshore Louisiana. The discovery well on this prospect was drilled in December 1992 and tested up to 6 million cubic feet of gas and 130 barrels of condensate per day at a flowing tubing pressure of 4262 psig. The new well found 27 feet of net gas pay at a depth of 6,700 feet. Proved reserves for the two wells are estimated at approximately 10 BCFE, with potential reserves on the block of several times that amount. General Atlantic, which operates the prospect with a 22 percent working interest, expects to build a platform and production facilities by late 1994. Depending on the production performance of the two wells, up to six additional locations may be drilled on the block in 1995 and 1996.
 General Atlantic also was awarded all five Gulf of Mexico blocks on which it submitted bids in the September 1993 OCS sale. The company controls 100 percent of High Island A-122, High Island A-123, High Island A-133, High Island A-560 and Matagorda 714, and expects to test all of these blocks in 1994 in conjunction with its drilling partners.
 Onshore, General Atlantic drilled four apparent discovery wells on the Horseshoe Atoll in West Texas, where it is pursuing a 3-D seismic exploratory program with several joint venture partners. Of the four wells, one is currently flowing at its allowable rate of 130 barrels of oil per day, while the other three are in various stages of production testing and completion. General Atlantic operates all four wells with a 15 percent working interest.
 The company also participated in a Smackover oil discovery in Monroe County, Ala. The discovery well was drilled on a farm-out from Phillips Petroleum after a 3-D seismic survey refined an earlier 2-D lead. This well is currently being completed in a 28-foot interval at 14,250 feet by the operator, Callon Petroleum Co. General Atlantic owns an 8 percent working interest. Including its Horseshoe Atoll and Smackover projects, General Atlantic is currently involved in over 450 square miles of onshore 3-D seismic activity in Texas, Alabama and the Mid- Continent and has identified over 50 drilling locations for possible testing during the next 24 months.
 General Atlantic manages additional interests in the above projects on behalf of several long-term partners, including John Hancock Mutual Life Insurance Co., and subsidiaries of MDU Resources Group and Energen Corp.
 General Atlantic Resources is a Denver-based independent oil and gas operating company that acquires, develops and exploits producing oil and gas properties, and explores for oil and gas reserves. The company's oil and gas properties and prospects are located in major producing basins in the western United States, offshore in the Gulf of Mexico and in western Canada. The company's stock trades on NASDAQ under the symbol GARI.
 -0- 1/12/94
 /CONTACT: Michael P. Dowling or Neil L. Stenbuck of General Atlantic Resources, 303-573-5100/
 (GARI)


CO: General Atlantic Resources Inc. ST: Colorado IN: OIL SU:

JL-JB -- LA011 -- 1234 01/12/94 07:00 EST
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Publication:PR Newswire
Date:Jan 12, 1994
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