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HALL-HOUSTON ANNOUNCES SALE OF GULF OF MEXICO PROPERTIES

 HOUSTON, June 3 /PRNewswire/ -- Hall-Houston Oil Co. announced today that it has signed a purchase and sale agreement and a separate letter of intent with Apache Corp. (NYSE: APA) to sell Apache in two separate transactions offshore Gulf of Mexico oil and gas properties for $125.5 million in cash plus assumption by Apache of certain liabilities valued at $17.4 million.
 The transactions are subject to customary consents and approvals, with the second transaction also subject to the execution of a mutually satisfactory purchase and sale agreement and consent of Hall-Houston's Preferred shareholders. The initial transaction involves the sale of Hall-Houston's interest in Mustang Island Blocks 787 and 805 and is expected to close on or before June 17, 1993. The second transaction involves the sale of substantially all of Hall-Houston's remaining producing properties, several undeveloped properties and a portion of its interest in selected exploratory leases. The second transaction, with an April 1, 1993 effective date, is expected to close on June 30, 1993 or as soon as possible thereafter.
 Gary Hall, chairman and chief executive officer of Hall-Houston, stated that, "The sale of properties to Apache will significantly improve our balance sheet and provide us with capital to continue to pursue exploration and development projects in the Gulf of Mexico and Malaysia. With the sales proceeds, we intend to satisfy all outstanding financing obligations not assumed by Apache and we intend to provide our Preferred shareholders the opportunity to redeem all or a portion of their stock if they so desire."
 Hall went on to say, "I want to emphasize that Hall-Houston will continue to be actively involved in the exploration and development of oil and gas properties in the Gulf of Mexico and selected international basins and that we will be adequately capitalized to support our anticipated future level of activity."
 Hall-Houston, headquartered in Houston, is a private company principally engaged in the exploration, development and production of oil and gas properties offshore in the Gulf of Mexico.
 -0- 6/3/93
 /CONTACT: Wayne Hall of Hall-Houston, 713-228-0711/
 (APA)


CO: Hall-Houston Oil Co.; Apache Corp. ST: Texas IN: OIL SU: TNM

MC -- DV004 -- 5079 06/03/93 14:47 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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