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HAMPTON RESOURCES CORPORATION ANNOUNCES AGREEMENTS WITH REBEL DRILLING COMPANY AND MORGAN GUARANTY TRUST COMPANY

 HOUSTON, Jan. 5 /PRNewswire/ -- Frank A. Lodzinski, president and chief operating officer of Hampton Resources Corporation (NASDAQ: HPTR) announced today that Hampton on Dec. 16, 1993 has finalized agreements with Rebel Drilling Company and Morgan Guaranty Trust Company of New York in which it acquired a net 15 percent carried interest in Rebel's 3200 acre block in the recently discovered Cadre Field, Hidalgo County, Texas. Hampton will participate proportionately in the drilling costs.
 Cadre Field, discovered in July, 1992 by Shell Western E & P, produces from three abnormally pressured Vicksburg reservoirs with estimated ultimate reserves of 300-400 billion cubic feet of gas (BCFG). Shell currently produces approximately 43 million cubic feet of gas per day (MMCFD) from five wells, with the most recent well testing in Sept. 1993 with an absolute open flow of 102 MMCFD.
 Cadre Field is situated along the axis of a southeasterly plunging Vicksburg "ridge" which has been a major exploration target since it was recognized in the late 1950's. This "ridge" has been responsible for a series of significant hydrocarbon accumulations discovered principally by Shell as they have explored progressively deeper into the basin. Exploration along the axis of the ridge began with the McAllen Ranch Field (which has produced 1.1 trillion cubic feet to date) and has culminated thus far six miles to the southeast at Cadre Field. Other fields along the axis of the ridge include McAllen Ranch, McAllen East Field (discovered in 1986 and produced over 150 BCFG to-date with an estimated ultimate recovery of approximately 350 BCFG).
 Hampton will develop its newly acquired lease position using 3-D seismic technology shot earlier this year. Current plans are for Hampton to spud its first well in the first quarter of 1994. This first location will be offsetting Shell's Jericho No. 3 which was completed in May of this year flowing 9.6 million cubic feet per day and 133 barrels of condensate per day.
 Hampton will serve as operator and thus control drilling and production operations. Other owners include Southwest Gas Supply, Inc., an affiliate of Michigan Consolidated Gas Corporation, and a pension trust managed by Morgan Guaranty Trust Company of New York.
 -0- 1/5/94
 /CONTACT: Jeffrey S. Rawson, chairman, or Frank A. Lodzinski, president and chief operating officer, both of Hampton Resources Corporation, 713/752-2950/
 (HPTR)


CO: Hampton Resources Corporation; Rebel Drilling Company; Morgan
 Guaranty Trust Company of New York ST: Texas IN: OIL SU:


TM -- NY080 -- 9531 01/05/94 17:31 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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