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HONDO REPORTS STATUS OF NEGOTIATIONS

 ROSWELL, N.M., July 1 /PRNewswire/ -- Hondo Oil & Gas Co. (AMEX: HOG) announced that negotiations with a major international oil company with a view toward its participation in the Opon Association Contract in Colombia are progressing. No agreement has yet been reached. Also, the company's subsidiary, Hondo Magdalena Oil & Gas Ltd., has obtained from the Colombian national oil company, Ecopetrol, an extension until Oct. 15, 1993 to begin the next La Paz well on the contract area.
 Lonrho Pic has agreed to provide interim financial support of $2 million to the company. Negotiations continue with Lonrho for further support.
 The company continues its efforts to sell its Fletcher refinery and real estate assets in California.
 These initiatives, or other alternatives, continue to be vital to the future of the company.
 -0- 7/1/93
 /CONTACT: C.B. McDaniel of Hondo Oil & Gas, 505-625-8700/
 (HOG)


CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU:

LM-EH -- LA020 -- 7784 07/01/93 13:36 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:164
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