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JONES OIL MOVES OPERATION TO AUSTRALIA

 QUEENSLAND, Australia, May 4 /PRNewswire/ -- The downturn of the Texas oil industry has encouraged independent oil explorer, Jones Oil Company to move its operations out of the state and into Australia where it has been awarded 2,453,027 acres of prospective oil and gas tracts.
 The company will commence operations in Australia by investing approximately US$2 million to drill three exploration wells to start up stage in an outback region of the north eastern state of Queensland.
 Jones Oil President Mr. Jimmy Jones said the favorable business climate and the opportunities to explore for a higher grade of oil, attracted him to the country.
 "In Australia, the government is willing to assist business instead of over regulate it," Mr. Jones said.
 "More importantly, everyone is on a level playing field.
 "This is definitely the start of long term operations in Australia for Jones Oil.'
 He added the Queensland Government greatly assisted Jones Oil to assess the feasibility of available acreage by providing all the seismic studies needed and simplifying the whole bureaucratic process.
 The drilling permits ultimately awarded to Jones Oil are for two tracts of 55,000 and 2,398,047 acres respectively. This represents a total area larger than Rhode Island.
 Mr. Jones said this acreage is located within the Eromanga, Cooper and Galilee Basins which have significant oil and gas bearing sands.
 The acreage is also situated adjacent to fields already developed by Exxon-Santos.
 These neighboring fields produced 16 million barrels of oil, 10 million barrels of hydrocarbons and 170 billion cubic feet of natural gas in the last year alone.
 Mr. Jones said the outstanding feature about the oil in this area is its 49 gravity grade compared with the average 38 gravity oil in Texas.
 "People were pumping this oil out of the ground and using it straight to run diesel engines," he said.
 Jones Oil expects to commence drilling the first of the three wells in July 1993 when it will test the permian through this lower Cretaceous sediments at around 4,000 to 5,000 feet.
 At this stage, the company also anticipates it will develop the fields.
 All oil produced will be sold in the Queensland market.
 -0- 5/4/93
 /CONTACT: Marc Berry or Robert Peterman of Jones Oil, 214-248-3402 or fax, 214-248-9676/


CO: Jones Oil Company ST: Texas IN: OIL SU:

SM-WB -- NY068 -- 4470 05/04/93 15:46 EDT
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Date:May 4, 1993
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