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KELLEY OIL & GAS CORPORATION COMPLETES EQUITY FINANCING FOLLOWING CONSOLIDATION.

HOUSTON, TEXAS--(BUSINESS WIRE)--Feb. 10, 1995--KELLEY OIL & GAS CORPORATION (Nasdaq NM:KOGC) announced the completion today of an institutional private placement of 4 million shares of its common stock at $4.00 per share. The shares were acquired by funds managed by Fidelity Management & Research Company. The company has agreed to provide prompt registration rights. Proceeds from the private placement will be used for drilling activities and working capital.

David L. Kelley, Chairman and CEO, said "We are very pleased to have the confidence and support of this major institutional investor for the consolidated company. The private placement confirms our conviction that combining the ownership of Kelley Oil & Gas Partners, Ltd. and Kelley Oil Corporation through the consolidation completed earlier this week will position us to build a stronger base for developing our oil and gas resources."

Kelley Oil &Gas Corporation is an independent exploration and production company with oil and gas properties located primarily in Louisiana. A subsidiary of the company is the managing general partner of Kelley Oil & Gas Partners, Ltd. and separate development partnerships in which it owns controlling interests. The company's common and preferred stock are traded on the Nasdaq National Market under the symbols KOGC and KOGCP.

CONTACT: Frances Gomulka

Manager, Investor Relations

(713) 652-5200
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Publication:Business Wire
Date:Feb 10, 1995
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