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LASMO ACQUIRES 5.4 PERCENT STAKE IN PLAINS IN EXCHANGE FOR MIAMI FEE PROPERTIES

 LASMO ACQUIRES 5.4 PERCENT STAKE IN PLAINS IN EXCHANGE
 FOR MIAMI FEE PROPERTIES
 HOUSTON, Aug. 6 /PRNewswire/ -- Plains Resources Inc. (AMEX: PLX) and LASMO plc (LONDON: LSMRU) today jointly announced that Plains had acquired all of LASMO's interest in Plains' Miami Fee Exploration Program in Cameron Parish, La., for a purchase price consisting of 600,000 shares of Plains' common stock. As a result of this transaction, LASMO will hold a 5.4 percent stake in Plains.
 This transaction increases Plains' ownership in the Willow Bayou Field by nearly 50 percent, resulting in a 92 percent working interest before payout and a 58 percent working interest after payout. Plains previously held a 62 percent working interest before payout and a 39 percent working interest after payout. Three wells are presently drilling in the field.
 The acquisition also includes LASMO's ownership in approximately 20,000 acres surrounding the initial discovery well, an oil and gas gathering and transmission facility and related production facilities.
 Jerry Pickerill, president of Ultramar Oil & Gas Limited in the United States, a unit of LASMO plc said, "This transaction is part of an ongoing effort to divest LASMO's upstream U.S. activities. We have good expectations for Willow Bayou and believe our stock position in Plains will allow LASMO to share in the company's upside potential." In May this year, LASMO announced the sale of LASMO Energy Corporation for approximately $72 million and is currently negotiating the sale of Ultramar's former U.S. exploration and production interests.
 LASMO, headquartered in London, is one of the world's largest independent exploration and production companies with world-wide production now exceeding 180,000 bbls per day. Plains Resources is an independent oil and gas exploration and production company headquartered in Houston, Texas. During 1991, it was ranked by The Oil and Gas Journal as 113th among the largest publicly traded oil and gas companies in the United States.
 -0- 8/6/92
 /CONTACT: Nancy J. Kerby of Plains Resources Inc., 713-654-1414, or Joe Darby, executive director and COO of LASMO plc, 011-4471-945-4564/
 (PLX) CO: Plains Resources Inc.; LASMO plc ST: Texas IN: OIL SU: TNM


LR -- NY084 -- 7689 08/06/92 15:28 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
Words:364
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