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MAXUS ENERGY CORPORATION ANNOUNCES INTENT TO SELL NORTHWEST JAVA ASSETS

 DALLAS, May 3 /PRNewswire/ -- Maxus Energy Corporation (NYSE: MXS) announced its intent to pursue the sale of its interest in the Northwest Java contract area of Indonesia. Maxus has retained Merrill Lynch & Co. in connection with this potential transaction.
 Maxus holds a 24.27 percent interest in the 5.7 million-acre production-sharing contract area, which is operated by ARCO. Since 1971, the area has produced nearly 1 billion barrels of crude oil and current gross oil production from the Northwest Java contract area is approximately 130,000 barrels per day (bpd). Maxus' current net share of oil sales from Northwest Java is approximately 18,000 bpd. Development is underway on a major natural gas project, which includes an agreement to provide natural gas to two large electric utilities in Jakarta. The 260 million-cubic-feet-per-day gas project is due to start up in third quarter 1993.
 "While the area has been important to Maxus and has significant future growth potential, the company continuously seeks to maximize its opportunities which might best be achieved by redeploying the value of this asset," said Charles L. Blackburn, chairman and CEO.
 Plans are to set up a data room in Dallas by late May.
 Dallas-based Maxus Energy is a large independent oil and gas exploration and production company with operations in 13 countries, including the United States.
 -0- 5/3/93
 /CONTACT: Linda Covington, 214-953-2844, or Peter Dallas (investors), 214-953-2083, both of Maxus Energy/
 (MXS)


CO: Maxus Energy Corporation ST: Texas IN: OIL SU: TNM

CK -- NY048 -- 3732 05/03/93 11:07 EDT
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Publication:PR Newswire
Date:May 3, 1993
Words:258
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