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MAXUS ENERGY SIGNS CONTRACT FOR UNIT IN VENEZUELA

 DALLAS, Nov. 19 /PRNewswire/ -- Maxus Energy Corporation (NYSE: MXS) today announced the signing of a contract for the Quiriquire Unit in Venezuela. Maxus (95 percent interest) and Otepi Consultores (5 percent interest) signed for the unit with Lagoven, which is an affiliate of the Venezuelan state oil company, Petroleos de Venezuela, S. A. (PDVSA). The Quiriquire Unit was part of the reactivation bid Round No. 2.
 The contract requires a three-year work program that begins in 1994 with a study of existing fields and a three-dimensional seismic program over potential deep prospects. The Quiriquire Unit is currently producing 800 to 1,000 barrels per day (bpd). Maxus' plans include beginning a field reactivation program and drilling two outpost wells. Maxus is considering additional partners for the project.
 The Quiriquire Unit is on a trend with PDVSA's El Furrial discoveries, which have identified approximately 5 billion barrels of reserves.
 "The Quiriquire Unit is a good opportunity for Maxus to develop reserves in an area that has large production potential," said Mike Forrest, vice chairman and chief operating officer.
 Dallas-based Maxus Energy is an independent oil and gas exploration and production company with operations in more than one dozen countries.
 -0- 11/19/93
 /CONTACT: Peter Dallas, investor, 214-953-2816, or Tom Sullivan, media, 214-953-2844, both of Maxus Energy Corporation.
 (MXS)


CO: Maxus Energy Corp. ST: Texas IN: OIL SU: CON

SP -- NY040 -- 6517 11/19/93 12:02 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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