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MITCHELL BUYS WEST TEXAS PROPERTIES FOR $4.1 MILLION

 MITCHELL BUYS WEST TEXAS PROPERTIES FOR $4.1 MILLION
 THE WOODLANDS, Texas, June 18 /PRNewswire/ -- Mitchell Energy &


Development Corp. (AMEX: MND) today reported it has purchased an interest in 274 wells and 10,400 gross acres of leases in West Texas from Oryx Energy Company for $4.1 million.
 With this purchase, the company adds a 10.73 percent working interest in the TXL South Unit to its previous holdings, making Mitchell Energy the third largest interest owner in a waterflood project there with 17.15 percent. Texaco, Inc., is the operator and largest interest owner.
 Recent expansion of water injection capacity and infill drilling on the unit have increased the unit's average daily oil production from 500 barrels to the current rate of 1,200 barrels, with an anticipated peak of 1,700 barrels this summer. Based upon this success, the partners expect to expand the project into other areas of the unit.
 Mitchell Energy & Development Corp. is among the nation's largest independent energy companies. The company also has sizable real estate interests, primarily in the Houston-Galveston area.
 -0- 6/18/92
 /CONTACT: Debbie Siegfried or Tony Lentini of Mitchell Energy & Development Corp., 713-377-5650/
 (MND) CO: Mitchell Energy & Development Corp. ST: Texas IN: OIL SU: TNM


PS -- NY021 -- 1409 06/18/92 10:01 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
Words:216
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