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MITCHELL PAYS $16.1 MILLION FOR OIL AND GAS PROPERTIES IN TEXAS AND NEW MEXICO

 THE WOODLANDS, Texas, May 5 /PRNewswire/ -- Mitchell Energy & Development Corp. (NYSE: MND) today reported it has purchased varying working interests in approximately 346 producing wells and 9,600 gross acres of leases in Texas and New Mexico in four separate transactions totaling $16.1 million.
 In the largest of the acquisitions, Mitchell paid Mobil Producing Texas and New Mexico, Inc., $7 million for interests ranging from 46 percent to 100 percent in 13 producing wells and approximately 4,600 gross acres of leases in Lassater Field in Marion County, West Texas. As part of the purchase, the company also acquired a 62 percent interest in the Lassater Central Separation and Storage Facility and 100 percent of the Lassater Field Gas Gathering System.
 In a $4.6 million transaction with NICOR Exploration Company, Mitchell increased its working interests by approximately 13 percent in 210 oil and gas wells. Mitchell currently operates more than 95 percent of the producers, which are located in North and East Texas and along the Texas Gulf Coast.
 The company also reported acquiring additional interests in 94 wells located in various locations in Texas and southeastern New Mexico for $3.7 million.
 In the fourth acquisition, Mitchell paid Sonat Exploration Company $975,000 for interests ranging from 31 percent to 100 percent in 29 producing natural gas wells and approximately 5,000 gross acres of leases in Wise County, North Texas. These properties complement Mitchell's existing exploration and production operations in North Texas, an area where the company has been active for more than 40 years.
 Mitchell Energy & Development Corp. is among the nation's largest independent producers of natural gas, natural gas liquids and oil and is a major real estate developer in the Houston-Galveston area. The company's shares are traded on the New York Stock Exchange under the symbols MND A and MND B.
 -0- 5/5/93
 /CONTACT: Debbie Siegfried, 713-377-5658, or Tony Lentini, 713-377-5654, both of Mitchell Energy & Development Corp./
 (MND)


CO: Mitchell Energy & Development Corp. ST: Texas IN: OIL SU: TNM

PS -- NY027 -- 4748 05/05/93 09:27 EDT
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Publication:PR Newswire
Date:May 5, 1993
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