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MOBIL SELLS INTEREST IN 13 GULF OF MEXICO FIELDS

 FAIRFAX, Va., Sept. 30 /PRNewswire/ -- Mobil Corporation (NYSE: MOB) announced today that it has sold Mobil's interest in 13 gas producing properties and three associated pipelines in the western Gulf of Mexico to Sonat Exploration Company for $133.6 million. The assets are located in shallow federal waters offshore Louisiana and Texas.
 Current net production associated with the properties is 80 million cubic feet of gas and 270 barrels of condensate per day. The properties contain gas reserves, which represent about 1 percent of Mobil's gas reserves in the United States.
 Mobil said the sale of these properties is part of an ongoing strategy to realize value today for assets that are no longer part of Mobil's core producing base in North America. Since 1989, Mobil has sold more than 500 fields in the U.S. containing reserves of 150 million barrels of oil equivalent and generated more than $900 million in cash after taxes. This asset sales program has resulted in substantial improvements in productivity and profitability. Mobil's net production in the U.S. last year was 1.6 billion cubic feet of gas and 311,000 barrels of liquids a day.
 -0- 9/30/93
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB)


CO: Mobil Corporation; Sonat Exploration Company ST: Virginia, Louisiana, Texas IN: OIL SU:

GK -- NY102 -- 7448 09/30/93 16:09 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
Words:226
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