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NERCO ANNOUNCES DRILLING RESULTS ON GARDEN BANKS BLOCK 235

 NERCO ANNOUNCES DRILLING RESULTS ON GARDEN BANKS BLOCK 235
 PORTLAND, Ore., June 9 /PRNewswire/ -- NERCO Inc. (NYSE: NER; Toronto) today announced that its NERCO Oil & Gas Inc. subsidiary has successfully tested the No. 3 well in Garden Banks Block 235. NERCO has a 100-percent working interest in the field which is located offshore Louisiana, 180 miles southeast of Houston. The exploratory test was conducted in water depth of over 800 feet. The original discovery well in the field (GB235 No. 1) was drilled in 1991.
 The latest field wildcat well encountered three pay zones between 6,500 and 10,000 feet totaling 140 feet of measured depth pay sands. The deepest of the three sands was tested over a 24-hour period at a sustained production rate of 9.8 million cubic feet of natural gas per day with 5,600 pounds of flowing tubing pressure per square inch. Several other potential zones are being evaluated with conventional log and core data.
 According to NERCO Inc. President & Chief Executive Officer Lawrence E. Heiner, "We are encouraged by the recent results and anticipate additional drilling to determine the ultimate size of this find."
 For 1992 through May, NERCO Oil & Gas Inc. had participated in 15 exploratory and development wells of which 12 were operated by the company. Of these 15 wells 11, or 73 percent, were successful.
 NERCO Oil & Gas Inc. is currently producing approximately 290 million cubic feet of natural gas, 5,000 barrels of oil and 4,900 barrels of natural gas liquids per day.
 NERCO Inc. is a diversified natural resource company with interests in low-sulfur coal, natural gas, oil and precious metals. NERCO Oil & Gas Inc. is one of the largest independent natural gas producers operating in the Gulf of Mexico.
 Approximately 82 percent of NERCO's common stock is beneficially owned by PacifiCorp (NYSE: PPW).
 -0- 6/9/92
 /CONTACT: John C. Cummings, 503-731-6649, or Richard T. O'Brien, 503-731-6732, both of NERCO Inc./
 (NER PPW) CO: NERCO Inc.; NERCO Oil & Gas Inc. ST: Oregon; Louisiana IN: OIL SU:


LM -- SE010 -- 8606 06/09/92 19:04 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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