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NERCO ANNOUNCES SUCCESSFUL OIL & GAS DISCOVERY; OIL PRODUCTION BEGUN AT VERMILLION 412 FIELD

 HOUSTON, Dec. 29 /PRNewswire/ -- NERCO Inc. (NYSE: NER) today announced that its NERCO Oil & Gas Inc. subsidiary has drilled a successful well in St. Martin Parish, La. NERCO Oil & Gas Inc. has 100-percent working interest in the well located in the South Section 28 field 30 miles east of Lafayette, La.
 The well penetrated 12 reservoirs from the Oligocene Marginulina idiomorpha through Marginulina texana, with both oil and gas pays. Over 120 feet of net hydrocarbon pay was logged between 11,000 and 13,000 feet. The well has been completed and is producing approximately 5 million cubic feet per day (MMCFPD) and 68 barrels of condensate per day from the deepest horizon.
 NERCO also announced that oil production has begun at the Vermillion 412 field platform. Gas production from the platform was initiated in January 1992 from the A-1 well. Drilling and completion operations to fully develop the oil and gas potential of the field were concluded in September 1992 immediately followed by installation of oil production equipment on the platform. Oil production was initiated from the platform in November 1992 at an initial rate of 1,000 barrels of oil per day (BOPD). The platform's current production is approximately 50 MMCFPD and 2,000 BOPD.
 NERCO Oil & Gas Inc. and AGIP Petroleum Co. Inc. each own a 50-percent working interest in the Vermillion 412 field, with NERCO Oil & Gas Inc. as operator. The platform is located in 467 feet of water approximately 150 miles offshore Louisiana.
 NERCO Oil & Gas Inc. is a large independent natural gas producer operating in the Gulf of Mexico, currently producing approximately 250 MMCFPD, 5,000 BOPD and 4,900 barrels of natural gas liquids per day.
 NERCO Inc. is a diversified natural resource company with interests in low-sulfur coal, oil and natural gas, and precious metals. Approximately 82 percent of NERCO's common stock is beneficially owned by PacifiCorp (NYSE: PPW).
 -0- 12/29/92
 /CONTACT: John C. Cummings, 503-731-6649, or Scott A. Hibbs, 503-731-6723, both of NERCO Inc./
 (NER PPW)


CO: NERCO Inc.; NERCO Oil & Gas Inc. ST: Oregon, Louisiana IN: OIL SU:

LM -- SE004 -- 0337 12/29/92 12:42 EST
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Publication:PR Newswire
Date:Dec 29, 1992
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