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NOBLE AFFILIATES ANNOUNCES FULL REDEMPTION OF 7-1/4 PERCENT CONVERTIBLE DEBENTURES DUE 2012

 ARDMORE, Okla., March 29 /PRNewswire/ Noble Affiliates, Inc. (NYSE: NBL) announced today that it intends to exercise its option to call for redemption all the outstanding 7-1/4 percent convertible debentures due 2012 of the company on May 5, 1993 (the "redemption date"), being $100 million aggregate principal amount. Notice of redemption will be mailed to the holders of all debentures at least 30 days prior to the redemption date, as provided in the indenture governing the debentures.
 The redemption price for the debentures is 103.63 percent of their principal amount, together with accrued interest to the redemption date of $31.01 per $1,000 principal amount of debenture. The total redemption price, including accrued interest, is thus $1,067.31 per $1,000 principal amount of debenture. On and after May 5, 1993, interest on the debentures will cease to accrue. From the close of business on May 5, 1993, all rights of holders of debentures shall cease and terminate except the right to receive the redemption price, plus interest accrued to the redemption date.
 The holder of any debenture is entitled to convert the principal amount thereof or any portion of such principal amount which is $1,000 or any integral multiple thereof, into shares of common stock of the company at the conversion price of $19-5/8 per share. Such conversion privilege expires at the close of business on May 5, 1993 and may be exercised only until that time. The last reported sale price of the common stock on the New York Stock Exchange on March 26, 1993 was $22- 1/2 per share. The shares of common stock of the company issuable upon the conversion of the debentures have been listed on the New York Stock Exchange subject to official notice of issuance.
 The company is taking this action to reduce its overall cost of capital. In addition, this transaction may increase the number of shares of common stock that are outstanding by up to 5,095,542 shares.
 Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including Gulf of Mexico, as well as international operations primarily in Canada, Tunisia, Indonesia and Equatorial Guinea.
 Its common stock is listed on the NYSE under the symbol "NBL."
 -0- 3/29/93
 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/
 (NBL)


CO: Noble Affiliates, Inc. ST: Oklahoma IN: OIL SU:

TM -- NY110 -- 0760 03/29/93 18:10 EST
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Publication:PR Newswire
Date:Mar 29, 1993
Words:415
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