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NUEVO ACQUIRES INTERESTS IN THE AUSTIN CHALK FOR $5.7 MILLION

 HOUSTON, Jan. 27 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) announced that it purchased a package of producing properties and leasehold interests from Gemini Exploration Company for $5,700,000.
 The acquisition will add 590,000 barrels of oil and 407 million cubic feet of gas to Nuevo's proved reserves effective Dec. 1, 1992. The wells are currently producing approximately 1,064 barrels of oil per day and 494 thousand cubic feet per day net to Nuevo's interest, primarily from the Austin Chalk formation. The majority of the producing wells and the leasehold acreage are in the Giddings Field located in Lee and Fayette counties, Texas. Certain additional interests are located in the Pearsall Field in Frio County, Texas.
 Gemini Exploration will retain a small interest in the properties and maintain operatorship. It currently has two rigs developing 10 identified locations.
 Nuevo President Robert L. Gerry III stated, "We continue to identify opportunities for horizontal drilling in the Austin Chalk and believe this purchase will contribute to Nuevo's goals of expanding the company's cash flow and receiving attractive returns on its investments."
 Nuevo Energy is an independent oil and gas company primarily engaged in the production, development, exploration and acquisition of oil and gas properties.
 -0- 1/27/93
 /CONTACT: Lisa Elliott of Nuevo Energy Company, 713-652-0706/


CO: Nuevo Energy Company; Gemini Exploration ST: Texas IN: OIL SU: RLE

RA-BN -- AT011 -- 9778 01/27/93 15:05 EST
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Date:Jan 27, 1993
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