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NUEVO AGREES TO ACQUIRE THE EXPLORATION DIVISION OF PARAMOUNT PETROLEUM

NUEVO AGREES TO ACQUIRE THE EXPLORATION DIVISION OF PARAMOUNT PETROLEUM
 HOUSTON, Feb. 24 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) announced today that it has agreed to acquire certain assets and personnel of the exploration division of Paramount Petroleum Co., Inc.
 Nuevo also entered into a series of agreements covering Paramount's existing exploration prospects. The transactions are subject to final approval of certain financial institutions.
 Paramount is a privately held independent oil and gas company, located in Houston and Jackson, Miss. It focuses primarily on generating high potential exploration prospects, utilizing advanced geophysical technologies. Since 1989, Paramount has generated 23 new discoveries in the Gulf Coast Region, including the North Frisco City and North Rome Haynesville fields, in which Nuevo participated with a 30 percent and 25 percent interest, respectively. Paramount also explores existing oil and gas fields.
 Through its employment of Paramount's top management and staff of proven explorationists, Nuevo will become a well-balanced exploration, production and acquisition company. Nuevo will be able to generate, market and participate in high potential exploration prospects, as well as more fully explore for additional reserves in its existing fields. In particular, Nuevo intends to focus the additional exploration and technological ability on complexly faulted salt domes searching for substantial hidden reserves, such as it discovered at Weeks Island.
 Robert L. Gerry III, Nuevo president, said: "This acquisition is an important building block for Nuevo's future. The scientific exploration for additional reserves, whether through the generation of new prospects or ongoing exploration of existing oil and gas fields, has always been a major element in Nuevo's formula for success. We believe the addition of a proven team will enable us to take advantage of the exceptional opportunities available in today's market to add additional reserves at historically low finding costs."
 Paramount's top management, consisting of Robert H. Chaney as president and chief executive officer and Robert D. Schneeflock as chief operating officer, will continue in the same capacities in a new exploration subsidiary to be formed by Nuevo, which will assume the Paramount name.
 Nuevo is an independent oil and gas company primarily engaged in the production, development and acquisition of oil and gas properties, principally in Texas, Louisiana, Alabama and in the Gulf of Mexico.
 -0- 2/24/92
 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/
 (NEV) CO: Nuevo Energy Company; Paramount Petroleum Co., Inc. ST: Texas IN: OIL SU: TNM


BN-TG -- AT007 -- 1906 02/24/92 12:34 EST
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Date:Feb 24, 1992
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