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NUEVO ENERGY ANNOUNCES A PRIVATE PLACEMENT OF $25 MILLION OF CONVERTIBLE PREFERRED STOCK

 NUEVO ENERGY ANNOUNCES A PRIVATE PLACEMENT
 OF $25 MILLION OF CONVERTIBLE PREFERRED STOCK
 HOUSTON, May 15 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) today announced it has entered into a commitment letter for the private placement of a $25 million newly issued 7 percent Cumulative Convertible Preferred Stock.
 The sale of the preferred stock is subject to the negotiation, execution and delivery of definitive documentation and other closing conditions. The purchaser is The 1818 Fund, L.P., a limited partnership managed by Brown Brothers Harriman & Co. The Fund was created to offer rapidly growing public and private companies the long-term equity support needed to fulfill their corporate goals.
 Nuevo Energy is an independent oil and gas company primarily engaged in the production, development, exploration and acquisition of oil and gas properties, principally in Texas, Louisiana, Alabama and in the Gulf of Mexico.
 -0- 5/15/92
 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/
 (NEV) CO: Nuevo Energy Company ST: Texas IN: OIL SU: OFR


BN-CF -- AT009 -- 0920 05/15/92 16:23 EDT
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Publication:PR Newswire
Date:May 15, 1992
Words:172
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