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NUEVO ENERGY COMPANY COMPLETES COMMON STOCK OFFERING

 HOUSTON, June 3 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) announced today that the sale of 3,105,000 shares of common stock, including 405,000 shares subject to an over-allotment option, has been consummated.
 The offering was priced at $21.75 with a discount of $1.08 per share. The net proceeds to Nuevo, before deducting offering expenses but including over-allotted shares, was $37.1 million. Nuevo will use the net proceeds for general corporate purposes, including development drilling, exploration activities and acquisitions.
 Of the shares sold, 1,793,000 were newly issued by Nuevo and 1,312,000 were sold by selling stockholders who are subsidiaries of Torchmark Corporation (NYSE: TMK) ("Torchmark"). Ownership of Nuevo common stock by Torchmark was reduced from 31.4 percent to 13.6 percent as a result of this offering.
 PaineWebber Incorporated; Howard, Weil, Labouisse, Friedrichs Incorporated; Jefferies & Company, Inc. and Rauscher Pierce Refsnes, Inc. served as managing underwriters of the U.S. offering which totaled 2,565,000 shares, and their international affiliates served as managing underwriters of the international offering of 540,000 shares.
 Nuevo is an independent energy company primarily engaged in the acquisition, development, production and exploration of oil and gas properties. Nuevo also owns interests in a natural gas processing plant and gas pipeline and gathering systems. Nuevo's oil and gas properties are primarily located in East Texas, in the onshore and offshore areas of the Gulf Coast and in Alabama.
 -0- 6/3/93
 /CONTACT: John C. Vanderhider, vice president-Finance of Nuevo Energy, 713-652-0706/
 (NEV)


CO: Nuevo Energy Company ST: Texas IN: OIL SU: OFR

RA-BN -- AT011 -- 4958 06/03/93 11:51 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:276
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