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NUEVO ENERGY COMPANY FILES REGISTRATION STATEMENT WITH SEC FOR 2.7 MILLION SHARES OF COMMON STOCK

 HOUSTON, April 22 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) announced today that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed sale of 2.7 million shares of common stock.
 Of the shares to be offered, 1.5 million will be sold by Nuevo and 1.2 million will be sold by selling stockholders who are subsidiaries of Torchmark Corporation ("Torchmark") (NYSE: TMK). Subsidiaries of Torchmark currently own approximately 31 percent of Nuevo's common stock, and would own approximately 15 percent after giving effect to the proposed sale before consideration of any over-allotments. Torchmark is an insurance and diversified financial services holding company. Of the shares offered, 2,160,000 will be sold in the United States and Canada and 540,000 will be sold in a concurrent international offering. The filing also includes an additional 405,000 shares, which may be issued pursuant to options granted by Nuevo and certain of the selling stockholders to cover over-allotments.
 Nuevo will use the net proceeds of the offerings for general corporate purposes, including development drilling, exploration activities and acquisitions.
 PaineWebber Incorporated; Howard, Weil, Labouisse, Friedrichs Incorporated; Jefferies & Company, Inc. and Rauscher Pierce Refsnes, Inc. will serve as managing underwriters of the U.S. offering and their international affiliates will serve as managing underwriters of the international offering.
 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.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 4/22/93
 /CONTACT: John Vanderhider, vice president-Finance, Nuevo Energy Company, 713-652-0706/
 (NEV TMK)


CO: Nuevo Energy Company; Torchmark Corporation ST: Texas IN: OIL SU:

BR-RA -- AT020 -- 9800 04/22/93 17:58 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:414
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