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NUEVO ENERGY COMPLETES THE PRIVATE PLACEMENT OF $25 MILLION OF CONVERTIBLE PREFERRED STOCK

 NUEVO ENERGY COMPLETES THE PRIVATE PLACEMENT OF $25 MILLION
 OF CONVERTIBLE PREFERRED STOCK
 HOUSTON, May 28 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) today announced it has completed the private placement of a $25 million newly issued 7 percent Cumulative Convertible Preferred Stock.
 The preferred shares are convertible into common stock at $13 per share. The purchaser is The 1818 Fund, L.P., an investment partnership managed by Brown Brothers Harriman & Co.
 Company President Robert L. Gerry III stated "that having the support and confidence of Brown Brothers Harriman & Co. will enhance the company's abilities to fulfill its stated goal of growth through prudent investments in the energy industry. The injection of new equity capital will reduce our reliance on the commercial banking sector and give us the financial flexibility to bring to fruition various opportunities prevalent within our industry."
 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- 5/28/92
 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/
 (NEV) CO: Nuevo Energy Company ST: Texas IN: OIL SU:


EA-BR -- AT010 -- 4904 05/28/92 16:10 EDT
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Publication:PR Newswire
Date:May 28, 1992
Words:203
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