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NUEVO FINALIZES SALE OF OIL AND GAS PROPERTIES FOR $11.3 MILLION

 NUEVO FINALIZES SALE OF OIL AND GAS PROPERTIES FOR $11.3 MILLION
 HOUSTON, Jan. 10 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) announced that it completed the sale of certain non-strategic oil and gas properties for a total of $11.3 million.
 The properties were part of a package purchased from Kilroy Company of Texas in June of 1991 and were sold to Abraxas Petroleum Corporation and to an institutional investor managed by Torch Energy Advisors Incorporated. Nuevo will use the cash proceeds primarily to reduce bank debt and fund additional projects. Company president Robert L. Gerry III stated, "We are pleased that the retained properties we purchased in the Kilroy transaction are performing at or above expectations and the sales of the non-strategic properties are proceeding on schedule."
 In addition, Nuevo has signed a letter of intent to sell its interests in 22 wells in the Oakhill Field in Rusk County, Texas, for approximately $750,000. The wells had been part of a larger package acquired in June of 1991. The intended sale is consistent with Nuevo's policy of quickly selling non-strategic assets.
 Gerry added: "1991 was an excellent year for Nuevo. Significant oil discoveries during the year and the divestiture of certain properties contributed to our strong financial condition and has positioned us for further earnings and cash flow growth in 1992. Drilling will commence on our new oil prospects on the Cedar Point salt dome in Galveston Bay in about 45 days. As in our Weeks Island discovery, we believe there exists an excellent opportunity to encounter new reserves on the three prospects using advanced seismic technology."
 Nuevo Energy 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- 1/10/92
 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/
 (NEV) CO: Nuevo Energy Company ST: Texas IN: OIL SU: TNM


BN-BR -- AT005 -- 8592 01/10/92 11:26 EST
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Publication:PR Newswire
Date:Jan 10, 1992
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