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PATRICK PETROLEUM SELLS PARTIAL STAKE IN MARCUM

 JACKSON, Mich., Oct. 1 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) announced today that it sold 750,000 common shares of Marcum Natural Gas Services, Inc. (NASDAQ: MGAS) in a brokerage transaction with Genesis Merchant Group Securities. Net proceeds of approximately $6 million will be used to reduce bank debt.
 "One of our goals this year was to monetize a portion of our investment in Marcum Natural Gas Services, Inc. which has appreciated substantially in value since its initial public offering in February 1992," President U.E. Patrick said. "This is part of our strategy to concentrate on our core business, oil and gas exploration, production and the acquisition of producing properties."
 Patrick Petroleum still owns 675,200 shares of Marcum common and warrants to purchase 1,260,000 shares at $4 a share.
 Patrick Petroleum Company is an independent exploration and production company listed on the New York Stock Exchange since 1976. The company has interests in producing properties and undeveloped acreage in 14 states, including various interests in approximately 1,015 oil and gas wells located primarily in Michigan, North Dakota, Texas, Oklahoma and Louisiana.
 -0- 10/1/93
 /CONTACT: Phillip J. McAndrews of Patrick Petroleum, 517-787-6633; or Woody Wallace of The Investor Relations Company, 708-564-5610, for Patrick Petroleum/
 (PPC MGAS)


CO: Patrick Petroleum Company; Marcum Natural Gas Services, Inc. ST: Michigan IN: OIL SU:

SB -- DE024 -- 7939 10/01/93 16:29 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:235
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