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PATRICK PETROLEUM SELLS PROPERTIES TO WHITING PETROLEUM CORPORATION

 JACKSON, Mich., Aug. 4 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) announced today that it has finalized the sale to Whiting Petroleum Corporation for cash of one-third of its interest in certain oil and gas wells owned by American National Petroleum Company ("ANPC"), a wholly owned subsidiary of Patrick. ANPC was acquired by Patrick in a merger transaction effective July 29, 1993.
 "Proceeds from the sale to Whiting will reduce bank debt incurred to finance the merger with ANPC and were an integral part of our financing arrangements," U.E. Patrick, president, said. "Upon completion of these transactions, Patrick has increased its proved reseres by almost 1 million barrels of oil and 19 billion cubic feet of natural gas. In addition, the company has acquired from ANPC an interest in a 90-mile intrastate pipeline, 3,700 acres of fee land in Louisiana, 34,400 undeveloped leasehold acres and working capital of $11.8 million at June 30, 1993," said Mr. Patrick. The net cost to Patrick, after reducing its bank borrowings by payment of cash from ANPC's liquid assets and by the proceeds from the Whiting sale, is approximately $2.5 million and the issuance o 7.2 million shares of common stock.
 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- 8/4/93
 /CONTACT: Phillip J. McAndrews of Patrick Petroleum, 517-787-6633; or Woody Wallace of The Investor RelationsCompany, 708-564-5610, for Patrick Petroleum/
 (PPC)


CO: Patrick Petroleum Company; Whiting Petroleum Corporation ST: Michigan IN: OIL SU: TNM

KE -- DE027 -- 9525 08/04/93 16:32 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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