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PATRICK PETROLEUM SIGNS AGREEMENT WITH WHITING PETROLEUM CORPORATION

 JACKSON, Mich., May 13 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) announced today that it has agreed to sell an undivided one- third interest in certain oil and gas wells owned by American National Petroleum Company (ANPC) to Whiting Petroleum Corporation immediately following Patrick's merger with ANPC.
 Whiting has agreed to pay Patrick an undisclosed amount of cash which will reduce bank debt incurred to finance the merger. The effective date of the sale to Whiting is May 1, 1993. The sale is contingent upon the merger being approved by shareholders of both Patrick and ANPC, planned for late June.
 U.E. Patrick, President of Patrick Petroleum Company, said, "The sale to Whiting significantly reduces our cash portion of the ANPC acquisition. After these transactions are completed, the company will have acquired two-thirds of ANPC's proved oil and gas reserves estimated to be 952,000 barrels of oil and 18.8 Bcf of natural gas as of Jan. 1, 1993, and 100 percent of its other operating assets. ANPC's other assets include an interest in a 90-mile intrastate pipeline, 4,000 acres of fee land in Louisiana and 34,400 undeveloped acres primarily in Louisiana, Texas and New Mexico. The combination of these events represents a very positive development for the long-term growth of Patrick Petroleum Company,"
 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 13 states, including various interests in approximately 528 oil and gas wells located primarily in Michigan, North Dakota, Texas, Oklahoma and Louisiana.
 -0- 5/13/93
 /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)


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

DH -- DE034 -- 8181 05/13/93 14:20 EDT
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Publication:PR Newswire
Date:May 13, 1993
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