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PETROCORP REPORTS NEW FIELD DISCOVERY IN PARADOX BASIN COLORADO

 HOUSTON, Jan. 11 /PRNewswire/ -- PetroCorp Incorporated (NASDAQ: PETR) announced the completion of a new field discovery well on its 74,025-acre lease on the Ute Mountain Ute Indian Reservation in southwest Colorado.
 The PetroCorp Sagebrush No. 1 flowed at a maximum rate of 1,142 barrels of oil per day and 1,095 Mcf of natural gas per day through a 24/64-inch choke with a flowing tubing pressure of 740 psi. Located in Section 22 of T33N, R20W in Montezuma County, the well was completed in the Lower Ismay formation with 20 feet of perforations in an interval between 6,062 and 6,090 feet.
 The well was previously tested for 48 hours through a 16/64-inch choke at an average rate of 648 barrels of oil per day and 644 Mcf per day of natural gas with an average flowing tubing pressure of 890 psi.
 PetroCorp acquired a 37.5 percent working interest in the lease in 1993 and owns a 77.5 percent working interest in this well because of an election by two of the partners not to participate in the completion attempt for the well. The remaining interests are held by Allante Operating Company, Dallas (10 percent) and others (12.5 percent).
 According to PetroCorp Chairman Lee Sargent, "PetroCorp and its partners anticipate continued exploration and development drilling to continue on the lease through 1994 and beyond."
 -0- 1/11/94
 /CONTACT: Don Turkleson, vice president - finance of PetroCorp, 713-875-2500/
 (PETR)


CO: Petrocorp Incorporated ST: Texas IN: OIL SU: DSC

SP -- NY049 -- 0999 01/11/94 12:21 EST
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Publication:PR Newswire
Date:Jan 11, 1994
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